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The Chinese delegation also includes Commerce Minister Zhong Shan, central bank governor Yi Gang, and the National Development and Reform Commission's deputy head Ning Jizhe, according to a brief ministry statement.
Topics of discussion for the high-level talks will include "forced technology transfer, intellectual property rights, services, non-tariff barriers, agriculture, and enforcement", according to the White House statement.
Prior to the principal-level talks, the two sides conducted deputy-level talks over the past weeks, with the latest meeting taking place in Washington on Monday.
The Liu-Lighthizer meeting comes after a hiatus of about two months following one in Shanghai late July.
Trump sounded a generally upbeat tone about the upcoming talks.
"As to whether or not we make a deal, I don't know. But there's certainly a good possibility," he said at signing of the US-Japan Trade Agreement and the US-Japan Digital Trade Agreement on Monday afternoon.
"We think there's a chance we could do something very substantial," Trump said. "I would much prefer a big deal and I think that's what we're shooting for."