Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive import taxes they have imposed on each other's goods since President Trump launched a trade war.

Trump’s escalation sent financial markets tumbling and left U.S. retailers warning that they might run out of goods as U.S.-China trade implodes. U.S. consumers, worried about the prospect of empty shelves and higher prices, are losing confidence in the economy.