The Trump administration wrapped up the latest round of trade talks in Beijing, noting a commitment by China to buy more US agricultural goods, energy and manufactured items.
The discussions marked the first formal talks since the US President Donald Trump and his Chinese counterpart Xi Jinping agreed not to impose new tariffs at the G20 summit in December. It has said China's companies are treated unfairly in US national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. -Chinese relations for years.
A spokeswoman for the U.S. trade representative's office, which is leading the USA negotiating team, said talks would continue on Wednesday and "a statement will likely follow then". Europe, Japan and other trading partners echo Washington's complaints that those violate Beijing's market-opening obligations.
Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence. They have tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.
That pledge, addressing a trade deficit in goods, was however mentioned only at the end of the statement which focused on the United States demands for structural changes to China's domestic policies. Trump said late Tuesday on Twitter. U.S. West Texas Intermediate (WTI) crude (CLc1) futures rose $2.58 to settle at $52.36 a barrel, a 5.2 percent gain.
Meanwhile, confirming the conclusion of the trade talks, China's foreign ministry spokesman Lu Kang told a media briefing that "the extension of the talks indicates that both sides are serious about this consultation".
Both sides have agreed to continuously keep in close contact.
Also, if Washington refuses to extend the Iranian crude oil import waivers it granted in November to eight large buyers-including China and India-they will need an alternative source of crude and it might just be the United States.
"It's been a good one for us", he told reporters at the delegation's hotel, without elaborating. The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side.
Without a resolution, punitive USA duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.
China's economy was more vulnerable to the fallout from the trade war, he said.
But as meetings wound down in Beijing on Tuesday evening, Trump tweeted: "Talks with China are going very well!".
A statement released by China's Commerce Ministry on Thursday morning said both sides carried out "wide, deep and thorough exchanges" on trade and structural issues of mutual concern.
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. Auto sales tumbled 16 per cent in November over a year earlier.
Price goes up after output cut, easing fears of weak demand growth. They could even continue for a third. But surveys show consumer confidence is weakening because of concern growth will slow this year.
On the other hand, Beijing is unhappy with US export and investment curbs, such as controls on "dual use" technology with possible military applications.