China, US trade representatives meet and shake hands in Shanghai, as talks begin on Wednesday

Reuters is out with the latest update on the much-awaited US-China trade talks, citing that the US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin shook hands with Chinese Vice Premier Liu He before beginning trade talks in Shanghai on Wednesday.

The two teams meet later today after the US President Trump riled up pressure on China, warning China against waiting out his first term to finalize any trade deal.

Trump tweeted on Tuesday: "The problem with them waiting ... is that if & when I win, the deal that they get will be much tougher than what we are negotiating now ... or no deal at all."

"China ... was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don't come through," Trump added.