China Outlines Possible Trade Concessions to U.S. Before G20, Sources Say

VP Pence said to be gearing up for all-out Cold War with China unless it bows to all US demands

It was unclear if the response contained concessions that would satisfy Trump's demands for change. "They are not capable of it", said Derek Scissors, a China expert at the conservative American Enterprise Institute, who pointed to the two men's lack of experience in hard trade negotiations.

A US Treasury team discussed trade with their Chinese counterparts on Tuesday, a Treasury spokesman said on Wednesday.

The US president has repeatedly railed against Beijing over intellectual property theft, industrial subsidies, Chinese entry barriers to American businesses and the US trade deficit with China.

A top White House economic advisor on Tuesday publicly rebuked a fellow aide over firebrand speech attacking Wall Street's involvement the US-China trade war.

Duty rates on a $200 billion in imports are due to rise to 25 percent from the current 10 percent, and Trump also is threatening to impose tariffs on another $267 billion of additional Chinese goods.

The Chinese government has presented an offer to the United States to try to push forward stalled trade talks before the leaders of the two economic superpowers meet at the end of this month, according to two people briefed on the discussions.

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One scenario suggested by analysts is that Trump and Xi could agree to a ceasefire in Argentina that would prevent further tariffs from taking effect while negotiations continued.

"He was not speaking for the president, nor was he speaking for the administration", Mr Kudlow told CNBC.

The two countries resumed talks after the call between the two leaders, ending a three month hiatus that saw relations deteriorate as the United States accused China of interfering in U.S. domestic politics and seeking to undermine Trump. Mr Pence said the only way China could avoid an all-out cold war was to "fundamentally change its behaviour".

Pence said the United States is "in a strong position" for a potential escalation of the trade war it has already unleashed on China. He first moved to add the additional levies to $50 billion of China's imports this summer, to which Beijing responded in a tit-for-tat manner, placing new taxes on an equal amount of US products.

Mr Pence said: "We seek an Indo-Pacific where every nation is free to follow its own path and pursue its own interests, where the seas and skies are open to all engaged in peaceful activity, and where sovereign nations grow stronger together".

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