News about the two presidents' upcoming meeting is "certainly encouraging," said James M. Roberts, an economist at the Heritage Foundation, a Washington D.C.-based think tank.

"It is not surprising that markets have reacted favorably," Roberts said. "Assuming that the meeting stays on track, markets should continue to view the upcoming G20 hopefully."

Witnesses at the hearings expressed hopes that trade tensions would be properly managed and that bilateral trade and economic cooperation would return to normal.

Katherine Gold, whose family-owned company specializes in toddler shoes and socks, told Xinhua she expects the two sides to "come to some kind of a cooperative agreement" so that business and industry representatives won't have to fret about the threat of extra tariffs.

"I believe we will find a resolution to this," said Kerry Stackpole, CEO and executive director of Plumbing Manufacturers International, who testified against tariff hikes, while stressing long-time economic ties between the United States and China.

"Pretty much the entire planet is linked together in trade and commerce," said John Larned, founder of Global RFID Systems North America, a radio frequency identification solutions provider that sources finished components and products from China. "It all works much better when there are fewer impediments to trade."

"Through business, we become friends, we prosper together," Larned added.

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