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China trade talks extended as both sides tout progress

09 January 2019

Crude oil prices were up around 1 percent at the start of trading Wednesday through OPEC curbing oil production and with the ongoing trade talks between the USA and China generating investor optimism. Trump may decide, for example, that China is not actually going to increase significantly imports from the U.S. and has no real intention of tackling intellectual property rights abuses. Reuters is reporting that Steven Winberg, assistant secretary for Fossil Energy at the U.S. Department of Energy said on Tuesday that trade negotiations between Washington and Beijing are set to extend into an unscheduled third day on Wednesday. Ross told CNBC the talks were being held with appropriate-level staff and would help determine how the administration moves forward.

After months of USA tariffs on Chinese imports and Chinese retaliatory tariffs on US goods, Trump and Chinese President Xi Jinping held December 1, 2018 meetings at the G20 in Argentina.

President Donald Trump has expressed hope for a bilateral trade deal with China while pointing to years of hundreds of millions in trade deficit between the two nations.

The foreign ministry spokesman, Lu Kang, said the talks wrapped up Wednesday. China has retaliated with tariffs of its own. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

The USS McCampbell carried out a "freedom of navigation" operation, sailing within 12 nautical miles of the Paracel Island chain, "to challenge excessive maritime claims", Pacific Fleet spokeswoman Rachel McMarr said in an emailed statement.

El Paso, Texas-based Helen of Troy Ltd, a maker of consumer products from OXO kitchen utensils to Braun shavers, cut its sales and gross margin outlooks on Tuesday laid some of the blame on U.S. tariffs on Chinese goods, which make up 70 percent of the company's cost of products sold.

USA stock futures also firmed, pointing to another strong day on Wall Street after the S&P 500 gained almost 1 per cent today.

Lu also said Vice President Wang Qishan would attend the annual World Economic Forum in Davos, Switzerland in late January, but added that he had not yet heard of any arrangements for a meeting with Trump there.

Few details have emerged from the trade talks, which are scheduled to run through Tuesday.

A private-sector source familiar with the talks said this could indicate that more detailed discussions were likely taking place.

The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials. Developments in the negotiations remain a focal point at the same time as parts of the USA government are shut, with lawmakers unable to agree on a budget proposal.

There was no immediate US response to the Chinese complaint.

U.S. officials are expected to host China's top trade negotiator, Vice Premier Liu He, in Washington later this month, a source told CNN on Monday.

The current trade round coincided with an unannounced visit from North Korean leader Kim Jong Un, who arrived in Beijing on Tuesday for talks with Xi in Beijing ahead of a possible second meeting between Kim and Trump.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

China trade talks extended as both sides tout progress