China Says Trade Talks are Making Progress

President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

The USTR statement contained no details on the amount of commodities, goods and services discussed in the Beijing talks.

President Trump took to Twitter Tuesday to give his take on current negotiations, declaring talks with China are going very well. But the shutdown may yet prevent Trump's appearance, according to a report in the Wall Street Journal.

"We urge the United States to immediately cease this kind of provocation", he said, adding that China had sent military ships and aircraft to identify and warn off the ship.

In a statement released on Thursday, China's Commerce Ministry said the country had concluded their trade talks with the US and the talks were extensive, . while establishing a foundation to resolve both sides' concerns. -China Business Council in Beijing.

The Trump administration also wants Beijing to buy more American goods to narrow a yawning trade gap - a sticking point for U.S. president - and allow foreign players better access to the Chinese market.

The World Bank this week cut its outlook for the global economy as growth in trade and investment slowed and rising interest rates sapped momentum, especially in emerging markets.

Chinese foreign ministry spokesman Lu Kang said Kim's visit and the trade talks were "two separate matters".

The negotiations now pave the way for both countries' top negotiators - US Trade Representative Robert Lighthizer and Chinese Vice-Premier Liu He - to thrash out a deal.

Meanwhile, the economic risks are growing. "We believe the economic environment in China has been further impacted by rising trade tensions with the United States", CEO Tim Cook wrote in a letter to investors.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

As for structural reforms that the US side has requested: "at first, it seems like the U.S.is being overbearing, but thinking carefully, these are actually what the deepening of "opening up reforms" needs"-referring to economic policies pushed by former Party leader Deng Xiaoping in the 1980s that introduced capitalist market forces to China".

"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", Mr Ross said in an interview with CNBC. Even if the current truce is made permanent and the tariffs are eventually rolled back, the damage to many companies may already be done.

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

The Trump administration is pushing for a way to make sure China delivers on its commitments in any deal.

Among the United States' main demands was that China stop forcing technology transfers and respect intellectual property rights.

Beijing said that the three-day closed-door talks, which ended on Wednesday, "enhanced mutual understanding and established a foundation for solving each other's concerns". He added that China and the United States would "maintain close communication" on a potential next round of talks. It's a tight window in which to nail down deep changes to China's economic model, some of which past US administrations advocated for years and USA lawmakers on both sides of the aisle support. She said the timing was unclear but the two sides "are moving towards a more balanced and reciprocal trade agreement with China". "However, we do not see the USA fully removing the specter of tariff hikes any time soon".