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Curtin said TE would harness the opportunity in China. He is aware the country is shifting from an energy-guzzling, investment-led economy to one that is more sustainable and innovation-driven.

Cui Dongshu, secretary-general of the association, predicted sales in 2020 would see a 5 percent fall year-on-year.

Cui Hongjian, director of the department for European Studies at the China Institute of International Studies, said the brief interval between Xi's message and the phone conversation "mirrors the strong readiness shared by both sides to establish a good working relationship between the two leaders quickly" and to manage a smooth transition of the ties.

Currently, Oracle, ByteDance, General Atlantic and Sequoia declined to comment on the deal.

Critics believe Trump backed off a complete ban of flavored vaping products because such action might damage his prospects in states vital to his re-election campaign.