US, China hold more trade talks overshadowed by Kim visit

USS Mc Campbell departs Sydney Aus. July 2017

"Actively implementing the important consensus reached by the two heads of state, both sides held broad, in-depth and detailed exchanges on trade issues of mutual concern as well as structural issues".

China's commerce ministry said the discussions "established a foundation for the resolution of each others' concerns".

Meanwhile on the trade talks, sources said the two sides were still far apart from USA demands for structural reforms in China.

The talks were originally planned for Monday and Tuesday but were extended into Wednesday. Chinese traders and refiners are still cautious about buying USA crude until the trade problems between the world's two biggest economies are resolved, but if they are, chances are US crude exports would get an additional boost.

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

Stocks rose across Asia and Europe, and equity futures indicated an increase in the United States on Wednesday, on signs the world's two largest economies are trying to resolve their trade war.

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President Donald Trump also boasted about the progress, tweeting Tuesday that "Talks with China are going very well!".

The American delegation is led by a deputy US trade representative, Jeffrey Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

The United States and China have bolstered market confidence that they will roll back their trade war after officials concluded three days of negotiations in sanguine spirits.

The editor of a state-run Chinese newspaper said in a social media post he expected China and the United States to release statements early on Thursday.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications. "That's really good for the cost of money and taking some further headwinds out of the US dollar", he said.

A multi-day rally in risk assets continued overnight after minutes from the Fed's December meeting showed 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. Trump and his officials have repeatedly accused Beijing of the "theft" of American intellectual property and of forcing USA corporations to transfer technology to their Chinese partners as the price of doing business in China.

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"After a terrible December for risk markets, crude oil continues to catch a positive vibe", said Stephen Innes at futures brokerage Oanda in Singapore, noting that investors were growing less fearful that U.S.

Trump said the USA tariffs had hurt China. Hong Kong's Hang Seng shed 0.3 percent to 26,394.06, while the Shanghai Composite index was flat at 2,545.05. Forecasters expect American orders to slump this year.

China has also cut tariffs on imports of cars from the United States, dialled back on an industrial development plan known as "Made in China 2025", and told its state refiners to buy more USA oil.

Chinese officials complain about controls on "dual use" technology with possible military applications. "Treasury would preserve indefinitely the 25 percent tariffs that Mr. Trump imposed in July and August on $50 billion a year in Chinese goods, or roughly a tenth of American imports, and the 10 percent tariffs that he imposed in September on an additional $200 billion in Chinese goods", it reported.

But it also said any deal with China must be followed up with ongoing verification and enforcement.

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