Donald Trump hails 'big progress' in trade talks with China

China says US ties stand at 'new starting point'

The statement from ministry spokesman Lu Kang mentioned the consensus agreement that U.S. President Trump and Chinese President Xi Jinping reached during the Group of 20 Summit in Argentina earlier this month, Reuters reported.

The losses may give U.S. President Donald Trump and his Chinese counterpart Xi Jinping motivation to resolve their trade differences before a March 2 deadline, although talks between the economic superpowers could still devolve.

Trade officials from the two countries are set to resume talks in early 2019, the 40th anniversary of the United States and China establishing diplomatic ties.

While China has recently taken steps that might help address United States complaints about trade barriers and intellectual property theft, there was little to suggest that Mr Xi was considering fundamental changes along the lines demanded by the Trump administration.

"If made, it will be very comprehensive, covering all subjects, areas and points of dispute", Trump said.

'Both sides should stick to rationally and objectively viewing the other side's strategic intentions, strengthen strategic communication and promote strategic mutual trust to prevent strategic misjudgments, ' he said in a statement.

After campaigning on a platform to end China's "unfair" trade practices with the U.S., Trump has gone on to tax billions of dollars worth of Chinese goods.

China resumed purchases of US soya beans in early December following a trade truce agreed to by leaders from the two countries during the G20 summit in Argentina.

Week of January 7: European Union Trade Commissioner Cecilia Malmstrom and U.S. Trade Representative Robert Lighthizer are scheduled to meet as part of ongoing negotiations, a person familiar with the planning said.

The two leaders spoke as a U.S. trade delegation prepares to travel to Beijing for talks slated for the week of Jan 7, Bloomberg News reported Wednesday, citing two people familiar with the matter.

China also suffered as products such as phone batteries were hit by US tariffs, and customers began looking to buy from other countries. The White House, which typically does not release details of Mr Trump's calls with foreign leaders beyond what the President reveals himself, did not immediately respond to a request for comment.

Negotiators on both sides have begun fleshing out a possible deal that includes ensuring greater access for foreign companies to China's financial sector, but Mr Trump may be overstating how close the countries are to agreement, The Wall Street Journal reported late on Saturday, citing people familiar with the state of negotiations.

On Saturday, Trump wrote in a Twitter message that "big progress" was being made in U.S. "We are right now taking in $billions in tariffs".

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