Published: Thu, January 10, 2019
Markets | By Noel Gibbs

USA and China wrap up trade talks in Beijing. What happens next?

USA and China wrap up trade talks in Beijing. What happens next?

In a statement released on Thursday, China's Commerce Ministry said the country had concluded their trade talks with the us and the talks were extensive, . while establishing a foundation to resolve both sides' concerns.

China and the United States plan to release a message on trade talks at the same time Thursday morning in Beijing, he said later in another tweet. "Both sides agreed to keep in close contact", the statement said.

Washington wants Beijing to change its plans to use government support to make Chinese companies world leaders in robotics and advanced technologies.

As of 8:25 pm in Beijing, neither the Chinese side nor the Americans had released a statement - a possible sign of message coordination as the USA delegation returned to Washington.

America is seeking assurances that China will buy more products from the order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported. On Tuesday, US President Donald Trump wrote on Twitter that the talks "are going very well".

This meeting was previously unscheduled, signaling the two sides could be coming together on key issues. Trump said in a tweet on Tuesday.

If no deal is reached by 2 March, Trump has said he will proceed with raising tariffs to 25% from 10% on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

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Meanwhile, expectations for a nationwide decline in U.S. crude inventories alleviated worries about a supply glut. Commerce Secretary Wilbur Ross said on Monday as officials from both countries held talks to end the spat.

"China would need to significantly recalibrate its industrial policies to fully meet the USA trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report.

The United States and China on Wednesday concluded three days of extended talks to resolve their trade war, with a member of the American delegation saying negotiations "went just fine".

A combination of lower shipping costs and lower domestic demand will boost US crude oil exports to Asia, Reuters reports, citing sources from the commodity trading and shipping industries.

Australian shares were down 0.2 percent, while Japan's Nikkei eased 1.2 percent.

"The positive news around the trade talks is giving a boost to risk assets it's what the global economy needs to see, said Chris Scicluna, head of economic research at Daiwa Capital Markets in London".

One apparent breakthrough this week was an announcement by China that it would approve the imports of five new varieties of genetically modified crops, a decision for which United States farmers and businesses had waited years.

People familiar with the U.S. The mid-level talks were the first face-to-face meeting between the two sides since their leaders met on 1 December 2018.

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Oil prices jumped, helped by the hopes of easing trade tensions between China and the USA, while OPEC-led crude output cuts also provided support.

The USTR gave no indication as to what, if any, new agreements had been made during the latest round of talks, but its statement said the US side pushed verification and enforcement of previous agreements.

Later this month, Lighthizer is expected to meet with Vice Premier Liu He, Xi's top economic aide who is leading negotiations for China.

The Communist country has been hit with an economic slowdown and its auto sales have dropped 19 percent last month from the year before, the steepest decline in China in almost three decades.

US companies also want action on Chinese policies they complain improperly favor local companies.

The group also urged the removal of USA tariffs when China delivers on its promises.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

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