Markets buoyed as US-China trade talks extended amid signs of progress

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Markets buoyed as US-China trade talks extended amid signs of progress

USA stocks opened higher on hopes of progress toward a deal to avert an all-out trade war between the world's two largest economies, but pared gains slightly after the USTR statement was released.

U.S. -China trade talks ended on Wednesday with negotiators focused on Beijing's pledge to buy "a substantial amount" of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative's office said.

Since the end of October previous year, chartering a Very large Crude Carrier from the Louisiana Offshore Oil Port has fallen by some 40 percent to US$5 million, Reuters Eikon data suggests.

Stocks rose globally after the USA and China concluded talks and appeared closer to an agreement, with all major US equities benchmarks rising. The talks, though arduous, were conducted in a pleasant and candid atmosphere, he said.

A member of the USA trade delegation to China, carries a folder as he leaves a hotel in Beijing, Jan. 7, 2019.

The Chinese side has suggested talks were "constructive".

"If the results of the talks are positive, it would be beneficial for both China and the United States and also a good news for the global economy", he added.

A senior Chinese official said Beijing plans to introduce policies to boost domestic spending on items such as autos and home appliances this year.

Delegations from China and the US ended talks in Beijing on Wednesday amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets.

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.

The results of the talks would be analysed at a separate meeting between U.S. trade representative Robert Lighthizer and Chinese Vice-Premier Liu He. US President Donald Trump tweeted that they were "going really well!"

Without a resolution, punitive U.S. duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

The US smartphone maker has felt the pinch of the bruising trade spat, and warned that 2018 revenues would miss its forecast - in large part due to a slump in iPhone sales in China.

People familiar with the talks said the world's two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of United States technology and on how to hold Beijing to its promises.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. China's yuan strengthened in offshore trading by 0.4 per cent to its strongest level in five weeks. Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

China also proposed clear bans on forced technology transfer in new draft foreign investment legislation.

The temporary trade war ceasefire came after the two sides imposed import duties on more than $300 billion in two-way trade.

The Chinese responded by slapping tariffs of $110bn worth of U.S. goods. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

"China is determined to bring the trade war to an end", The Economist has reported.

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