Oil prices up with OPEC cuts, US-China trade talks

Apple’s share price has dropped on China’s weakening economy

Trade talks in Beijing between the world's two biggest economies entered a third day on Wednesday, amid signs of progress on issues including purchases of US farm and energy commodities and increased USA access to China's markets.

The USS McCampbell carried out a "freedom of navigation" operation, sailing within 12 nautical miles of the Paracel Island chain, "to challenge excessive maritime claims", Pacific Fleet spokeswoman Rachel McMarr said in an emailed statement.

China defends its construction as necessary for self-defense and says that it is rather Washington that is responsible for ratcheting up tensions in the region by sending warships and military plans close to islands Beijing claims.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

"Talks with China are going very well!".

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.

Washington, Europe and other trading partners complain Beijing's tactics violate its market-opening obligations.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump, but they have echoed US complaints about Chinese industrial policy and market barriers. The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export-dependent economy to that of relying more on domestic consumption. The hedge fund industry has cut significantly its bullish positions in crude futures.

"Our sense is that there's good progress on the purchase piece", said one person familiar with the talks.

"We're on our way to a deal". Both sides have provided scant information about their discussions.

Chinese exports to the US have held up despite tariff increases of up to 25 percent on $250 billion of Chinese imports, partly due to exporters rushing to fill orders before more increases hit.

China has imposed penalties on $110 billion of American goods, slowed customs clearance for USA companies and suspended issuing licenses in finance and other businesses.

Stock indices including the Dow traded higher after Wednesday's open and were on track for their fourth consecutive daily advance, as sentiment around U.S.

China was believed to be preparing its own separate statement on the talks.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, was supposed to end its visit on Tuesday.

The Global Times said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed.

"The two sides will release messages at the same time on Thursday morning Beijing time", Hu said.

But cooling economic growth in both countries is raising pressure to reach a settlement.

Car sales in China fell 6 percent to 22.7 million units a year ago, the first annual slump in at least two decades, the China Passenger Car Association said Wednesday.

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

How China will enforce those measures will be key to any deal.

Related:

Comments