Oil falls 1 pct on swelling USA supply, concerns on trade talks

Oil rises one per cent on US, China trade talk optimism
China-U.S. trade talks end 2nd day with no sign of progress

11 January, 2019

The Wall Street Journal, citing sources briefed on the negotiations, reported the two nations made progress on trade issues related to China's purchases of USA goods and services but said the "the two sides are far from striking a deal". Stock markets in Germany, France, Japan and China fell back after rising Wednesday following Trump's comment on Twitter that the talks were "going well!" Trump tweeted on Tuesday as the second day of mid-level meetings wrapped up.

"It's been a good one for us", Ted McKinney, USA undersecretary for trade and foreign agricultural affairs, said at the end of the vice-ministerial level talks.

Chinese Ministry of Commerce spokesman Gao Feng gestures as journalists raise hands for questions during a press conference at the Ministry of Commerce in Beijing, April 6, 2018.

A woman tries out a sweater at a US retailer GAP's flagship store in Beijing, Thursday, Jan. 10, 2019.

Big spending on commodities and goods would send a positive signal on China's intent to work with the United States, but would do nothing to resolve the USA demands that require hard structural change from China. He added: "It's been a good one for us".

The talks were the first face-to-face meetings since Presidents Donald Trump and Xi Jinping agreed to suspend tariff increases during negotiations.

Ministry spokesman Lu Kang said Monday that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea.

Officials have given scant details on concessions that China might be willing to make to meet US demands, some of which would require structural reforms unpalatable for Chinese leaders.

How China will enforce those measures will be key to any deal.

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He also said the compromise should include changes in federal law to discourage people from trying to enter the USA illegally. Trump has previously threatened to close the border to prevent Central American immigrants reaching the United States.

Trump is locked in a stalemate with congressional Democrats over his demand for $5.7 billion in partial funding to build a wall on the U.S. -Mexico border. Progress in ending the U.S.

It softened its stand by offering a mix of concessions by resuming purchases of United States soybeans, suspended punitive tariffs on imports of U.S. cars and toned down its "Made in China 2025" plan, which aimed at breaking the country's reliance on foreign technology and pull its hi-tech industries up to western levels. Such a move would significantly escalate the months-long trade war. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China, while Chinese exporters reported a thinning pipeline of orders from the United States.

A statement from the Office of the US Trade Representative (USTR) did not characterize the tone of the talks or say what would happen next.

Macy's announcement came as a surprise because investor expectations for the holiday season have been high. It will always be the best way to max out our economic power. USA negotiators are also taking steps to ensure the Chinese government actually follows through on its promises.

Neither side has given any indication that its basic position has changed.

Facing a March deadline, talks aimed at ending a trade war between China and the USA are underway, with the world's two biggest economies expressing optimism over the potential for progress but neither indicating its stance has changed.

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported.

China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos, though didn't confirm any plans for him to meet Trump.

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

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