US, Chinese officials extend Beijing trade talks

US, Chinese officials extend Beijing trade talks

US, Chinese officials extend Beijing trade talks

China's Ministry of Commerce specifically promoted "new progress" on one of two trade calls during which trade imbalances and intellectual property protections were discussed.

"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Ross said in an interview with CNBC. But economists say that is too little time to resolve issues that have disrupted U.S.

Asian stocks markets jumped after the talks were extended for an unscheduled third day, fuelling optimism that the world's largest economies can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy. But China has bought only around 5 million tonnes since purchases resumed in December, less than 20 percent of the beans it bought a year earlier.

After these discussions, Trump is expected to hold talks with Chinese Vice President Wang Qishan later this month at the World Economic Forum in Davos, Switzerland, according to the South China Morning Post.

There are growing concerns that the trade war could escalate into a broader conflict between the United States and China, as top Trump administration officials have attacked China on issues ranging from alleged human rights abuses to influence operations in the US.

"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.

Trump has imposed tariffs to pressure Beijing to change its practices on issues ranging from corporate espionage to market access and industrial subsidies.

If no deal is reached by March 2, Mr Trump has said he will proceed with raising tariffs to 25 per cent from 10 per cent on US$200 billion (S$271.5 billion) worth of Chinese imports, at a time when China's economy is slowing significantly.

"As for whether the Chinese economy is good or not, I have already explained this".

Even so, Lu said, "China's development has ample tenacity and huge potential".

-China trade talks in Beijing are progressing well, as Chinese authorities planned to give a statement following the latest round of negotiations.

But a U.S. government official told AFP on condition of anonymity that "the trade talks have continued today (Wednesday)", without providing more information.

The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade.

The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.

Official U.S. fuel storage data from the Energy Information Administration (EIA) is due at 1800 GMT on Wednesday.

A private-sector source familiar with the talks said this could indicate that more detailed discussions were likely taking place. Before they bring Lighthizer to the table, Prasad said the U.S.is trying to see exactly what sort of offer China is willing to put on the table first.

China and the United States have in the past repeatedly traded barbs over what Washington says is Beijing's militarization of the South China Sea by building military installations on artificial islands and reefs.

Without a resolution, punitive U.S. duty rates on US$200 billion in Chinese goods are due to rise to 25 per cent from 10 per cent on Mar 2.

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