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

Oil rises one per cent on US, China trade talk optimism

The US-China meetings this week marked the first face-to-face talks since US President Donald Trump and his Chinese counterpart Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.

Trade tensions between the world's two largest economies escalated past year, putting global stock markets on edge.

Mofcom spokesman Gao Feng said that these issues were an important item of the negotiations, and that progress has been made. If the talks were successful, they could lead to discussions in Washington between senior officials of both countries, NPR has reported.

Originally meant to last only two days, continuing developments prompted negotiators to extend the talks for another day. Chinese officials say their companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. If a "REAL" deal with China is possible, the US will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

With the clock ticking down to March 1, when the 90-day trade truce expires, the tug-of-war within the Trump administration over what would constitute success may be even more important than talks with the Chinese.

Three days of U.S. -China relationship for years.

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.

President Donald Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports over complaints Beijing steals or pressures companies to hand over technology. Retailers sank after Macy's said its sales over the holidays were worse than expected, and airlines slumped after American gave a disappointing revenue forecast.

Wednesday. "The delegation will now report back to receive guidance on the next steps", the United States Trade Representative (USTR) said in a statement Wednesday morning.

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Ross told CNBC the immediate trade issues would be easiest to tackle while enforcement issues and structural reforms, such as intellectual property rights and market access, would be more challenging to resolve.

China has also cut tariffs on imports of cars from the United States, dialled back on an industrial development plan known as "Made in China 2025", and told its state refiners to buy more US oil.

Derek Scissors, a China scholar at the American Enterprise Institute, a Washington think tank, said there was still time for a deal to be struck, but it will largely be based on American acceptance of Chinese promises for changes to its economic model, with little evidence of action.

China has also cut tariffs on USA cars, dialled back on an industrial development plan known as "Made in China 2025", and told its state refiners to buy more US oil.

Heightened risk appetite boosted U.S. Treasury yields to the highest this year, while the U.S. dollar extended losses after minutes from a December 18-19 Federal Reserve policy meeting showed many Fed policymakers said the central bank could be patient on future rate hikes.

"Talks with China are going very well!" Sharp divisions have emerged in the White House between Commerce Secretary Wilbur Ross and those such as US Trade Representative Robert Lighthizer who insist that China has to address not only trade imbalances, but also the so-called structural issues. He added: "It's been a good one for us".

The trade talks between China and the United States this week have laid a foundation for resolving their disputes, the Ministry of Commerce said on Thursday.

"China's ability to use (North Korea) as leverage has diminished considerably since Trump opened his own channel to Kim", she said. To Lighthizer - and thus the USTR office - China's promise to buy more USA goods is of less interest than the need for "structural changes".

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