China trade talks "set foundation" for resolution of concerns, says Beijing

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

The US announced tariffs on Dollars 250 billion worth of Chinese goods, while China countered with its own. Trump said in a tweet on Tuesday.

Since the Trump-Xi meeting in Argentina, Beijing resumed purchases of US soybeans.

"From the beginning we have believed that China-U.S. trade friction is not a positive situation for either country or the world economy". He added: "It's been a good one for us".

No schedule for further face-to-face negotiations was released after the talks, and USTR said the American delegation was returning to Washington to report on the meetings and "to receive guidance on the next steps". "China's development has ample tenacity and huge potential", Lu said.

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a USA warship in what it said were Chinese waters, but it was unclear whether that would disrupt the proceedings.

Since the two presidents met on December 1, China has made a number of concessions to US demands, including temporarily cutting punitive tariffs on USA -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. USA officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that 'the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?'

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

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 U.S. "all the way". As in the 1930s, the escalating economic and trade rivalry is bound up with the U.S. preparations for a catastrophic war involving nuclear-armed powers.

A week ago, Apple Inc rattled global markets by cutting its own sales outlook, blaming weak demand in China.

American officials said during their discussions they relayed Trump's commitment to addressing trade deficit concerns and resolving structural issues affecting trade between the two countries.

Word of progress briefly drove United States stocks higher in early morning trading but major indices soon pared much of those gains.

But much work remains before the two economic powers climb down.

The second day of trade negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un for talks with Xi in Beijing, amid speculation of a second meeting between Kim and Trump. The two sides have shown signs of common ground in the past year, only for progress to stall.

Some analysts say that China - Pyongyang's key diplomatic ally and main source of trade - could use Kim's visit as a bargaining chip in the U.S. trade talks. Chinese pledges to increase USA imports would naturally center on a boost in agricultural products sent to China.

China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos, though didn't confirm any plans for him to meet Trump. The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials. Preliminary discussions were "a little more optimistic than usual", White House economic adviser Larry Kudlow told Bloomberg TV Friday.

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