China-US trade talks have laid foundation for a deal, ministry says

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Amid a 90-day tariff truce between China and the United States since December, the three-day talks ended on Thursday with Beijing promising to import a large number of American products and services, reported CNBC.

They agreed to maintain close contact, the statement said.

"China would need to significantly recalibrate its industrial policies to fully meet the USA trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report.

U.S. -CHINA TALKS: Official statements released after the talks, which lasted a day longer than planned, did not say if progress was made on ending a tariffs battle that has shaken financial markets. She said Wednesday that the timing was unclear but the two sides "are moving towards a more balanced and reciprocal trade agreement with China". The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side.

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", it went on to say.

Talks between the USA and China on ending their tariff war were ending their second day Tuesday without word on whether they've made any progress, as an official newspaper warned not to push Beijing too hard.

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".

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

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"There has been progress in these areas", he said. The S&P 500 Index has fallen about 7 percent since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

Trump has complained repeatedly about the U.S. trade deficit with China, which a year ago likely exceeded the 2017 gap of $336 billion.

United States treasury officials have made the case that market volatility is in part due to the tightening of USA monetary policy, and a result of the trade war with China. Among many things, the Communist leader pledged to buy more USA agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.

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.

As Hu Xijin, the editor-in-chief of China's Global Times newspaper, noted on Twitter, trade issues were addressed "most smoothly".

Should China reform its regulation policies to allow more US access to its markets, USA negotiators want guarantees that they won't erase newfound openness by using government authority to block American companies.

China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November. For its part, China said the meetings were " extensive, in-depth and detailed", and laid the foundation for a resolution of the conflict. US officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that "the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?"

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