China trade talks conclude as hopes of a deal build

US Commerce Secretary Wilbur Ross

U.S. treasury officials have made the case that market volatility is in part due to the tightening of USA monetary policy, and a result of the trade war with China. It said Washington "cannot push China too far" and must avoid a situation that "spins out of control".

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

Trump said late Tuesday on Twitter that "Talks with China are going very well!".

Trump has imposed tariffs to pressure Beijing to change its practices on issues ranging from corporate espionage to market access and industrial subsidies.

A statement from the Chinese government was expected as soon as Wednesday.

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

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

"We're on our way to a deal". Delegates to the talks have not yet revealed what specifically was discussed, or if anything was agreed to.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.

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Trump has been demanding China to drastically reduce the $375 billion trade deficit and ensure IPR production for USA technology and services.

Share prices jumped in Asia and markets in Europe and the United States were expected to follow suit as the longer talks fuelled optimism that the world's largest economies were inching toward an agreement.

In return, Trump promised to wait 90 days before hiking tariffs to 25 percent on $200 billion worth of Chinese imports - the three-month timeline is indented to give both breathing room to cement a detailed agreement.

Beijing's growing commercial and political ties with its neighbours will make it harder for Washington to find "Asian countries willing to stand at its side and help contain China", the newspaper said.

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

Officials have given scant details on concessions that China might be willing to make to meet US demands, some of which would require structural reforms unpalatable for Chinese leaders. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

The U.S. delegation was led by Deputy U.S. Trade Representative Jeffrey Gerrish and accompanied by senior officials from the White House, U.S. Trade Representative (USTR), and the U.S. Departments of Agriculture, Commerce, Energy, and Treasury, according to the USTR.

Auto and property sales have slumped as Chinese growth fell to a post-global crisis low of 6.5 percent in the quarter ending in September.

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