-China trade talks ended in Beijing today, an extension by a day of the two-day sessions planned to follow up on the mandate from the December 1, 2018 talks between President Donald Trump and President Xi Jinping, to reach a resolution of trade disputes by March 1, 2019.
"With regard to trade issues and structural problems both sides were concerned about, both carried out extensive, deep, and meticulous exchanges, promoted mutual understanding, and laid the foundation for solving problems that both are interested in", the statement read.
"Amid high hopes that world's two large economies will reach an agreement in the trade talks, stocks in Europe saw large gains on Wednesday".
The Sino-U.S. trade talks held in Beijing have concluded and the results will be released soon, China's Foreign Ministry spokesperson Lu Kang told a daily news briefing on Wednesday. It's true that Beijing has made a series of offers to the USA in recent weeks to end the trade war, but none qualifying the fair trade practices bar of Trump administration.
"China is determined to bring the trade war to an end", The Economist has reported.
Without a resolution, punitive USA duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.
He said that if more compromises are made when Chinese Vice Premier Liu He meets U.S. Trade Representative Robert Lighthizer, an official who is viewed as being more hawkish on trade with China, the crisis will only be halfway averted.
As the scheduled trade talks extend to a third day, speculations are rife over China's intentions on coming down to an agreeable trade deal with the Trump administration.More news: Former Trump lawyer Michael Cohen to testify publicly before Congress
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"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".
"We can confidently say that enough progress was made that the discussions will continue at a higher level", said Craig Allen, president of the US-China Business Council.
China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs. Trump said on Twitter, but gave no further information.
The meeting between the US delegation - led by Deputy US Trade Representative Jeffrey Gerrish and including officials from the Treasury, Commerce, Agriculture and Energy Departments - and the Chinese side ran late into Tuesday night.
ANALYST'S TAKE: "The potential of movement on China-U.S. trade means a moderation of extreme bearishness around the outlook for global growth", Michael McCarthy, chief market strategist at CMC Markets in Sydney, said in an interview.
It softened its stand by offering a mix of concessions by resuming purchases of United States soybeans, suspended punitive tariffs on imports of USA 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.
Some degree of optimism followed a United States trade delegation home from Beijing on Wednesday, after the most comprehensive trade negotiations held yet between the world's two largest economies since a tit-for-tat tariff battle ensued a year ago.
A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show. "I really believe they want to make a deal".