Oil rises by over 1% on U.S., China trade talk optimism

Irving Hamilton
January 9, 2019

A member of the USA delegation said the two sides would resume talks on Wednesday as they continue their first face-to-face meetings since Trump and Chinese President Xi Jinping agreed to a tariff truce during a meeting in Argentina on December 1.

The negotiations, which were originally scheduled to last just two days, mark the first time that large mid-level trade delegations have met to hash out specifics of a potential deal since the Trump administration first slapped tariffs on Chinese goods.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

A U.S. guided-missile destroyer sailed near disputed islands in the South China Sea in what China called a "provocation" as U.S. officials joined talks in Beijing during a truce in a bitter trade war. If a "REAL" deal with China is possible, the US will "get it done", Trump tweeted shortly after his dinner with Jinping last month.

Hopes that the USA and China would strike a deal, ending their months-long trade deal led to an index of world stocks rising on Tuesday, while the dollar, which hit an 11-week low on Monday, rebounded as the euro weakened on concerns about a slowdown in the euro zone economy.

He earlier expressed optimism in a tweet, exclaiming "Talks with China are going very well!".

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.

It included agriculture, energy, commerce, treasury and State Department officials.

U.S. companies also want action on Chinese policies they complain improperly favor local companies.

Lu Kang, China's foreign ministry spokesman, confirmed at a press briefing that the talks had ended and said that more details would be released soon.

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Hundreds of billions in levies. Beijing has retaliated in turn to USA tariffs.

China and the USA 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.

And onto the latest on the trade talks between the world's two superpowers.

"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".

Officials have given scant details on concessions that China might be willing to make to meet US demands, some of which would require structural reforms unpalatable for Chinese leaders.

Vehicle 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.

Beijing also faces pressure over technology from the European Union.

Chinese officials complain about controls on "dual use" technology with possible military applications.

The U.S. economy grew at an annual rate of 3.4 per cent in the third quarter and unemployment is at a five-decade low. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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