US Upbeat After 3 Days of Trade Talks in Beijing

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

Latest US-China Trade Talks Focus on China’s Pledge to Buy More US Goods – USTR

The discussions marked the first formal talks since the US President Donald Trump and his Chinese counterpart Xi Jinping agreed not to impose new tariffs at the G20 summit in December.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", the statement, released by the Office of the US Trade Representative, said. China's Ministry of Commerce said there were "detailed exchanges" and both sides would "maintain close contact", without offering specifics.

Trump and Xi have given their officials until March 1 to reach an accord on "structural changes" to China's economy on issues such as the forced transfer of American technology, intellectual-property rights, and non-tariff barriers.

American negotiators said in a statement Wednesday that there was a focus on discussing purchases of "a substantial amount" of agricultural, energy, manufactured goods and other products and services from the United States by China but did not specify any new deals.

Jon Cowley, a senior lawyer at Baker McKenzie's worldwide commercial and trade practice group, said he expected that negotiators may have put together a framework for an agreement, but that existing tariffs would not be fully eliminated unless China met the USA "all the way".

Share prices had risen Wednesday after President Donald Trump fueled optimism about possible progress by saying on Twitter talks were "going well!"

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead, " World Bank Chief Executive Officer, Kristalina Georgieva, said in a semi-annual report released late on Tuesday.

Amid high hopes that world's two large economies will reach an agreement in the trade talks, stocks in Europe saw large gains on Wednesday. Trump has complained repeatedly about the US trade deficit with China, which previous year likely exceeded the 2017 gap of $336 billion. The Russell 2000 index of smaller and USA -focused stocks added 12.25 points, or 0.9 percent, to 1,438.81. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China. USA bond yields also climbed, with the benchmark 10-year Treasuries yield rising to 2.7404 percent, compared with its one-year low of 2.543 per cent hit just before Friday's strong payrolls data.

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U.S. Treasury yields climbed to the highest this year, helped by improved risk appetite, but retreated following dovish commentary from Fed speakers and a strong 10-year note auction. The Chinese side has suggested talks were "constructive".

Still, the US statement said the negotiations dealt with the need for any deal with China to be "subject to ongoing verification and effective enforcement" - a comment that reflects USA frustration that the Chinese have failed to live up to past commitments.

Oil prices jumped, helped by the hopes of easing trade tensions between China and the USA, while OPEC-led crude output cuts also provided support.

"After a awful December for risk markets, crude oil continues to catch a positive vibe", said Stephen Innes at futures brokerage Oanda in Singapore, noting that investors were growing less fearful that U.S.

"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".

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.

United States companies also want action on Chinese policies they complain improperly favor local companies.

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