China trade talks extend into evening of second day

China trade talks extend into evening of second day

China trade talks extend into evening of second day

U.S. President Donald Trump says the talks with China are going very well. but the details of the discussions in Beijing remain far and few between right now.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

Officials from both countries are meeting in China this week in the first face-to-face interaction they've had since last November, when they agreed to a 90-day cease-fire in their trade dispute.

Monday's events also came as China and the USA began talks in an attempt to settle a trade war that has cost both countries billions of dollars.

Since the two presidents met on December 1, China has made a number of concessions to US demands, including temporarily cutting punitive tariffs on USA -made cars, resuming soybean purchases, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers.

The U.S. trade delegation includes Deputy U.S. Trade Representative Ambassador Jeffrey Gerrish, USTR Chief Agricultural Negotiator Ambassador Gregg Doud, Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Under Secretary of Commerce for International Trade Gilbert B. Kaplan, Assistant Secretary for Fossil Energy Steven Winberg, and Under Secretary for International Affairs David Malpass.

Hundreds of billions in levies.

"China's ability to use (North Korea) as leverage has diminished considerably since Trump opened his own channel to Kim", she said.

Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the USA agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.

President Trump took to Twitter Tuesday to give his take on current negotiations, declaring talks with China are going very well.

US and Chinese officials met Monday in the Commerce Ministry in Beijing to begin their two-day trade negotiations.

The talks are taking longer than expected as the Chinese commerce ministry had said last week that the meetings would take place on Monday and Tuesday.

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And onto the latest on the trade talks between the world's two superpowers. "China's development has ample tenacity and huge potential", Lu said.

International Brent crude futures were up 69 cents, or 1.2 percent, at $59.41 per barrel.

He said the U.S. ship sailed through the area without the permission from the Chinese side.

There was no immediate USA response to the Chinese complaint.

The White House is making sure this go-around is different. Among many things, the Communist leader pledged to buy more US agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.

"From the beginning we have believed that China U.S. trade friction is not a positive situation for either country or the world economy", Lu said.

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