United States official says China trade talks 'went just fine'

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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 US economic outlook. Hong Kong's main market index rose 2.3 percent while Tokyo was up 1.3 percent.

People familiar with the U.S.

But they extended past their deadline, which the Chinese Foreign Ministry said signified that both sides were "very serious about these negotiations".

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", said the United States statement, adding that U.S. officials, who left Beijing on Wednesday, will now report back for further guidance. In a Tweet Tuesday morning, President Donald Trump said the talks were "going very well!". -China Business Council said in a statement.

Envoys are meeting face-to-face for the first time 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. But if a deal doesn't happen, remember, "I am a Tariff Man", Trump said.

Washington has been clamouring for an end to the forced transfer - and even theft - of American technology, as well as steep government subsidies for Chinese companies.

Chinese officials have suggested Beijing might alter its industrial plans, but they reject pressure to abandon a strategy seen by communist leaders as a path to prosperity and greater global influence. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed. "I do talk with them and I give them my ideas and thoughts".

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How did we get here?

Europe, Japan and other trading partners have echoed Washington's complaints that those violate Beijing's market-opening obligations.

There was no immediate US response to the Chinese complaint.

Trump is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations.

"It's been a good one for us", Ted McKinney, US Under Secretary for Trade and Foreign Agricultural Affairs, said after the talks concluded.

The editor-in-chief of China's state-run Global Times tabloid, Hu Xijin, said on Twitter earlier that the extension of the talks, originally scheduled for two days, "sends a signal". "It's probably going to take a little longer".

Still, cooling economic growth in both countries is increasing pressure to reach a settlement.

A combination of lower shipping costs and lower domestic demand will boost US crude oil exports to Asia, Reuters reports, citing sources from the commodity trading and shipping industries.

The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, included representatives from the departments of energy, agriculture, treasury and commerce, while the Chinese side was led by Commerce Vice Minister Wang Shouwen.