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The case, which was recently taken up by WTO's dispute settlement body, centers on US trade limits on Chinese products that the USA says are sold below market value. "Our markets are surging, theirs are collapsing".

On Wednesday, at least 80 of the leading USA trade associations representing thousands of businesses and workers announced the formation of Americans for Free Trade, a multi-industry coalition aimed at opposing tariffs and highlighting the benefits of global trade to the United States economy, according to a release from the campaign. "If we meet, we meet?"

He vowed last week to increase tariffs to hit an additional $200 billion in Chinese imports "very soon" unless China agreed to steps that would reduce its massive trade surplus.

US business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

"China has always held that an escalation of the trade conflict", Geng said, "is not in anyone's interests".

The threat came as Treasury Secretary Steven Mnuchin has been working to break a stalemate between the two countries in the hopes of ending the escalating trade war between the world's biggest economies.

A meeting among Cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the United States and China, and raise costs for companies and consumers.

But he cautioned: "I guarantee nothing".

The U.S. side has proposed to have the discussions in the coming weeks, and has asked the Chinese to dispatch a ministerial-level delegation for the talks.

The American Chambers of Commerce in China and in Shanghai appealed Thursday to both governments to avoid further damage by resuming negotiations aimed at settling the dispute over Beijing's technology policy.

Beijing has issued a list of $60 billion of American products for retaliation if Trump's next tariff hike goes ahead.

"If nearly a half of American companies anticipate a strong negative impact from the next round of US tariffs, then the USA administration will be hurting the companies it should be helping", he said.

He said the new talks will lead to a quiet period before the November elections, but not a "permanent change" in Trump's policies.

The Dow Jones Industrial Average .DJI rose 147.07 points, or 0.57 percent, to 26,145.99, the S&P 500 .SPX gained 15.26 points, or 0.53 percent, to 2,904.18, and the Nasdaq Composite .IXIC added 59.48 points, or 0.75 percent, to 8,013.71. That would give the Chinese government another chance to address US concerns before the Trump administration imposes bigger tariffs on goods imported from China, the report said.

The businesses said the fallout from additional tariffs include higher costs of materials, weaker demand and delays in investment decisions.

The business lobby urged Washington to reconsider its approach.

China's Commerce and Foreign ministries didn't immediately respond to requests for comment on Thursday, CNN said.

A day earlier, more than 60 USA industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

"Washington's overall attitude is still tough, but they do not reject a "talk and fight" strategy". "The stakes couldn't be higher for American families, businesses, farmers and workers threatened by job losses and higher prices as a result of tit-for-tat tariffs".