China says trade envoy preparing to go to US for talks to end tariff war despite Trump's new threat

China's top trade envoy is preparing to travel to the US for crucial talks, a senior Chinese official said Monday despite President Donald Trump's surprise announcement, threatening to impose more punishing taxes on USD 200 billion worth of Chinese products due to slow progress in negotiations.

The brief statement from Chinese Foreign Ministry Spokesman Geng Shuang came as media reports said China is considering to cancel the high-level trade talks with the US, leading to tumbling of shares and oil prices across the Asian markets amid worries that the two major economic giants were once again on the path of confrontation.

Geng said China was "trying to get more information" following Trump's surprise announcement he might impose 25 per cent tariffs on more Chinese imports.

Asked whether the top Chinese envoy, Vice Premier Liu He, would visit Washington as planned, Geng said, "a Chinese team is preparing to travel to the United States for trade talks."