US, China wrap up talks on tariff battle

What hope for markets in the US-China trade talks?

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.

The Wall Street Journal, citing sources briefed on the negotiations, reported the two nations made progress on trade issues related to China's purchases of US goods and services but said the "the two sides are far from striking a deal".

China's Ministry of Commerce said Thursday the two sides would "maintain close contact".

Key decisions on some of the tougher issues are expected to be left for future rounds of talks, such as United States complaints that Beijing's policies force American companies to hand over technology and unfairly boost Chinese firms with subsidies.

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

-China Business Council. "That is very positive".

But if the countries fail to reach a deal by March 2, Trump has threatened to restart the trade war, increasing tariffs on 200 billion dollars-worth of Chinese imports from ten to twenty-five percent.

China's economy was more vulnerable to the fallout from the trade war, he said. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.

President Trump took to Twitter Tuesday to give his take on current negotiations, declaring talks with China are going very well.

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration.

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

USA officials visited Beijing from Monday to Wednesday for the first sit-down talks since President Donald Trump and Chinese leader Xi Jinping agreed on Dec 1 to a three-month truce in the escalating trade spat.

One of the biggest challenges to any deal would be to ensure that China enforces whatever is agreed to stop technology transfers, intellectual property theft and hacking.

Jon Cowley, a senior lawyer at Baker McKenzie's worldwide commercial and trade practice group, said he expected that negotiators may have put together a framework for an agreement, but that existing tariffs would not be fully eliminated unless China met the USA "all the way". Hong Kong was up 2.1 percent and Tokyo up more than 1 percent.

There was little market reaction to Trump's prime-time televised address where he made his case that a U.S. -Mexico border wall is urgently needed, despite opposition from Democrats.

The Chinese side has suggested talks were "constructive". United States bond yields also climbed, with the benchmark 10-year Treasuries yield rising to 2.7404 percent, compared with its one-year low of 2.543 per cent hit just before Friday's strong payrolls data. Forecasters expect American orders to slump this year.

"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".

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

The truce came after the two sides imposed import duties on more than $300 billion of each other's goods. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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