Markets buoyed as US-China trade talks extended amid signs of progress

US, China hold more trade talks overshadowed by Kim visit

US, China hold more trade talks overshadowed by Kim visit

Trump, who has accused China and other nations of exploiting the United States in global trade, has said he will raise tariffs to 25 per cent from 10 per cent on $200 billion worth of Chinese imports if no deal is reached by March 2.

A separate geopolitical issue angered China on Monday when a US Navy guided-missile destroyer sailed near disputed islands in the South China Sea - a vast expanse claimed by Beijing.

The United States and China will continue trade talks in Beijing for an unscheduled third day, U.S. officials said on Tuesday amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.

U.S. Commerce Secretary Wilbur Ross, left, shakes hands with Chinese Vice Premier Liu He as they pose for photographers after their meeting at the Diaoyutai State Guesthouse in Beijing, June 3, 2018. US and North Korean officials are believed to have met in Vietnam to discuss a location.

Beijing has tried to defuse pressure from its trading partners for more sweeping changes by offering concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports.

But they extended past their deadline, which the Chinese Foreign Ministry said signified that both sides were "very serious about these negotiations".

China and the USA wrapped up three days of trade talks, with people familiar with the discussions saying their positions were closer on areas including energy and agriculture but further apart on harder issues. American leaders also worry they might erode United States industrial leadership.

The US released a statement on the meetings, alluding to at least one potential concrete commitment on the part of China.

The U.S. demands strike at the heart of a state-led development model the ruling Communist Party sees as a great success over the past three decades and is reluctant to give up.

Beijing also faces pressure over technology from the European Union. "It's probably going to take a little longer". They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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.

Brent and the world's other key contract, West Texas Intermediate (WTI), slumped late previous year, hitting 18-month low points at $49.93 and $42.36 per barrel respectively.

The talks - led by US Deputy Trade Representative Jeffrey Gerrish and Chinese Vice-Commerce Minister Wang Shouwen - were initially scheduled to end on Tuesday.

Auto and property sales have slumped as Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

Increased purchases by China of U.S. soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring USA technology to Chinese firms.

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