US Says China Willing to Buy More American as Trade Talks End

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China's Ministry of Commerce on Thursday said the two sides "implemented the consensus" reached by the two presidents in earlier talks, and discussed both trade and structural issues in the meetings.

"The extension of the talks indicate that both sides take this very seriously", Lu said.

The temporary trade war ceasefire came after the two sides imposed import duties on more than $300 billion in two-way trade. The S&P 500 Index has fallen about 8% since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to Dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well".

Trump is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations. "The US is very clear about China's stance".

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear whether that would disrupt the proceedings.

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", said the USA statement, adding that U.S. officials, who left Beijing on Wednesday, will now report back for further guidance. Europe, Japan and other trading partners echo U.S. complaints those violate Beijing's market-opening obligations.

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead, " World Bank Chief Executive Officer, Kristalina Georgieva, said in a semi-annual report released late on Tuesday.

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U.S. companies also want action on Chinese policies they complain improperly favor local companies. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology.

Companies disappointed about failures or delays in Beijing carrying out commitments want an enforcement mechanism with "some kind of penalty for not doing what they promised", said Parker. Beijing has retaliated in turn to USA tariffs.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.

With cooling economic growth raising the urgency for a settlement, this week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish. That meeting would likely include a senior Chinese government official along with trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade.

A range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed.

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