China Trade Talks Conclude With Uncertain Outcome

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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.

China's commerce ministry said the discussions "established a foundation for the resolution of each others' concerns".

It appears trade talks between the US and China are going well as reports suggest the two sides are getting closer on settling their differences.

While the hosts indicated the talks would run Monday and Tuesday, the editor-in-chief of the Chinese state-run Global Times newspaper said in a tweet the discussions could continue Wednesday.

Yesterday, the US Trade Representative's offices said in a statement officials from the two sides discussed "ways to achieve fairness, reciprocity and balance in trade relations".

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment". While signals from the latest round of talks were upbeat, if a deal is not reached by March 1, the United States side may follow through on raising tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent. Sharp divisions have emerged in the White House between Commerce Secretary Wilbur Ross and those such as US Trade Representative Robert Lighthizer who insist that China has to address not only trade imbalances, but also the so-called structural issues.

Stocks rose across Asia and Europe, and equity futures indicated an increase in the U.S. on Wednesday, on signs the world's two largest economies are trying to resolve their trade war. The gains for US indexes faded slightly after President Donald Trump and Democratic leaders said Trump cut short a meeting on ending the partial shutdown of the federal government.

No schedule for further face-to-face negotiations was released, and USTR said the American delegation would return to Washington to report on the meetings and "to receive guidance on the next steps".

-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere, with President Donald Trump saying they were "going very well!".

They agreed to maintain close contact, the statement said.

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The talks were extended into an unscheduled third day, showing both sides were "serious", China's foreign ministry said.

The Chinese responded by slapping tariffs of $110bn worth of United States goods.

The Trump administration wants Beijing to abandon its strategy of seeking global industrial predominance through the alleged theft and forced transfer of American technology as well as massive state intervention in markets.

One apparent breakthrough this week was an announcement by China that it would approve the imports of five new varieties of genetically modified crops, a decision for which U.S. farmers and businesses had waited years.

In return, the USA will agree to wind down exorbitant tariffs now placed on Chinese imports.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.38 to $52.16 a barrel, a 4.8 percent gain, by 1:15 p.m. EST (1815 GMT), the first time this year that WTI has topped $50. Forecasters expect American orders to slump this year. China retaliated with tariffs of its own.

Chinese officials complain about controls on "dual use" technology with possible military applications.

Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.

But it also said any deal with China must be followed up with ongoing verification and enforcement.