Trump says he will meet China Vice-Premier Liu He on Friday

US Mulls Currency Accord With China in Partial Trade Deal - Report

On Thursday and Friday, Beijing and Washington are set to engage in the next round of trade talks led by Vice-Premier Liu He on the Chinese side and Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin on the USA side.

U.S. duties on $250 billion in Chinese imports are due to rise in five days and there was no hiding the sharp deterioration in relations this week.

Beijing had lowered its expectations for significant progress during this week's trade talks, Chinese government officials told Reuters News Agency, after the United States blacklisted more than two dozen Chinese entities on Monday.

In the past 15 months, steady escalations of the tit-for-tat tariffs on Chinese and USA goods, worth hundreds of billions of dollars, have rattled financial markets and stoked fears of a global recession.

Wall Street's main indexes moved higher after President Donald Trump tweeted he would meet Chinese Vice Premier Liu He on Friday for further trade talks.

China is willing to bump up purchases of USA farm exports and make other concessions but will stop short of addressing Trump's core grievances, according to reports from Bloomberg and The Financial Times.

The 15-month-old trade war between Washington and Beijing is dragging down the global economy and threatening to upend decades-old trade systems.

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In return, Beijing would expect a pause on planned increases in United States import tariffs, which are now scheduled to increase in waves through December.

China this year balked at Trump's demands for a profound transformation to the way it manages its economy and analysts say Beijing is unlikely to adopt economic reforms that could undermine the Communist Party's political power.

Australian shares are expected to rise modestly due to what investors perceived to be positive signals from high-level US-China trade talks.

"I think both sides are needing to have a win".

"Both sides have been losing, and so has the global economy", said Myron Brilliant, head of worldwide affairs at the US Chamber of Commerce.

Earlier this week, Washington increased pressure on Beijing over its treatment of China's Uighur Muslim minority by announcing commercial and visa restrictions. Those include laws around intellectual property theft and the forced transfer of foreign technology. "They want to make a deal but do I?" he said on Twitter.

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