Trump Lauds Progress as Day Two of Beijing Trade Talks Wrap Up

Trump Lauds Progress as Day Two of Beijing Trade Talks Wrap Up

China's economy was more vulnerable to the fallout from the trade war, he said, noting that Beijing exports more goods to the United States than the other way around.

"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Ross said Monday in an interview with the American cable TV network CNBC. US officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that 'the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?'

The discussions are the first face-to-face interactions between the USA and China since both presidents met in Argentina and agreed to a temporary truce in their tit-for-tat tariff war.

Ross said immediate trade issues would be the easiest to tackle, while enforcement issues and structural reforms, such as intellectual property rights and market access, would be more challenging.

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

USA stocks and European equities jumped as investors awaited developments on trade talks between the world's largest economies.

Chinese Foreign Ministry spokesperson Lu Kang confirmed during a press conference later that day that the US sent a vessel into the area "without permission from the Chinese side". Beijing slapped 25 percent penalties on $50 billion of American goods, targeting farm areas that supported Trump in the 2016 election, and 10 percent on $60 billion of goods.

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US and Chinese negotiators meeting this week in Beijing have agreed to extend trade talks until Wednesday, according to a spokesperson for the office of the US Trade Representative.

"The main thing is the administration's implied progress on talks with China - that's something that market sees as very important", said Rick Meckler, partner at Cherry Lane Investments.

Optimistic investors are placing their bets on the stock market once again, boosted by the United States' and China's latest attempt to resolve their trade war.

Trump raised import duties on Chinese goods in July over longstanding complaints Beijing steals technology or pressures foreign companies to hand it over.

Economists will also be digesting new trade data from Germany, following a worrying drop in industrial output yesterday. There the two agreed to a temporary relief from any tariffs increases and China agreed to put focused effort into trade negotiations over a 90-day period. "China's development has ample tenacity and huge potential", Lu said.

But a United States government official told AFP on condition of anonymity that "the trade talks have continued today (Wednesday)", without providing more information. Recent reports have claimed negotiators on both sides are making progress as mid-level talks continue in Beijing.

The U.S. delegation includes under secretaries from the U.S. departments of agriculture, commerce, energy and treasury, as well as senior officials from the White House. He added the USA has rebuilt China and he didn't believe they were ready to negotiate yet.

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