Yet analysts say the Chinese leader is likely holding out for concrete deliverables before agreeing to the high-profile meeting. Trump dramatically escalated the trade war with the world's second-largest economy in April, rolling out sweeping new tariffs that prompted China to respond with its own export duties and other measures.

The US and China are likely to extend their tariff truce for another 90 days as trade negotiations continue, with discussions planned in Stockholm on Monday. During this period, both countries will refrain from new tariffs.

Star founders, Beijing officials and deep-pocketed financiers converge on Shanghai by the thousands this weekend to attend China’s most important AI summit. At the top of the agenda: how to propel Beijing’s ambitions to leapfrog the US in artificial intelligence — and profit off that drive.

The 15% tariff would be lower than previously threatened but remains a high duty on America’s largest trading partner.

At least $1bn worth of Nvidia’s advanced artificial intelligence processors were shipped to China in the three months after Donald Trump tightened chip export controls, exposing the limits of Washington’s efforts to restrain Beijing’s high-tech ambitions.

China trade has reached a "good place" with reduced tariffs, but said China's 30% share of global manufacturing is unsustainably imbalanced.

U.S. President Donald Trump said on Tuesday that he may visit China soon for a landmark trip to address simmering trade and security tensions between the superpower rivals.

Lutnick’s comments follow his warning last week that TikTok will have to stop operating in the U.S. if China does not approve a deal for the app.