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

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 USTR said officials broached those topics and discussed the need for any agreement to include "complete implementation subject to ongoing verification and effective enforcement".

Delegations from China and the USA ended talks that had lasted longer than expected in Beijing on Wednesday amid signs of progress on issues including purchases of United States farm and energy commodities and increased access to China's markets.

Since the two presidents met on December 1, China has made a number of concessions to US demands, including temporarily cutting punitive tariffs on USA -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

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

Trade discussions between the United States and China spanned a wide range of matters, including "structural issues" that the Americans have long complained about, statements from both sides revealed. Both sides improved mutual understanding and laid the foundation for resolving issues of mutual concern.

However, the official Trump put in charge of the talks, US Trade Representative Robert Lighthizer, has focused on pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

The talks were seen as a litmus test of whether a lasting deal can be reached before March 2, when the Trump administration plans to hike tariffs on $200 billion of Chinese goods from 10% to 25%.

United States officials also conveyed Trump's commitment to address his country's trade deficit with China and to resolve structural issues to improve trade between both countries, according to the USTR.

-China Business Council. "That is very positive". Trump tweeted on Tuesday as the second day of mid-level meetings wrapped up.

While the talks were mostly between mid-level officials, a photograph leaked on Monday showed they were also attended by China's Vice-Premier Liu He, the chief trade negotiator for the Chinese side.

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"It seems there have been no fist fights internally between the two delegations", a person familiar with the progress of the talks told CNN on Tuesday, describing them as "constructive".

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

The oil price jumps were in line with Asian stock markets, which climbed to 3-1/2 week highs on Wednesday.

The American delegation is led by a deputy US trade representative, Jeffrey Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Lu said at a regular press briefing.

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

It's the latest recent move by China to try to address the Trump administration's complaints.

"We've been hearing reports that there's been a narrowing of a gap between the two sides, but a narrowing of a gap is not a bridging of a gap, and it's a pretty wide gap". -China trade dispute. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

But stocks have rebounded this week on hopes the talks between the two governments will eventually bring an end to hostilities.

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.

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