Trump Lauds Progress as Day Two of Beijing Trade Talks Wrap Up

USS Mc Campbell departs Sydney Aus. July 2017

USS Mc Campbell departs Sydney Aus. July 2017

"Actively implementing the important consensus reached by the two heads of state, both sides held broad, in-depth and detailed exchanges on trade issues of mutual concern as well as structural issues".

China and the U.S. "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving issues of mutual concerns", the commerce ministry said in a statement.

US and Chinese envoys extended trade talks into a third day Wednesday after President Donald Trump said negotiations aimed at ending a tariff war were "going very well!".

The office of U.S. Trade Representative Robert Lighthizer said it wants any deal to include "ongoing verification and effective enforcement" and the U.S. will decide on next steps after officials report back to Washington.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

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%. Xi promised to fix the trade imbalance issue with the United States by starting to purchase USA agricultural products. The council and other USA business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

President Donald Trump also boasted about the progress, tweeting Tuesday that "Talks with China are going very well!".

USA and Chinese envoys extended trade talks into a third day Wednesday after President Donald Trump said negotiations aimed at ending a tariff war were "going very well!".

"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the U.S.

There has been some indication of Chinese moves to address concerns regarding forced technology transfer, including recently proposed legislation that would bar local governments from forcing foreign firms to transfer technology or illegally restrict market access.

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The New York Times noted that the United States intends to maintain its tariffs placed on Chinese goods previous year.

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.

She added that the Trump administration's complaint that China is stealing USA intellectual property is "top of mind" in the negotiations with Beijing.

At stake are scheduled USA tariff increase on US$200 billion (RM822 billion) in Chinese imports.

They agreed to maintain close contact, the statement said.

Australian shares were down 0.2 percent, while Japan's Nikkei eased 1.2 percent. Forecasters expect American orders to slump this year.

USA exports of crude will also enjoy the support of a still sizeable discount of West Texas Intermediate to Brent crude, which is close to US$10 a barrel.

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

China has imposed penalties on $110 billion of American goods, slowing customs clearance for US companies and suspending issuing licenses in finance and other businesses. They complain 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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