US, China trade negotiations positive as Beijing meetings continue
US, China trade negotiations positive as Beijing meetings continue
Crude oil is dispensed into a bottle in this illustration
10 January, 2019, 08:52
A clutch of Fed officials said on Wednesday they will wait to deliver more interest rate hikes so the central bank can further assess growing risks to an otherwise solid USA economic outlook.
The Dow Jones Industrial Average (.DJI) rose 91.67 points, or 0.39 percent, to close at 23,879.12, the S&P 500 (.SPX) gained 10.55 points, or 0.41 percent, to end at 2,584.96 and the Nasdaq Composite (.IXIC) added 60.08 points, or 0.87 percent, to finish at 6,957.08.
But they extended past their deadline, which the Chinese Foreign Ministry said signified that both sides were "very serious about these negotiations".
Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.
The trade talks are the result of an agreement last month between U.S. President Donald Trump and Chinese President Xi Jinping to stop the tit-for-tat tariff conflict between the two countries for 90 days starting on New Year's Day.
President Donald Trump has said on Twitter that the talks are "going very well".
"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Lu said at a regular press briefing. "The US is very clear about China's stance".
In a sign the meeting was off to a good start, China's economic czar, Vice Premier Liu He, dropped by the talks on Monday to encourage the negotiators.
Delegations from China and the USA ended talks that had lasted longer than expected in Beijing on Wednesday amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China's markets. Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations.
United States companies also want action on Chinese policies they complain improperly favor local companies.
The U.S. demands strike at the heart of a state-led development model the ruling Communist Party sees as a great success over the past three decades and is reluctant to give up.
Beijing also faces pressure over technology from the European Union.
Companies that have been disappointed by Beijing's failure or delays in carrying out commitments want an enforcement mechanism with "some kind of penalty for not doing what they promised", said Parker. "It's probably going to take a little longer".
The talks - led by US Deputy Trade Representative Jeffrey Gerrish and Chinese Vice-Commerce Minister Wang Shouwen - were initially scheduled to end on Tuesday.
On Wednesday, a clutch of Fed officials said they would be cautious about any further increases in interest rates so the central bank could assess growing risks to an otherwise-solid USA economic outlook.
No schedule for further face-to-face negotiations was released, and USTR said the American delegation would return to Washington to report on the meetings and "to receive guidance on the next steps". They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
A multi-day rally in risk assets continued overnight after minutes from the Fed's December meeting showed a range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month.
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