China-US trade talks have laid foundation for a deal, ministry says

What hope for markets in the US-China trade talks?

However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

Some degree of optimism followed a USA trade delegation home from Beijing on Wednesday, after the most comprehensive trade negotiations held yet between the world's two largest economies since a tit-for-tat tariff battle ensued a year ago.

China and the US wrapped up three days of trade talks, with people familiar with the discussions saying their positions were closer on areas including energy and agriculture but further apart on harder issues.

The trade talks between China and the United States this week have laid a foundation for resolving their disputes, the Ministry of Commerce said on Thursday. It said US negotiators would await "guidance on the next steps" after reporting back to Washington.

McKinney's sentiment echoed that of President Donald Trump, who tweeted early Tuesday that the talks "are going very well!".

But a more hard question may be whether China agrees to monitoring of such a commitment, a condition that US Trade Representative Robert Lighthizer has said is a prerequisite to any deal. Asian stock markets responded well to the news that the two-day meetings would extend to three days.

So far, the US side has described the exchanges in a positive light.

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The extra day of talks came amid signs of progress on issues including purchases of USA farm and energy commodities and increased access to China's markets. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress on a deal. If a "REAL" deal with China is possible, the US will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

It softened its stand by offering a mix of concessions by resuming purchases of United States soybeans, suspended punitive tariffs on imports of U.S. cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels.

Washington wants Beijing to change its plans to use government support to make Chinese companies world leaders in robotics and advanced technologies. If the talks were successful, they could lead to discussions in Washington between senior officials of both countries, NPR has reported. The council and other USA business groups have pressed for a resolution to the trade hostilities between the world's two biggest economies.

"Negotiations between the two sides in this area made progress", he said. "Talks with China are going very well!" he wrote.

"Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off", said Mizuho Bank's Vishnu Varathan in a report.

Last year, the U.S. imposed tariff hikes of up to 25 per cent on Dollars 250 billion of Chinese goods.

Trump and Xi have given their officials until March 1 to reach an accord on "structural changes" to China's economy on issues such as the forced transfer of American technology, intellectual-property rights, and non-tariff barriers.

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