Donald Trump says US-China talks are ‘going very well’

Daniel Fowler
January 9, 2019

The United States and China have bolstered market confidence that they will roll back their trade war after officials concluded three days of negotiations in sanguine spirits.

U.S. Commerce Secretary Wilbur Ross predicted on Monday that Beijing and Washington could reach a trade deal that "we can live with" as dozens of officials from the world's two largest economies resumed talks in a bid to end their trade dispute.

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

A member of the U.S. delegation, under secretary for trade and foreign agricultural affairs Ted McKinney, told reporters that the team would return to the United States later on Wednesday.

The negotiations appeared to have been making progress on areas such as China stepping up purchases of American exports and giving USA companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

Fears of a global slowdown and weaker corporate earnings - exacerbated by billions of dollars in tit-for-tat tariffs between the USA and China - have led to a sharp pullback on markets over the last few months.

And onto the latest on the trade talks between the world's two superpowers.

Chinese Foreign Ministry spokesman Lu Kang said China had made "stern complaints" with the United States about the sighting of the destroyer, but the trade talks went ahead as scheduled.

Oil prices rose more than 2 percent on Tuesday, supported by hopes that crude demand may rise more quickly if talks between United States and Chinese officials resolve the trade dispute between the world's two biggest economies, Trend reports citing Reuters.

"The positive news around the trade talks is giving a boost to risk assets - it's what the global economy needs to see", said Chris Scicluna, head of economic research at Daiwa Capital Markets in London.

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The US delegation included representatives from the departments of energy, agriculture, treasury and commerce.

"The two sides will release messages at the same time on Thursday morning Beijing time", Hu said.

During that G-20 meeting - which took place in the early days of December in Buenos Aires - Xi agreed to a number of concessions in exchange for Trump agreeing to postpone a round of tariffs on Chinese goods.

"I hope too that we'll make progress on all of the other places whether China's not behaving in the way that we wish it would, whether that's their cyber activity that has had a real impact, whether that's the theft of intellectual property, which has hurt American businesses".

-China trade negotiations improved following the conclusion of mid-level talks in Beijing.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, was supposed to end its visit on Tuesday.

Without a resolution, punitive USA duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

In what is widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of USA grains as farmers decide which crops to plant in the spring.

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

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