China trade talks conclude with signs of progress made

Oil rises one per cent on US, China trade talk optimism

Trump said the US tariffs had hurt China.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018.

"We are moving towards a more balanced and reciprocal trade agreement with China", she said, adding that no one knows yet what that agreement will look like or when it will be ready.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily. As producers say they won't let oil stockpiles exceed normal levels, fears of a slowdown in demand is abating as trade tensions ease between the world's top-two economies.

The two sides held intense discussion at the vice ministerial level from Monday to Wednesday in Beijing.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy and manufactured goods, and other products and services from the United States".

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. But aside from some soybean purchases, there has been little sign of big-ticket acquisitions.

PRICE Futures Group senior analyst Phil Flynn on the outlook for oil prices and the impact on the USA soybean market from the tariff tensions with China.

With the clock ticking down to March 1, when the 90-day trade truce expires, the tug-of-war within the Trump administration over what would constitute success may be even more important than talks with the Chinese.

President Donald Trump expressed optimism that U.S. -Chinese relations for years.

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

Trump has said he would increase those duties to 25 percent from 10 percent if no deal is reached by March 2, and has threatened to tax all imports from China if it fails to cede to USA demands.

Global Times editor Hu Xijin said that of the issues raised, the trade imbalance problem was "solved most smoothly".

"Asian stocks jumped after trade talks were extended for an unscheduled third day, fueling hopes that the world's two largest economies may soon reach a trade deal, putting an end to months of tariffs on each other's goods", reports NPR's Shanghai-based correspondent Rob Schmitz.

Companies in both countries are feeling the pain from the effects of the trade dispute. However, they appear to be at wide odds over contentious issues, including intellectual property protection.

It also said Washington and Beijing have discussed the need for the agreement "to provide for complete implementation, subject to on-going verification and effective enforcement".

Oil's eight-day gain through Wednesday marked its longest advance since mid-2017, reflecting a return of economic optimism as the USA and China worked on resolving their trade dispute and the Organization of Petroleum Exporting Countries began production cuts.

"I think that China is actually much easier to deal with than the opposition party", he said. If no deal were reached and USA tariffs were raised as threatened on March 2, Chinese growth would be hard hit.

White House Press Secretary Sarah Sanders told Fox Business Network the administration expects the ongoing negotiations to prove fruitful and that the administration's complaints about Chinese theft of US intellectual property were "top of mind" in the negotiations with Beijing.

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