China trade talks conclude as hopes of deal build

US-China trade talks extended to third day

Trump has been demanding China to drastically reduce the $375 billion trade deficit and ensure IPR production for U.S. technology and services.

Oil prices rose 2 percent on Wednesday as the extension of US-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff.

US SHUTDOWN: President Donald Trump's televised address Tuesday night helped soothe frazzled nerves over what steps he might take in the standoff with lawmakers over border wall funding, which has resulted in a partial government shutdown. American leaders also worry they might erode U.S. industrial leadership.

Officials say talks are expected to deliver specific commitments to expand market access for U.S. in China, improve protection of intellectual property rights (IPR) and reduce the trade surplus with the USA, but it would take time to reform state-owned firms another major source of friction.

Another photo shows a wider view of dozens of officials from each country seated at three long tables facing each other and around the room's borders, significantly more people than those attending previous rounds of U.S.

Trump has imposed tariffs to pressure Beijing to change its practices on issues ranging from corporate espionage to market access and industrial subsidies. The 28-nation trade bloc filed its own challenge in the World Trade Organization in June against Chinese licensing rules it said hamper the ability of foreign companies to protect and profit from their technology. "Beijing wants to show this is supported at the very highest level".

"That's not something that's going to be done by March", said Parker.

For its part, Beijing is unhappy with USA export and investment curbs, suggesting it might demand concessions.

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Key decisions on some of the tougher issues are expected to be left for future rounds of talks, such as USA complaints that Beijing's policies force American companies to hand over technology and unfairly boost Chinese firms with subsidies.

For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications. Developments in the negotiations remain a focal point at the same time as parts of the US government are shut, with lawmakers unable to agree on a budget proposal. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

Trump imposed tariff increases of up to 25 per cent on $250 billion USA of Chinese imports.

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

The U.S. delegation includes under secretaries from the U.S. departments of agriculture, commerce, energy and treasury, as well as senior officials from the White House. Forecasters expect American orders to slump this year.

Car sales in China fell 6 percent to 22.7 million units a year ago, the first annual slump in at least two decades, the China Passenger Car Association said Wednesday.

Liu's appearance at the talks is a "symbol of Xi's personal buy-in" in the effort to reach a deal, said Leland Miller, chief executive officer of China Beige Book, a data-analytics firm that surveys companies across the Chinese economy.

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