Christine Lagarde, Managing Director of the International Monetary Fund (Source: Reuters)

Renewed tensions between the two economic superpowers were hanging over the negotiations that resumed later Thursday and IMF spokesman Gerry Rice repeated his call for a "speedy resolution". Rice told reporters that tensions between the United States and China in the trade sphere are a threat to the global economy, adding that everybody loses in a protracted trade conflict.

The US escalated a tariff war with China on Friday by hiking levies to 25% for 200 billion USD worth of Chinese goods. Beijing has vowed to retaliate. 
Chinese Vice-Premier Liu He is meeting US officials in Washington  in an attempt to salvage a trade deal between the two countries. President Trump said he received a letter from Chinese counterpart Xi Jinping and that they would probably speak soon.