China Trade Talks Wrap Up After Extending To 3rd Day

Dwayne Harmon
January 10, 2019

The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.

A clutch of Fed officials said on Wednesday they will wait to deliver more interest rate hikes so the central bank can further assess growing risks to an otherwise solid US economic outlook.

But Sanders said no one knows yet what that agreement will look like or when it will be ready.

Asian shares began cautiously on Thursday, struggling to rise after a multi-day rally as markets await more news on US-China trade talks that have raised hopes of a deal to avert an all-out trade war.

Negotiators appeared to make more progress on areas such as plans by China to step up purchases of American exports, while giving U.S. companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

"Crude continues to extend gains as early reports from Beijing, regarding trade negotiations, are fuelling optimism around successful trade talks between the usa and China, " said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Both sides have actively implemented the significant consensus reached by the leaders of the two countries and conducted extensive, in-depth and detailed exchanges on trade and structural issues of common concern, said the statement. Both sides improved mutual understanding and laid the foundation for resolving issues of mutual concern.

A member of the USA delegation said the two sides would resume talks on Wednesday as they continue their first face-to-face meetings since Trump and Chinese President Xi Jinping agreed to a tariff truce during a meeting in Argentina on December 1.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. Trump has said he would increase those duties to 25 per cent from 10 per cent now if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to USA demands.

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USTR also said the two sides discussed issues related to intellectual property protections and the need for any agreement to include "complete implementation subject to ongoing verification and effective enforcement".

-China Business Council. "That is very positive".

In December, top Trump administration officials had said the trade commitments amounted to $1.2 trillion, but did not specify the composition or time period.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of United States goods and services and Cabinet-level follow-up meetings expected later this month.

The two sides held intense discussion at the vice ministerial level from Monday to Wednesday in Beijing.

Kim's train left Beijing on Wednesday around the same time the U.S. trade negotiators headed for the airport. Liu led a previous round of talks in Washington a year ago that ended in failure, and he's expected to meet chief USA negotiator Robert Lighthizer later this month.

U.S. officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement. But he added, "The two sides both have responsibility to create necessary and good atmosphere to this end".

It's the latest recent move by China to try to address the Trump administration's complaints.

Asked if that meant the talks had been hard, Lu said: "I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations". -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

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