The US and China are considering a new mechanism that could potentially oversee economic ties and manage bilateral concerns between the two geoeconomic competitors.

United States Trade Representative Jamieson Greer reportedly stated on Wednesday that the U.S.’s trade deficit with China has declined by 30% over the past year. During an interview with Fox Business,

China's Foreign Ministry criticized the Trump administration's trade investigation as a "pretext" for tariffs. Meanwhile, China is moving ahead with a five-year plan that may rankle trade partners.

President Donald Trump on Tuesday said he is ⁠postponing ⁠a highly anticipated trip to Beijing ⁠to meet with Chinese President Xi Jinping as the war with Iran upends U.S. ​foreign policy and delays an effort to ease tensions between the world’s two biggest economies.