Asian shares rally on hopes for China-US trade breakthrough

Asian shares rally on hopes for China-US trade breakthrough

-China trade talks ended in Beijing today, an extension by a day of the two-day sessions planned to follow up on the mandate from the December 1, 2018 talks between President Donald Trump and President Xi Jinping, to reach a resolution of trade disputes by March 1, 2019. She said Wednesday that the timing was unclear but the two sides "are moving towards a more balanced and reciprocal trade agreement with China".

This week's talks were lengthy because both sides were serious and honest, the ministry's spokesman Gao Feng told reporters.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit with the United States amounting to Dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well".

They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade.

Notably, in Thursday's press conference in Beijing, Gao avoided verifying some of the specifics of the USTR press release, including the promise for China to purchase increased amounts of US goods as well as the specific list of issues covered.

Regarding narrowing the trade imbalance, which the Trump administration has pushed China to resolve by importing more USA goods, the article reads: "Importing some good things from the United States, this can help satisfy Chinese citizens' wants for leading a comfortable life".

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Three days of US-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Donald Trump said they were "going very well!". Trump has said he would increase those duties to 25 percent from 10 percent now if no deal is reached by March 2, and has threatened to tax all imports from China if Beijing fails to cede to USA demands.

"The main thing is the administration's implied progress on talks with China - that's something that market sees as very important", said Rick Meckler, partner at Cherry Lane Investments.

A statement from the Office of the U.S. Trade Representative said negotiators will "report back to receive guidance on the next steps". He and Chinese President Xi Jinping have agreed to hold off on further tariff increases for 90 days to allow time for negotiations. For its part, China said the meetings were " extensive, in-depth and detailed", and laid the foundation for a resolution of the conflict.

China has said it will not give up ground on issues that it perceives as core. It said US negotiators would await "guidance on the next steps" after reporting back to Washington. The delegation, led by Deputy U.S. Trade Representative Jeffrey Gerrish, extended its stay for an additional day; talks had originally been scheduled to conclude on January 8. China retaliated with tariffs of its own.

Going by the media statements given by top Trump administration members, including undersecretary for trade and foreign agricultural affairs Ted McKinney, the U.S. was able to deliberate China into a pledge of buying substantial amount of American agricultural, energy and manufacturing products. "I really believe they want to make a deal".

The Chinese responded by slapping tariffs of $110bn worth of United States goods.

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