Published: Thu, January 10, 2019
Finance | By Jaime Brady

US Upbeat After 3 Days of Trade Talks in Beijing

US Upbeat After 3 Days of Trade Talks in Beijing

Almost halfway into the 90-day truce, there have been few concrete details on progress made so far.

While there were indications that China would be open to buying more United States agricultural and energy products and allowing market access, demands for Chinese structural reforms to halt forced technology transfers and intellectual property theft were greater hurdles in the discussions, people familiar with the talks said.

Share prices had risen Wednesday after President Donald Trump fueled optimism about possible progress by saying on Twitter talks were "going well!" But aside from some soybean purchases, there has been little sign of big-ticket acquisitions. Trump tweeted on Tuesday.

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.

The OPEC-led cuts, which officially began in January, are aimed at reining in an emerging glut as US crude output C-OUT-T-EIA has surged to a record 11.7 million bpd.

Hopes that the U.S. and China would strike a deal, ending their months-long trade deal led to an index of world stocks rising on Tuesday, while the dollar, which hit an 11-week low on Monday, rebounded as the euro weakened on concerns about a slowdown in the euro zone economy. "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. -China relationship for years.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy.

President Trump has said if no deal is reached before the truce expires on March 2, he will increase duties on $200bn worth of Chinese goods from 10% to 25%.

The paper said in an editorial that the dispute harms both countries and disrupts the worldwide trade order and supply chains. Liu led a previous round of talks in Washington past year that ended in failure, and he's expected to meet chief US negotiator Robert Lighthizer later this month.

The USTR said officials broached those topics and discussed the need for any agreement to include "complete implementation subject to ongoing verification and effective enforcement". Bloomberg reported that Trump is eager to strike a deal to boost markets, citing people familiar with White House deliberations. She added, "we expect that something will come of this".

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"I think China wants to get it resolved".

Still, the US statement said the negotiations dealt with the need for any deal with China to be "subject to ongoing verification and effective enforcement" - a comment that reflects USA frustration that the Chinese have failed to live up to past commitments.

A Chinese paramilitary policeman stands guard at the main entrance gate of the Ministry of Commerce in Beijing, Wednesday, Jan. 9, 2019.

Companies in both countries are feeling the pain from the effects of the trade dispute.

Stock markets were roiled last week after Apple (APPL) warned it will badly miss its quarterly sales forecast because of weaker growth in China amid the trade war.

China's Commerce Ministry, the lead agency on its side of the table, was silent after the conclusion of the talks, but was expected to address outcomes at its regular weekly news briefing on Thursday.

The U.S. and China extended a two-day round of trade talks to a third day, according to multiple news reports.

The U.S. wrapped up three days of mid-level talks with China in Beijing on Wednesday, noting a commitment by President Xi Jinping's government to buy more U.S. agricultural goods, energy and manufactured products.

The US highlighted China's pledge to purchase more agriculture and other goods, without providing specifics.

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