Three days of negotiations in Beijing between United States and Chinese officials wrapped up on Wednesday amid an air of optimism towards the prospect of striking a trade deal, the Financial Times reports.
It's unclear from the U.S. statement how much headway negotiators made regarding USA concerns over forced technology transfers and cybertheft of trade secrets for commercial purposes. "China trade talks earlier in the week appeared to have run its course and official statements after the conclusion of three days of negotiations, while indicating modest progress, lacked details".
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.
Both sides improved mutual understanding and laid the foundation for resolving issues of mutual concern.
After the first day of talks wrapped up, Chinese importers made their third large purchase of US soybeans in the past month, Chicago-based traders said. -China trade talks ended in Beijing today, an extension by a day of the two-day sessions planned to follow up on the mandate from the December 1, 2018 talks between President Donald Trump and President Xi Jinping, to reach a resolution of trade disputes by March 1, 2019.
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Trump has said he would increase those duties to 25 percent from 10 percent if no deal is reached by March 2, and has threatened to tax all imports from China if it fails to cede to US demands.
Six months after Trump first slapped tariffs on Chinese goods, signs are growing that the trade war is exacting an economic and financial cost, increasing the incentive for both sides to end the conflict.
"The length of the meetings shows that both sides were serious and honest about the talks", he said.
However, as Nomura also points out, for WTI to maintain levels over $50, "systematic trend-followers would need to keep stably accumulating fresh long positions" and that would require an extended move higher, something which after the recent 10 day surge, is unlikely. Trump tweeted on Tuesday as the second day of mid-level meetings wrapped up.
Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit with the USA amounting to United States dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "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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The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish. Liu made a brief appearance at the talks in Beijing on January 7, boosting optimism that China was serious about making progress on a deal.
"From the beginning we have believed that China-U.S. trade friction is not a positive situation for either country or the world economy".
Washington and Beijing are likely to decide on further negotiations after reviewing the results of the latest talks.
"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". Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China, while Chinese exporters reported a thinning pipeline of orders from the United States.
ASIA'S DAY: Japan's Nikkei 225 index, which gained more than 1 per cent on Wednesday, fell 1.3 per cent to 20,163.80.
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