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Trump says China offered to revive trade talks after latest tariff escalation

President Donald Trump said China has asked the U.S. to return to the negotiating table after both camps threatened over the weekend to slap new or higher tariffs on each other's imports, Bloomberg News reported Aug. 26.

"China called last night our trade people and said let's get back to the table," Trump reportedly said on the sidelines of the G-7 summit in Biarritz, France. He said his team would accept China's invitation.

China's call to restart talks come as Vice Premier Liu He signaled the country's willingness to resolve trade tensions, saying in a speech in Chongqing that Beijing was open to ending the dispute through "consultation and cooperation."

Stock futures for the S&P 500 and the Nasdaq 100 rose 0.4% and 0.7%, respectively, as of 3:45 a.m. ET, erasing earlier losses.

China said Aug. 23 that it will impose tariffs of 5% to 10% on about $75 billion of U.S. imports, prompting the Trump administration to announce plans of additional levies on a combined $550 billion of Chinese goods.

Both camps had earlier planned a September trade meeting.