US, China end talks on tariff battle with no word on outcome

US, China end talks on tariff battle with no word on outcome

A second day of trade dispute talks between the US and China ended Tuesday without word of any progress, as an official newspaper warned not to push Beijing too hard.

The meetings were the first since Chinese President Xi Jinping and his United States counterpart Donald Trump agreed to a 90-day truce to the trade war at the G20 summit in Buenos Aires in December.

World markets rose on increasing optimism that the two sides would be able to hammer out a deal ahead of a March deadline and avert further import tariff hikes.

In a statement that gave no specific details on the outcome of three days of talks in China's capital this week, USTR said that US and Chinese officials discussed "ways to achieve fairness, reciprocity and balance in trade relations".

"Both parties agreed to continue to maintain close contact", the ministry said.

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 USA technology and on how to hold Beijing to its promises.

"We've been hearing reports that there's been a narrowing of a gap between the two sides, but a narrowing of a gap is not a bridging of a gap, and it's a pretty wide gap".

Without a resolution, punitive U.S. duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2. "As for whether this move has any impact to the ongoing China-U.S. trade consultations.to properly resolve existing issues of all kinds between China and the U.S.is good for the two countries and the world".

The editor-in-chief of China's state-run Global Times tabloid, Hu Xijin, said on Twitter earlier that the extension of the talks, originally scheduled for two days, "sends a signal".

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. US government data shows the Asian nation scooped up more than 2.6 million metric tons of beans in December and at least another 1.3 million were sold this year, according to people familiar with the matter.

The U.S. stock market was supported by advances by technology and other trade-sensitive sectors.

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

US Commerce Secretary Wilbur Ross signalled on Monday that there was a "very good chance" of reaching an agreement.

People familiar with the U.S.

The talks were the first face-to-face meeting between the two sides since their leaders met on December 1.

The Latest on trade tensions between China and the U.S.

In what was 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 US grains as farmers decide which crops to plant in the spring.

"Talks with China are going very well!".

Later this month, Lighthizer is expected to meet with Vice Premier Liu He, Xi's top economic aide who is leading negotiations for China.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily". They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney walks into a hotel after a second day of meetings with Chinese officials in Beijing, Tuesday, Jan. 8, 2019.

On Monday, Chinese importers made another large purchase of U.S. soybeans, their third in the past month.

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