Economy

China-US trade talks have laid foundation for a deal, ministry says

China-US trade talks have laid foundation for a deal, ministry says”

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. For its part, China said the meetings were " extensive, in-depth and detailed", and laid the foundation for a resolution of the conflict.

A spokeswoman for the United States trade representative's office, which is leading the U.S. negotiating team, said talks would continue on Wednesday and "a statement will likely follow then".

"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the U.S.

USA companies also want action on Chinese policies they complain improperly favor local companies.

Chinese traders and refiners are still cautious about buying USA crude until the trade problems between the world's two biggest economies are resolved, but if they are, chances are US crude exports would get an additional boost.

President Donald Trump and President Xi Jinping have given their officials until March 1 to reach an accord on "structural changes" to China's economy on issues such as the forced transfer of American technology, intellectual-property rights, and non-tariff barriers.

"Both parties agreed to continue to maintain close contact", the ministry said. -China Business Council, which represents American companies that do business with China.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily". Lu said he had no details and an official statement would be issued later.

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.

The USTR statement didn't say whether progress had been achieved on its main concerns. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

The dollar tumbled to its lowest level since October after the Fed expressed caution about future rate hikes, and as investors reduced safe-haven bets due to optimism about U.S.

"The extension of the talks indicate that both sides take this very seriously", Lu said.

Later this month, Lighthizer is expected to meet with Vice Premier Liu He, Xi's top economic aide who is leading negotiations for China, a person familiar with the situation said last week.

The midlevel talks in Beijing concluded on Wednesday.

The talks were the first face-to-face meeting between the two sides since their leaders met on December 1.

It softened its stand by offering a mix of concessions by resuming purchases of United States soybeans, suspended punitive tariffs on imports of U.S. cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels. "There is the potential for Q2 USA crude exports to Asia to be higher year-on-year if the WTI/Brent spread remains in the range it has in recent months and with the lower freight rates", Reuters quoted a Genscape oil analyst, David Arno, as saying. USA government data shows the Asian nation scooped up more than 2.6 million metric tons of beans in December and at least another 1.3 million were sold this year, according to people familiar with the matter.



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