US, China leave future of trade talks unclear

U.S. China leave next steps for trade talks unclear

U.S. China leave next steps for trade talks unclear

Negotiators from the US and China had extended their trade talks to a third day, which investors took as a sign the trade discussions were productive even though the two sides didn't announce any breakthroughs.

Washington and Beijing have been holding the first face-to-face talks this week in Beijing to resolve the trade conflict since U.S. President Donald Trump and Chinese President Xi Jinping agreed on a 90-day trade war truce last December.

World markets rose on increasing optimism that the two sides would be able to hammer out a deal ahead of a March deadline and avert further import tariff hikes.

Asked if that meant the talks had been hard, Lu said: "I can only say that extending the consultations shows that the two sides were indeed very serious in conducting the consultations".

The Chinese Ministry of Commerce issued a statement saying the two sides had "detailed exchanges" and would "maintain close contact" but gave no details.

The U.S. China Business Council, a group representing American companies doing business in China, applauded the "substantive discussions" over the past three days, but urged the two governments to make tangible progress on achieving equal treatment of foreign companies in China and changes to policies aimed at technology transfer.

Both sides have implemented the consensus reached by Chinese President Xi Jinping and his United States counterpart Donald Trump, and had in-depth discussions about structural economic problems, the ministry said in a statement.

President Donald Trump has said on Twitter that the talks are "going very well".

However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

Signals from the latest round of talks were upbeat, the Post report said. Such a move would significantly escalate the months-long trade war.

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed. U.S. West Texas Intermediate (WTI) crude (CLc1) futures rose $2.58 to settle at $52.36 a barrel, a 5.2 percent gain. US 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. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

One apparent breakthrough this week was an announcement by China that it would approve the imports of five new varieties of genetically modified crops, a decision for which USA farmers and businesses had waited years.

A statement from the Office of the U.S. Trade Representative didn't characterize the tone of the talks or say what would happen next.

"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".

The extra day of talks came amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets.

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric auto brand Tesla Inc. Chinese officials have suggested they could revise some of their industrial plans but have but won't abandon larger goals that they consider a path to prosperity and global influence.

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

Companies in both the United States and China are feeling the pain from the effects of the U.S.

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

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