"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Ross said in an interview with CNBC.
A member of the U.S. 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.
The Trump administration's calculus regarding how much to stress either increased purchases of USA goods, on the one hand, or structural reforms reflects a divide within the White House.
This is the first time the two sides have met face to face since President Donald Trump and Chinese leader Xi Jinping agreed to a tariff truce during a meeting in Argentina on December 1.
It appears trade talks between the US and China are going well as reports suggest the two sides are getting closer on settling their differences.
Hopes that the United States and China would strike a deal, ending their months-long trade deal led to an index of world stocks rising on Tuesday, while the dollar, which hit an 11-week low on Monday, rebounded as the euro weakened on concerns about a slowdown in the euro zone economy. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".
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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.
"China would need to significantly recalibrate its industrial policies to fully meet the US trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report.
"As for whether the Chinese economy is good or not, I have already explained this". Officials discussed the need for any deal to include "ongoing verification and effective enforcement", USTR said.
Increased purchases by China of United States 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 USA technology to Chinese firms. Trump said late Tuesday on Twitter.
"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily".
Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.
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A private-sector source familiar with the talks said this could indicate that more detailed discussions were likely taking place.
The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, was supposed to end its visit on Tuesday.
"These issues are much more hard to solve immediately but are, frankly, much more compelling to USA companies", said Jake Parker, vice president for China operations of the U.S.
Despite rising hopes of progress toward a deal, the outcome wasn't immediately clear.
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 United States grains as farmers decide which crops to plant in the spring.
The U.S.is looking to crack down on China's business practices, including allegations of technology theft along with slashing the trade deficit and getting more access to Chinese markets.
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