Asian shares rally on hopes for China-US trade breakthrough

Asian shares rally on hopes for China-US trade breakthrough

A member of the USA delegation said the two sides would resume talks on Wednesday as they continue their first face-to-face meetings since Trump and Chinese President Xi Jinping agreed to a tariff truce during a meeting in Argentina on December 1.

No details were immediately announced, but Asian stock markets rose after talks planned for two days were extended to three.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology.

As the Trump administration continues trade negotiations with China, the US delegation is taking additional steps to make sure the Communist country follows through on its pledges.

USA delegation member Steven Winberg, who is a U.S. assistant secretary for fossil energy, said on Tuesday that the talks are going on well so far, according to a report from Reuters.

Increased purchases by China of USA 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 US technology to Chinese firms.

U.S. Commerce Secretary Wilbur Ross said there is "a very good chance" that the United States and China will reach a trade agreement.

He earlier expressed optimism in a tweet, exclaiming "Talks with China are going very well!".

The Trump administration is dealing with an increasingly strong China that has its own pressing needs, said the Global Times, which is published by the ruling Communist Party.

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The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House. 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.

"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.

"The two sides are in serious talks and working hard to solve the disagreements between them". He added the USA has rebuilt China and he didn't believe they were ready to negotiate yet.

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration.

The temporary trade-war ceasefire came after the two sides imposed import duties on more than $300 billion of each other's goods.

Beijing also faces pressure over technology from the European Union.

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

Chinese growth fell to a post-global crisis low of 6.5 per cent in the quarter ending in September.

On Monday, Chinese importers made another large purchase of USA soybeans, their third in the past month.

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