Sri Lanka, Oct. 18 -- China and the United States agreed on Saturday (Oct 18) to conduct another round of trade negotiations in the coming week, as the world's two biggest economies seek to avoid another damaging tit-for-tat tariff battle.

Beijing last week announced sweeping controls on the critical rare earths industry, prompting US President Donald Trump to threaten 100 percent tariffs on imports from China in retaliation.

Trump had also threatened to cancel his expected meeting with Chinese counterpart Xi Jinping in South Korea later this month on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

In the latest indication of efforts to resolve their dispute, Chinese state media reported that Vice Premier He Lifen...