China Says Beijing Talks Lay Foundation For Trade Resolution

U.S.-China trade talks in Beijing raise hopes that a deal may be reached

In both cases, further declines are on the cards if the talks fail to produce a resolution.

The extended US-China talks to resolve the trade war between the world's two largest economies concluded here on a positive note Wednesday with a senior American official describing the dialogue as "good one" for the US.

They agreed to maintain close contact, the statement said.

No schedule for further face-to-face negotiations was released after the talks, and USTR said the American delegation was returning to Washington to report on the meetings and "to receive guidance on the next steps". Trump has said he would increase those duties to 25 percent from 10 percent now if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to U.S. demands.

The volume of mutual trade between Russian Federation and China finally reached $100 billion for the first time ever, according to Gao Feng, the Chinese commerce ministry's spokesman. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.

People familiar with the U.S.

She added that the Trump administration's complaint that China is stealing US intellectual property is "top of mind" in the negotiations with Beijing. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress on a deal.

As evidence mounts by the day that the slowdown in China's economy is worsening, policy makers in Beijing are focusing on getting rid of the duties that Trump has leveled on Chinese goods since previous year, according to a former high-level official briefed on the government's thinking.

"I don't know the timing and exactly what that will look like, but what I can be sure of is that we are moving towards a more balanced and reciprocal trade agreement with China". Lu said he had no details and an official statement would be issued later.

It softened its stand by offering a mix of concessions by resuming purchases of United States soybeans, suspended punitive tariffs on imports of U.S. cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels.

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. This meeting was previously unscheduled, signaling the two sides could be coming together on key issues.

Last year, the USA imposed tariff hikes of up to 25 per cent on United States dollars 250 billion of Chinese goods.

Tesla broke ground this week in Shanghai on its first factory outside the U.S. Musk said production of its Model 3 would start late this year.

Washington has been clamouring for an end to the forced transfer - and even theft - of American technology and intellectual property, as well as steep government subsidies for Chinese companies.

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