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.

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

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.

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.