Tuesday, 26 March, 2019

United States pushes China on promises after `in-depth' trade meetings

What hope for markets in the US-China trade talks? US-China Trade Talks Wrap Up After Extending To Third Day
Russell Knight | 10 January, 2019, 08:52

USA exports of crude will also enjoy the support of a still sizeable discount of West Texas Intermediate to Brent crude, which is close to US$10 a barrel. Hong Kong's main market index rose 2.3 percent while Tokyo was up 1.3 percent.

The dollar tumbled to its lowest level since October after the Fed expressed caution about future rate hikes, and as investors reduced safe-haven bets due to optimism about U.S.

Meanwhile, confirming the conclusion of the trade talks, China's foreign ministry spokesman Lu Kang told a media briefing that "the extension of the talks indicates that both sides are serious about this consultation".

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. In a Tweet Tuesday morning, President Donald Trump said the talks were "going very well!". Meanwhile on the trade talks, sources said the two sides were still far apart from USA demands for structural reforms in China. Lu said he had no details and an official statement would be issued later.

The meetings in Beijing were the first formal trade negotiations between the two sides since President Donald Trump and Chinese leader Xi Jinping agreed to a truce at the G20 summit in Argentina last 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.

The Trump administration wants Beijing to abandon its strategy of seeking global industrial predominance through the alleged theft and forced transfer of American technology as well as massive state intervention in markets.

"Even if a deal is cobbled together, the more strident trade hawks in the White House and Trump may not sign off", said Mizuho Bank's Vishnu Varathan in a report.

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"The minimum baseline for judging whether this week is a success is whether they can have an in-depth conversation on those areas", Kennedy said, adding that an announcement of another round of talks would be a positive outcome.

"We hope you can get a firm foothold and expand the market", Li told Musk during the meeting at the Great Hall of the People, the seat of China's legislature. "Our sense is that there's good progress on the purchase piece", said one person familiar with the talks. Europe, Japan and other trading partners echo USA complaints those violate Beijing's market-opening obligations.

U.S. West Texas Intermediate crude futures on Wednesday gained nearly 5.2 percent, while Brent crude futures were up more than 4.6 percent.

If US crude futures can break through the $55 level, "you're going to see real yields probably lower".

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

Productive talks could be a boon to the economies of both countries, which spent most of 2018 mired in a trade war that imposed hundreds of billions of dollars in tariffs on each other's goods.

The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

With cooling economic growth raising the urgency for a settlement, this week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran.

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