Markets buoyed by optimism over US-China trade talks

President Donald Trump argued that China has not treated the U.S. fairly in terms of trade

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

Washington is pressing Beijing for changes including rolling back plans for government-led creation of Chinese global champions in robotics and other fields.

"Talks with China are going very well!".

The USTR gave no indication as to what, if any, new agreements had been made during the latest round of talks, but its statement said the US side pushed verification and enforcement of previous agreements. It looks as if we will soon know if the president is correct.

The talks - led by US Deputy Trade Representative Jeffrey Gerrish and Chinese Vice-Commerce Minister Wang Shouwen - were initially scheduled to end on Tuesday.

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", said the USA statement, adding that U.S. officials, who left Beijing on Wednesday, will now report back for further guidance.

He declined to provide more details.

The Trump administration also wants Beijing to buy more American goods to narrow a yawning trade gap and allow foreign players better access to the Chinese market.

China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for United States companies and suspending issuing licenses in finance and other businesses. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.

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"It's been a good one for us", he told reporters at the delegation's hotel, without elaborating.

If no deal is reached by 2 March, Trump has said he will proceed with raising tariffs to 25% from 10% on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.

The second day of trade negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un for talks with Xi in Beijing, amid speculation of a second meeting between Kim and Trump.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", the statement, released by the Office of the US Trade Representative, said.

"From what I know, the trade talks, though arduous, were conducted in a pleasant and candid atmosphere".

But they extended past their deadline, which the Chinese Foreign Ministry said signified that both sides were "very serious about these negotiations".

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.

"We have shown our sincerity, we have established our stand in this, so we don't need other actions to gain the confidence of the US". It has said China's companies are treated unfairly in USA national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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