Representatives of the US and Chinese governments are set to meet in Switzerland this week to begin talks on deescalating the trade war between the countries.
Donald Trump, since beginning his second term as president, has introduced import taxes on Chinese goods of up to 145%, with China responding with levies on some goods from the US of 125%.
The trade war has led to substancial turbulence in financial markets.
The BBC reports Chinese vice premier He Lifeng will attend the talks in Switzerland from 9 to 12 May, while the US Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer will represent Washington.
While negotiations are expected to take a number of months, this week's meeting marks the first significant interaction between the nations since January when Chinese vice-president Han Zheng attended Trump's inauguration.
In an interview with Fox News, Mr Bessent said: "My sense is that this will be about de-escalation, not about the big trade deal, but we've got to de-escalate before we can move forward."
A Chinese commerce ministry spokesperson commented: "If the United States wants to resolve the issue through negotiations, it must face up to the serious negative impact of unilateral tariff measures on itself and the world."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 46 points at 8,576 shortly after opening this morning.
Brent crude oil futures were up 1.32% at $62.83 a barrel.
Companies reporting today:
Barrick Gold* - Q1 Results
Flutter Entertainment - Q1 Results
J D Wetherspoon* - Q3 Trading Statement
Novo Nordisk* - Q1 Results
Walt Disney* - Q2 Results