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US, China wrap up talks on tariff battle

10 January 2019

Reuters reported that both parties showed further signs of progress on issues including the purchases of USA farm and energy commodities, as well as greater access to Chinese markets.

Most Asian markets opened lower after the talks wrapped up the day before without clear indications of whether progress was made on resolving a dispute over Chinese technology policies that has the world's two biggest economies embroiled in a bruising trade war.

Both sides have agreed to continuously keep in close contact.

China and the USA will move ahead with trade talks as scheduled, Ministry of Commerce Spokesman Gao Feng told reporters in Beijing at a regular weekly briefing Thursday, without giving any further details over when they would take place.

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".

U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.

"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the US-China Business Council, which represents American companies that do business with China.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy.

The three-day closed door negotiations ended on Wednesday (Dec 9) on a positive note.

People familiar with the U.S.

USA stocks surged Wednesday on optimism that the midlevel talks in Beijing will be followed up with discussions between higher-ranking US and Chinese officials.

"The earlier escalation of the trade conflict between the US and China and souring bilateral relations appear to have given way to a more conciliatory approach since early December", he wrote in a note Thursday.

Companies in both the United States and China are feeling the pain from the effects of the U.S. If the talks were successful, they could lead to discussions in Washington between senior officials of both countries, NPR has reported.

Trump has been demanding China to drastically reduce the United States dollars 375 billion trade deficit and ensure IPR production for USA technology and services. This meeting was previously unscheduled, signaling the two sides could be coming together on key issues.

"Talks with China are going very well!". -China Business Council said in a statement.

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.

Trump imposed tariff increases of up to 25 percent on $250 billion of Chinese imports.

US, China wrap up talks on tariff battle