In December, Beijing's commerce ministry said China and the U.S. "made new progress" on the issues of trade balance and intellectual property, one of the main sticking points of the trade dispute, during a phone call between officials from the two countries.
The U.S. accuses China of deploying predatory tactics in a drive to surpass America's technological supremacy.
Chinese President Xi Jinping with his USA counterpart Donald Trump. White House had earlier said that the tariffs were being imposed in response to China's unfair trade practices that have led to large trade deficit with USA.
Hassett added Thursday, noting that he was a "globalist" before joining the Trump administration: "If we have a successful negotiation with China, then Apple's sales and everybody else's sales will recover".
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Despite the December truce, "most firms expect trade war to escalate", the report said. Yet those very pressures, analysts say, give the two countries a stronger incentive to make peace. Since Apple CEO Tim Cook is attributing this to President Donald Trump's trade war with China, Hassett argued that this fits with what he's been saying about how the US economy is supposedly growing while intercontinental markets are slowing down.
To try to compel China to reform its ways, Washington has imposed tariffs on $250 billion in Chinese imports; Beijing has counterpunched by taxing $110 billion in US goods.
But aside from products facing earlier tariffs - including washing machines, solar panels and metals - Chinese exports to the United States have held up better than expected. Fears are growing that the second-longest economic expansion in US history could slide to a halt next year or in 2020.
China's economy has been decelerating since the government pulled back on bank lending a year ago to try to curb a run-up in debt. For the 2018 full year, Apple shares fell 7 percent, though they are up about 24 percent since Trump took office in January 2017.
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In a hard jab, Romney highlights the 68-point plummet in trust America's closest allies have that the US president will do the right thing between former President Barack Obama's last year in office and Trump's first year. Those ambitions cut to the heart to China's drive to become the world's 21st century economic superpower.
Both governments face economic pressure to reach a settlement.
USTR said the delegation will include USTR Chief Agricultural Negotiator Gregg Doud, USDA Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Department of Commerce Under Secretary for International Trade Gilbert Kaplan, Department of Energy Assistant Secretary for Fossil Energy Steven Winberg, and Treasury's Under Secretary for International Affairs David Malpass. Kevin Hassett, the White House economic adviser, said on Thursday the sharp drop in Chinese economic growth will hit USA profits but sales for Apple and other firms should rebound once a trade deal is struck.
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