US and China reportedly seeking to restart talks to avert trade war

• The U.S. and China are seeking to restart talks to avert a trade war, according to a Bloomberg News report.
• Treasury Secretary Steven Mnuchin told CNBC last week there continues to be "some quiet conversations" with China.
• The U.S. Department of the Treasury declined to comment on the status of talks with China.

The U.S. and China are seeking to restart talks to avert a trade war, according to a Bloomberg News report.

The media outlet said representatives of Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are talking privately, according to sources familiar with the situation.

U.S. President Donald Trump and China's President Xi Jinping leave a business leaders event at the Great Hall of the People in Beijing on November 9, 2017.

Nicolas Asfouri | AFP | Getty Images

Mnuchin told CNBC last week that there continues to be "some quiet conversations" with China.

So far in the trade war between the two largest economic powers in the world, the U.S. has slapped tariffs on just $34 billion of Chinese products, which China met with retaliatory duties.

The Dow Jones Industrial Average rose more than 130 points Tuesday after the report.

The U.S. Department of the Treasury declined to comment on the status of talks with China.

See here for the full Bloomberg News report.