China-US trade talks conclude, results to be released soon

USS Mc Campbell departs Sydney Aus. July 2017

USS Mc Campbell departs Sydney Aus. July 2017

"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Ross said in an interview with CNBC.

USA and Chinese envoys extended trade talks into a third day Wednesday, as President Donald Trump said negotiations aimed at ending a tariff war were "going very well!".

"It's been a good one for us", Ted McKinney, U.S. undersecretary for trade and foreign agricultural affairs, said at the end of the vice-ministerial level talks. But China has bought only around 5 million tonnes since purchases resumed in December, less than 20 percent of the beans it bought a year earlier.

US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

People familiar with the talks said the world's two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of US technology and on how to hold Beijing to its promises.

Expectations of a slowdown in the global economy in 2019, in addition to rising US crude oil production, have led to some institutions lowering their oil price forecasts for this year. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

Fears of a global slowdown and weaker corporate earnings - exacerbated by billions of dollars in tit-for-tat tariffs between the U.S. and China - have led to a sharp pullback on markets over the last few months.

"As for whether the Chinese economy is good or not, I have already explained this". Lu said an official statement would come later. "We have firm confidence in the strong long-term fundamentals of the Chinese economy".

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

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of United States goods and services and Cabinet-level follow-up meetings expected later this month.

The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

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

The talks are taking longer than expected as the Chinese commerce ministry had said last week that the meetings would take place on Monday and Tuesday.

Official U.S. fuel storage data from the Energy Information Administration (EIA) is due at 1800 GMT on Wednesday.

"China is determined to bring the trade war to an end", The Economist has reported.

Negotiators began talks Monday on a fight over Beijing's technology development tactics that companies worry might hobble global economic growth, but there was no sign either side has changed its stance.

The United States has long complained about access to the vast Chinese market and Beijing's demands US companies reveal their technology advances.

China's leaders see such strategies as a path to greater prosperity and global influence and have tried to defuse complaints by emphasizing the country's potential as a huge consumer market.

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