After extending to an unexpected third day, trade talks between USA and Chinese officials have concluded, a spokesman for the Chinese foreign ministry announced Wednesday morning.
The United States and China have bolstered market confidence that they will roll back their trade war after officials concluded three days of negotiations in sanguine spirits.
"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", the statement, released by the Office of the US Trade Representative, said.
The talks "enhanced mutual understanding, and established a foundation for solving, each other's concerns", said the statement, stressing that both sides agreed to maintain close communication, while providing few other details.
Increased purchases by China of United States soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring USA technology to Chinese firms.
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. "I don't know the timing and exactly what that will look like, but what I can be sure of is that we are moving towards a more balanced and reciprocal trade agreement with China". -Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere, with President Donald Trump saying they were "going very well!".
Stocks rose globally after the two economic powers appeared to inch closer to an agreement, with the S&P 500 Index rising for a fourth day to the highest in nearly a month.
Also Tuesday, North Korean leader Kim Jong-un arrived in Beijing in a possible effort to co-ordinate with the North's only major ally ahead of a possible meeting with Trump.
If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 per cent from 10 per cent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly.
"If it's a good outcome, it doesn't just benefit the USA and China, but it is also good news for the world economy", said foreign ministry spokesman Lu Kang. Liu made a brief appearance at the talks in Beijing on January 7, boosting optimism that China was serious about making progress on a deal. U.S. West Texas Intermediate (WTI) crude (CLc1) futures rose $2.58 to settle at $52.36 a barrel, a 5.2 percent gain. The Russell 2000 index of smaller and US -focused stocks added 12.25 points, or 0.9 percent, to 1,438.81.
The OPEC-led cuts, which officially began in January, are aimed at reining in an emerging glut as US crude output C-OUT-T-EIA has surged to a record 11.7 million bpd. But neither side appears to have budged, and economists say three months is too little time to resolve issues that have disrupted U.S.
The USTR said officials broached those topics and discussed the need for any agreement to include "complete implementation subject to ongoing verification and effective enforcement".
Later this month, Lighthizer is expected to meet with Vice Premier Liu He, Xi's top economic aide who is leading negotiations for China.
Speaking after the conclusion of the talks, Ted McKinney, the US under secretary for trade and foreign agricultural affairs, told reporters in Beijing that he thought they "went just fine".
Oil also caught investors' attention after U.S. crude and Brent jumped overnight, helped by optimism over easing Sino-U.S. trade tensions, while OPEC-led crude output cuts also provided support.
If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.
For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.
The two delegations were led by USA deputy trade representative Jeffrey Gerrish and China's vice-minister of commerce, Wang Shouwen.