U.S. rejects China’s preparatory trade talks offer

The Trump administration has rejected an offer from China for preparatory trade talks this week ahead of high-level negotiations scheduled for next week, the Financial Times reported on Tuesday, citing people briefed on the talks.

The proposed trip by Chinese Vice Commerce Minister Wang Shouwen and Vice Finance Minster Liao Min was offered to pave the way for talks between Chinese Vice Premier Liu He and top U.S. officials set for Jan. 30-31.

U.S. stocks extended losses and the dollar weakened against the Japanese yen after the FT report on concern the trade war between the world’s two biggest economies will continue and ultimately harm the global economy.