According to investors, the escalating trade war between Washington and Beijing can hit global growth and several USA business groups criticised Trump's aggressive tariffs.
'We don't have anything to announce today about a specific event, or a specific round of discussions, but communication remains open and we are trying to figure out whether the conditions present themselves for a specific engagement between the two sides,' one of the officials said.
A spokesman for China's foreign ministry appealed to Washington to negotiate but could not confirm reports the two sides were setting up talks.
The latest action against China also comes closely behind the August interest rate decision from the Federal Reserve, which saw the U.S. central bank leave its monetary policy unchanged but reiterate an otherwise bullish outlook for the United States economy.
Friday's threat targeting a smaller amount of USA goods reflects the fact that Beijing is running out of products for retaliation due to its lopsided trade balance with the United States.
Trump has ultimately threatened tariffs on over US$500 billion in Chinese goods, covering virtually all United States imports from China. "He's going to continue to put the pressure on China".
The initial set of tariffs and reprisals led to talks between Washington and Beijing, and Trump and his administration touted a deal that they said would lead to hundreds of billions of dollars worth of additional US exports to China.
The Trump administration has already imposed tariffs on $34 billion worth of Chinese goods and duties on an additional $16 billion worth are expected soon.
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"If the U.S. takes measures to further escalate this situation, we will surely take counter-measures to firmly uphold our legitimate rights and interests", he told a regular briefing.
Last month, Trump threatened to impose tariffs on all goods imported from China.
China is firing back at the U.S.by telling Washington to "correct it's attitude" in response to the Trump administration's proposal to increase tariffs on Chinese imports. On Friday, the Ministry of Commerce described its planned response: four different types of tariffs on $60 billion of USA goods.
Trump had said he would implement the $200 billion round as punishment for China's retaliation against the initial tariffs aimed at forcing change in China's joint venture, technology transfer and other trade-related policies.
The dynamic has proved hard to change, given USA consumers' reliance on Chinese goods.
"The trade war is a tactic by Trump, but if it eventually evolves into a strategic confrontation, the result will undoubtedly be disastrous", he said. After the earlier action against $34 billion of US goods, that left about $120 billion available for retaliation.
The US trade deficit recorded its biggest increase in more than 1-1/2 years in June as the boost to exports from soybean shipments faded and higher oil prices lifted the import bill.
Growth in India's manufacturing industry also slowed last month, according to a survey released showed just before the Reserve Bank of India raised interest rates.