China trade talks spill into third day

U.S.-China trade talks extended amid some signs of progressMore

Negotiators are seeking to resolve a number of thorny issues that have threatened an all-out trade war between the world's two biggest economies. Prior to the meeting, China made a number of concessions to United States demands including temporarily cutting punitive tariffs on US-made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

The US delegation was supposed to end its visit on January 8.

U.S. and Chinese negotiators wrapped up their latest round of trade talks in Beijing on Wednesday as they seek a way out of a damaging trade war.

The Trump administration's calculus regarding how much to stress either increased purchases of U.S. goods, on the one hand, or structural reforms reflects a divide within the White House.

"I think they went just fine", Ted McKinney, a member of the United States delegation, said of the discussions.

Chinese foreign ministry spokesman Lu Kang said a one-day extension in talks showed both sides are serious about the talks.

Expect a lot of volatility, but at this point I think you will have to be very cautious about shorting the market, as it certainly looks as if it's ready to go. The talks, though arduous, were conducted in a pleasant and candid atmosphere, he said. Trump said on Twitter, but gave no further information.

Officials say talks are expected to deliver specific commitments to expand market access for U.S. in China, improve protection of intellectual property rights (IPR) and reduce the trade surplus with the USA, but it would take time to reform state-owned firms another major source of friction.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, was supposed to end its visit on Tuesday.

Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

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

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 USA trade talks.

Mr Trump is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations. They have tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.

In what is widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of United States grains as farmers decide which crops to plant in the spring.

Chinese exports to the US have held up despite tariff increases of up to 25 percent on $250 billion of Chinese imports, partly due to exporters rushing to fill orders before more increases hit. Goods exports totalled $129.9 billion; goods import totalled $505.5 billion. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

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