Washington will send a team of trade negotiators to Beijing in the week of Jan. 7 to hold trade talks with Chinese officials, two sources told Bloomberg.
The delegation will be headed by Deputy US Trade Representative Jeffrey Gerrish, and will also include Treasury Under Secretary for International Affairs David Malpass, according to the sources.
The meeting will be the first face-to-face meeting between the two countries since Presidents Xi and Trump agreed to a 90-day trade truce during the G20 summit in Argentina last month.
US markets climbed on the announcement, with the S&P 500 gaining 4.96% by the late afternoon just hours after it flirted with bear market territory.
Despite some viewing the renewed talks as another sign of progress following gestures by Beijing to address US concerns over auto tariffs and intellectual property, others are sceptical that the truce period will yield any major breakthroughs.
“The failure of cabinet-level officials to even meet in the first half of the 90-day period makes it impossible to anticipate fundamental change on the Chinese side,” said Derek Scissors, a China expert at the American Enterprise Institute.