Published: Wed, January 09, 2019
Markets | By Otis Pena

US, China trade negotiations positive as Beijing meetings continue

US, China trade negotiations positive as Beijing meetings continue

U.S. -China trade negotiations have concluded after being extended by a day, showing both the sides are serious, according to a Chinese foreign ministry spokesman.

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

Chinese and American officials began talks Monday aimed at ending a bruising trade battle between the world's two biggest economies as Beijing complained over the sighting of a USA warship in what it said are Chinese waters.

Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports.

The Trump administration is even considering keeping current tariffs on Chinese goods in place until its government fulfills its trade pledges - such a move would force China to meet its side of the deal. China has retaliated with tariffs of its own. The US goods trade deficit with China was $375.6 billion in 2017. "China's development has ample tenacity and huge potential", Lu said.

"As for whether the Chinese economy is good or not, I have already explained this".

Tu Xinquan, a Chinese trade expert at Beijing's University of International Business and Economics, told Reuters before talks began that the meetings would likely focus on technical issues and leave major disagreements to more senior officials.

US SHUTDOWN: President Donald Trump's televised address Tuesday night helped soothe frazzled nerves over what steps he might take in the standoff with lawmakers over border wall funding, which has resulted in a partial government shutdown. US officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that 'the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?'

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Few details emerged of the trade talks, which were scheduled to run through Tuesday.

Shanghai economist Andy Xie says the talks wouldn't have been extended if they were going poorly. The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.

Increased purchases by China of USA soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring U.S. technology to Chinese firms.

This week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on United States charges related to possible violations of trade sanctions against Iran.

Despite rising hopes of progress toward a deal, the outcome wasn't immediately clear.

China heralded an agreement in the last week of December between China and the U.S.to hold another round of in-person meetings in January, the meetings that are now occurring this week.

Officials have given scant details on concessions that China might be willing to make to meet US demands, some of which would require structural reforms unpalatable for Chinese leaders. There are concerns that USA growth, 3.4 percent in the third quarter, is also slowing even as the country's unemployment rate remains almost at a five-decade low.

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