US Treasury's Mnuchin and China's Liu He talk by phone

Top US and China officials discussed trade issues last Friday, marking just the second public sign of dialogue on the subject in six months.

The telephone conversation between US Treasury Secretary, Steve Mnuchin, and his Chinese counterpart, vice-president Liu He, on 9 November, was first reported by the Journal, on Monday.

According to people briefed on the matter, the conversation did not yield any concrete results.

In another development on the trade front, on Tuesday, the South China Morning Post reported that Liu was "expected" to visit Washington D.C. in the near future.

Separately, speaking at an event in Singapore, overnight, Chinese Premier, Li Keqiang, said negotiations ought to be conducted on the basis of mutual respect, balance and good faith.

The two countries have the wisdom to "be able to find a solution that is acceptable to both sides," he said.

"As long as we respect each other’s core interests and major concerns, we will be able to contain and resolve the disputes," Liu added.

In the background meanwhile, news of fresh contacts between Beijing and Washington also came close on the heels of recent reports that US Commerce Secretary, Wilbur Ross, might soon leave the administration.

As well, on 9 November, White House trade advisor, Peter Navarro, cautioned bankers from Wall Street not to attempt 'shuttle diplomacy' with Beijing.

Nobody aside from the President or the country's trade representative, Robert Lighthizer, should be doing so.

Friday's phone call between the two officials followed another between President Donald Trump and his Chinese counterpart, Xi Jinping, two weeks before.