China trade talks extended as both sides tout progress

US Commerce Secretary Wilbur Ross

US Commerce Secretary Wilbur Ross

Some analysts say that China - Pyongyang's key diplomatic ally and main source of trade - could use Kim's visit as a bargaining chip in the U.S. trade talks.

Oil prices rose more than 1 percent on Wednesday, extending gains from the previous session on signs that Washington and Beijing may soon resolve a trade dispute that has cast a pall over the global economy.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

The extended trade talks between China and the United States in Beijing ended on Wednesday with a member of the American delegation describing the negotiations as "fine", Trend reports referring to South China Morning Post.

"I can confirm we are continuing tomorrow (Wednesday)", Steven Winberg, assistant energy secretary, told reporters after returning to his hotel in Beijing.

Asked about the growing criticisms of OPEC coming from the White House, Mazrouei maintained that OPEC listens to what the US has to say when it comes to oil prices and production but insisted that the cartel "always does the right thing". The S&P 500 Index has fallen about 8% since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

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In a statement that gave few details on the specific outcomes of the latest talks, USTR said the two sides discussed "ways to achieve fairness, reciprocity and balance in trade relations between our two countries".

Last year, the USA imposed tariff hikes of up to 25 percent on $250 billion of Chinese goods.

OPEC listens to what the US has to say when it comes to oil prices and production but "always does the right thing", according to the United Arab Emirates' energy minister.

"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the US-China Business Council, which represents American companies that do business with China.

Helen of Troy stock fell almost 13 percent, the largest 1-day drop in more than 6 years. The move prompted China to increase tariffs on $110 billion of U.S. goods. Apple Inc. cut its revenue outlook last week as sales of the iPhone were slower than expected in China, while data on factory activity and retail sales in the Asian nation were also weak.

In what is widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of USA grains as farmers decide which crops to plant in the spring.

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For their part, Chinese officials are unhappy with USA curbs on exports of "dual use" technology with possible military applications.

"Overall the talks have been constructive".

"If it's a good outcome, it doesn't just benefit the United States and China, but it is also good news for the world economy", said foreign ministry spokesman Lu Kang. The person added that it was more hard to determine how to hold China to its commitments to better protect intellectual property.

It's the latest recent move by China to try to address the Trump administration's complaints.

US Dollar and China Yuan notes are seen in this picture illustration.

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