U.S. Trade Representative Robert Lighthizer, Chinese Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin take their position for a family photo at the Xijiao Conference Center in Shanghai, China, July 31, 2019.
(Photo: Ng Han Guan/Pool via REUTERS)

Following weeks of animosity between trade officials of the United States and China, a silver lining is slowly being seen in the horizon: economic managers of both sides are working to patch things up and find a solution to their trade drama.

According to Trump's chief economic adviser, Washington and Beijing may sit down again, talk business and "have a substantive renewal of negotiations," said Larry Kudlow on television program Fox News Sunday. This, if efforts to have the two economic superpowers meet again succeeds.

Trump and his top trade advisors dispelled worries that economic growth may be failing, pointing out that they perceive a minor possibility of an economic collapse despite a sluggish week of trading in world markets, even emphasizing that the country's trade discord with China was not doing any huge dent on the United States.

The US President's economic adviser Larry Kudlow divulged that trade executives from Beijing and Washington would meet within 10 days and if these meetings work out, White House plans to have Chinese trade officials come to the United States to further work out a deal on the two countries' trade disagreements that have affected global trade as well.

In fact, on Twitter over the weekend, Trump himself announced: "We (the US) are doing very well with China!" Trump, in another post on Twitter, said that the US economy is ready for huge economic rally after trade deals with China are completed."

However, the meeting between the two parties planned in Washington in August is yet to be confirmed, as a Trump official expected last month after US economic deputies Robert Lighthizer and Treasury Secretary Steven Mnuchin did not push through with discussions in Shanghai.

But even with the much-hyped meetings have been put on hold at the moment - and the threat of further taxes and other trade policies in the offing - Kudlow stressed that the US remains in "pretty good shape" and that high-level discussions with China over telephone last week were very positive "than has been reported" in the news. The phone talks involved Mnuchin Lighthizer, Chinese Vice Premier Liu He and Secretary of Commerce Zhong Shan.

Meanwhile, US stock markets were down last week on spreading worries about a recession, with all three big indexes on Wall Street ending their sessions around 4 percent lower, on Wednesday, paring these declines by Friday as a result of expectations the European Central Bank (ECB) might resume slashing its rates.