China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">President Donald Trump</a> threatened to hit $300 billion worth of Chinese goods with new duties.

"Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station.

US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/trump-to-impose-fresh-tariffs-on-china-240053/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street.

The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place.

He later raised the possibility he could increase the duties further.

"The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent."

China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties.

China's foreign minister said Friday tariffs are "not a constructive" way to solve the US trade war after President Donald Trump threatened to hit $300 billion worth of Chinese goods with new duties. "Slapping on tariffs is definitely not a constructive way to resolve economic and trade frictions, it's not the correct way," Wang Yi said on the sidelines of a meeting of Southeast Asia's top diplomats in Bangkok, according to footage broadcast on a Chinese television station. US President Donald Trump had announced on Thursday he will hit China with punitive tariffs on another $300 billion in goods, prompting Beijing to warn it was the wrong way to resolve the trade war. Watch Video: The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their $660 billion in annual trade in merchandise - confirming economists' fears and sending shudders through Wall Street. The 10 per cent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250 billion in imports already in place. He later raised the possibility he could increase the duties further. "The 10 per cent is... for a short-term period and then I can always do much more or I can do less, depending on what happens with respect to a deal," Trump said at the White House, adding, "it could be lifted up to well beyond 25 per cent." China has yet to say whether and how it will retaliate, but it has hinted in recent months that it could restrict exports of rare earths, which are vital to the US tech industry, and it is also working on a blacklist of "unreliable" companies that could target US firms.

Slapping tariffs not a constructive way to solve trade war: China to US

What is next in US-China trade talks?

US President Donald Trump ripped into China on Tuesday after <a href="https://www.wionews.com/world/china-us-trade-talks-to-restart-after-g20-tariff-truce-239483">US negotiators arrived in Shanghai </a>to resurrect talks aimed at ending a year-long trade war between the world's two top economies.

Trump took to Twitter to slam China hours after top US officials landed in the financial hub for the first face-to-face discussions since the US leader agreed to a trade war truce with Chinese President Xi Jinping in June.

"My team is negotiating with them now, but they always change the deal in the end to their benefit," Trump tweeted.

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..My team is negotiating with them now, but they always change the deal in the end to their benefit. They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe. Then they could make a GREAT deal, like in past 30 years, and continue
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1156160004132675584?ref_src=twsrc%5Etfw">July 30, 2019</a></blockquote>
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Trump had accused China of reneging on its commitments before previous talks broke down in May.&nbsp;

This time the US leader said Beijing was supposed to start buying US agricultural products but they have shown "no signs that they are doing so".

"That is the problem with China, they just don't come through," he said.

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China is doing very badly, worst year in 27 - was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don’t come through. Our Economy has become MUCH larger than the Chinese Economy is last 3 years....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1156159999833513984?ref_src=twsrc%5Etfw">July 30, 2019</a></blockquote>
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Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade, in a tense stand-off centred on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies.

<a href="https://www.wionews.com/world/us-trade-negotiators-will-travel-to-china-in-very-near-future-official-235396">US Trade Representative Robert Lighthizer </a>and Treasury Secretary Steven Mnuchin did not talk to reporters after arriving in the Chinese financial hub on Tuesday.&nbsp;

A motorcade believed to be carrying the US officials later headed to the city's famous Peace hotel, where they were expected to meet Chinese officials for dinner.

The US officials are due to hold formal talks with Vice Premier Liu He on Wednesday.

Trump's Twitter tirade will reinforce already low expectations that this week's negotiations will lead to a major breakthrough.

US election gambit

Trump said last week he believed Beijing was hoping to delay a deal until after the US presidential election in November 2020, and on Tuesday the Republican said China could wait to see if a Democratic opponent wins the vote and "continue to ripoff the USA".

"The problem with them waiting, however, is that if &amp; when I win, the deal that they get will be much tougher than what we are negotiating now...or no deal at all," he said.

"We have all the cards, our past leaders never got it!"

Days before the Shanghai meeting, Trump threatened to pull recognition of China's developing nation status at the World Trade Organization -- prompting an irritable reply from Beijing about the "arrogance and selfishness" of the US.

The US leader has also angered the Chinese side by claiming the slowing economy is forcing them to make a trade deal, and blacklisting telecom giant Huawei over national security concerns.

In a commentary on Tuesday, state news agency Xinhua admitted relations were "strained" and called for the US to "treat China with due respect if it wants a trade deal".

New city

Holding talks in Shanghai instead of Beijing was seen as a nod to a time of better relations, as the city was the home of the 1972 Shanghai Communique -- an important step in building diplomatic relations between the US and China.

Chinese Commerce Minister Zhong Shan, who is seen as a tough negotiator, is expected to join Liu on the Chinese side.

But both sides were busy lowering expectations in the run-up to talks.&nbsp;

Mnuchin told CNBC last week there were still "a lot of issues" while Chinese state-run daily The Global Times wrote that it is "widely believed that trade talks will take a long time".

There was no sign of the rhetoric letting up either, with the China Daily newspaper's Tuesday editorial saying "the US should give its go-to tactic of maximum pressure a couple of days off as it has proven ineffective against China".

It pointed to an announcement at the weekend that China would buy more US agricultural products including pork, cotton and soybean as a sign of China's "goodwill" -- and called for the US to "reciprocate if it wants any progress to be made".

US President Donald Trump ripped into China on Tuesday after US negotiators arrived in Shanghai to resurrect talks aimed at ending a year-long trade war between the world's two top economies.

US President Donald Trump ripped into China on Tuesday after US negotiators arrived in Shanghai to resurrect talks aimed at ending a year-long trade war between the world's two top economies. Trump took to Twitter to slam China hours after top US officials landed in the financial hub for the first face-to-face discussions since the US leader agreed to a trade war truce with Chinese President Xi Jinping in June. "My team is negotiating with them now, but they always change the deal in the end to their benefit," Trump tweeted. ..My team is negotiating with them now, but they always change the deal in the end to their benefit. They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe. Then they could make a GREAT deal, like in past 30 years, and continue — Donald J. Trump (@realDonaldTrump) July 30, 2019 × Trump had accused China of reneging on its commitments before previous talks broke down in May. This time the US leader said Beijing was supposed to start buying US agricultural products but they have shown "no signs that they are doing so". "That is the problem with China, they just don't come through," he said. China is doing very badly, worst year in 27 - was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don’t come through. Our Economy has become MUCH larger than the Chinese Economy is last 3 years.... — Donald J. Trump (@realDonaldTrump) July 30, 2019 × Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade, in a tense stand-off centred on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin did not talk to reporters after arriving in the Chinese financial hub on Tuesday. A motorcade believed to be carrying the US officials later headed to the city's famous Peace hotel, where they were expected to meet Chinese officials for dinner. The US officials are due to hold formal talks with Vice Premier Liu He on Wednesday. Trump's Twitter tirade will reinforce already low expectations that this week's negotiations will lead to a major breakthrough. US election gambit Trump said last week he believed Beijing was hoping to delay a deal until after the US presidential election in November 2020, and on Tuesday the Republican said China could wait to see if a Democratic opponent wins the vote and "continue to ripoff the USA". "The problem with them waiting, however, is that if & when I win, the deal that they get will be much tougher than what we are negotiating now...or no deal at all," he said. "We have all the cards, our past leaders never got it!" Days before the Shanghai meeting, Trump threatened to pull recognition of China's developing nation status at the World Trade Organization -- prompting an irritable reply from Beijing about the "arrogance and selfishness" of the US. The US leader has also angered the Chinese side by claiming the slowing economy is forcing them to make a trade deal, and blacklisting telecom giant Huawei over national security concerns. In a commentary on Tuesday, state news agency Xinhua admitted relations were "strained" and called for the US to "treat China with due respect if it wants a trade deal". New city Holding talks in Shanghai instead of Beijing was seen as a nod to a time of better relations, as the city was the home of the 1972 Shanghai Communique -- an important step in building diplomatic relations between the US and China. Chinese Commerce Minister Zhong Shan, who is seen as a tough negotiator, is expected to join Liu on the Chinese side. But both sides were busy lowering expectations in the run-up to talks. Mnuchin told CNBC last week there were still "a lot of issues" while Chinese state-run daily The Global Times wrote that it is "widely believed that trade talks will take a long time". There was no sign of the rhetoric letting up either, with the China Daily newspaper's Tuesday editorial saying "the US should give its go-to tactic of maximum pressure a couple of days off as it has proven ineffective against China". It pointed to an announcement at the weekend that China would buy more US agricultural products including pork, cotton and soybean as a sign of China's "goodwill" -- and called for the US to "reciprocate if it wants any progress to be made".

Donald Trump tears into China on Twitter as trade talks resume

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/asian-shares-drift-into-trade-talks-fed-test-239118&amp;sa=U&amp;ved=2ahUKEwiskeK2ktrjAhVFsY8KHaKRDH0QFjABegQIDBAC&amp;usg=AOvVaw007h4SGYlL7z1dT2b0Kwqf">Federal Reserve</a>&nbsp;signals more cuts will follow.

After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%.

The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31.

A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat.

"Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood.

Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low.

Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth.

"Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM.

"While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..."

In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%.

In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some.

The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%.

Elsewhere in currencies, <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">sterling fell</a> over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow. After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%. The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31. A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting. Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move. More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so. MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat. "Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood. Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low. Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth. "Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM. "While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..." In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%. In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some. The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%. Elsewhere in currencies, sterling fell over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Shares steady as Fed comes into focus; dollar at two-month high

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant <a href="https://www.wionews.com/india-news/indian-companies-supplying-technology-to-chinas-huawei-may-face-us-sanctions-ravi-shankar-prasad-232872">Huawei Technologies Co Ltd</a> where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday.

Seeking to<a href="https://www.wionews.com/world/the-united-states-china-to-relaunch-talks-with-little-changed-since-deal-fell-apart-234315"> revive trade talks with China</a>, US President Donald Trump announced late last month that American firms would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns. US companies generally cannot sell goods to those on the list without special licenses.

While American chipmakers welcomed <a href="https://www.wionews.com/world/g20-summit-donald-trump-confirms-wont-impose-new-tariffs-on-china-231445">Trump's announcement</a>, many industries and government officials were confused about what the new policy would be.

Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, meaning that licenses would likely be denied, but also offered an opening for some to be approved.

"To implement the president's G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to US national security," Ross said, referring to a meeting of world leaders in Japan.

"Within those confines, we will try to make sure that we don't just transfer revenue from the US to foreign firms," he said.

After Huawei was added to the Entity List, the semiconductor industry lobbied the US government for carveouts to sell non-sensitive items that Huawei could easily buy abroad, arguing that a blanket ban would harm American companies.

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant Huawei Technologies Co Ltd where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday.

The US Department of Commerce will issue licenses to US companies seeking to sell to Chinese telecoms equipment giant Huawei Technologies Co Ltd where there is no threat to national security, Commerce Secretary Wilbur Ross said on Tuesday. Seeking to revive trade talks with China, US President Donald Trump announced late last month that American firms would be allowed to sell products to Huawei, which was placed on the so-called Entity List in May over national security concerns. US companies generally cannot sell goods to those on the list without special licenses. While American chipmakers welcomed Trump's announcement, many industries and government officials were confused about what the new policy would be. Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, meaning that licenses would likely be denied, but also offered an opening for some to be approved. "To implement the president's G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to US national security," Ross said, referring to a meeting of world leaders in Japan. "Within those confines, we will try to make sure that we don't just transfer revenue from the US to foreign firms," he said. After Huawei was added to the Entity List, the semiconductor industry lobbied the US government for carveouts to sell non-sensitive items that Huawei could easily buy abroad, arguing that a blanket ban would harm American companies.

US to provide licenses for sales to Huawei if national security protected

The United States hopes to re-launch trade talks with China after <a href="https://www.wionews.com/world/us-china-trade-negotiators-hold-talks-ahead-of-xi-trump-meeting-report-230147">President Donald Trump and President Xi Jinping</a> meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday.

The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but it was unclear if that would happen.

The United States was not willing to come to the Xi meeting with concessions, said the official, who spoke on the condition of anonymity.

The remarks set up what could prove to be a tricky meeting between Trump and Xi, who will sit down together at the Group of 20 summit meeting in Osaka, the first time they have done so since trade talks between the world's two largest economies broke down in May.

Chinese Vice Premier Liu He, who has led trade talks for Beijing, spoke on the phone with his counterparts, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin on Monday, according to China's Ministry of Commerce. The three men are helping to pave the way for talks between the leaders later this week.

Expectations for that meeting so far appear to be low, with the best-case scenario a resumption of official talks that could ease fears in financial markets that the already long trade dispute would continue indefinitely.

China said on Monday that both sides should make compromises in the trade talks and that a trade deal has to be beneficial for both countries.

Trump advisers have said no broad trade deal is expected to be made at the meeting but they hope to create a path forward for talks. Once negotiations resume, they could take months or even years to complete, the senior Trump administration official said.

Washington has imposed 25% tariffs on $250 billion of Chinese goods, ranging from semiconductors to furniture, that is imported to the United States, as part of the trade war.

Trump has threatened to put tariffs on $325 billion more of goods, covering nearly all the remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.

A resumption of negotiations could put that threat on hold, at least for now. But neither side has shown a great appetite for changing positions, despite a willingness to meet.

"I think if they go with the tariffs, the trade talks are dead. Period," said one person familiar with the talks.

The United States has made clear it wants China to go back to the position it held in a draft trade agreement that was nearly completed before Beijing balked at some of its terms, particularly requirements to change its laws on some issues.

Beijing wants the United States to lift tariffs, while Washington wants China to change a series of practices including on intellectual property and requirements that US companies share their technology with Chinese companies in order to do business there.

Taoran Notes, an influential account on Chinese messaging app WeChat published by China's Economic Daily, said in a post late on Tuesday that "certain people" in the United States did not understand China's determination to uphold its position, and had "illusions" about forcing China to submit.&nbsp;

“If the US side doesn’t change its thinking, doesn’t change its methods, then all that will happen on the China-US trade issue is that an 'exchange of views and maintenance of communication’ will persist, and there won’t be more substantive progress,” the author wrote.

Pressure building

The president has spoken optimistically about the chances of a deal. The administration official said rounds of meetings between top trade officials from both countries likely would begin again after the G20 summit.

He noted that although the vice premier still led China's trade delegation, new names had been added to the list who could be hard-liners.

The official said Trump and Xi were unlikely to get into the fine details of the draft trade pact, although the case of Chinese tech giant Huawei Technologies Co may come up during talks.

Pressure on Huawei, which the US government has labelled a security threat, has increased in recent days.

About a dozen rural US telecom carriers that depend on Huawei for network gear are in discussions with its biggest rivals, Ericsson and Nokia, to replace their Chinese equipment, sources familiar with the matter said.

And the US-based research arm of Huawei - Futurewei Technologies Inc - has moved to separate its operations from its corporate parent since the US government in May put Huawei on a trade blacklist, according to two people familiar with the matter.

Trump has indicated a willingness to include the Huawei issue in a trade deal, despite the national security implications cited by his advisers about the company.

Meanwhile, US parcel delivery firm FedEx Corp on Monday sued the US government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies.

FedEx reignited Chinese ire over its business practices when a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."

The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday.

The United States hopes to re-launch trade talks with China after President Donald Trump and President Xi Jinping meet in Japan on Saturday but Washington will not accept any conditions on tariffs, a senior administration official said on Tuesday. The two sides could agree not to impose new tariffs as a goodwill gesture to get negotiations going, the official said, but it was unclear if that would happen. The United States was not willing to come to the Xi meeting with concessions, said the official, who spoke on the condition of anonymity. The remarks set up what could prove to be a tricky meeting between Trump and Xi, who will sit down together at the Group of 20 summit meeting in Osaka, the first time they have done so since trade talks between the world's two largest economies broke down in May. Chinese Vice Premier Liu He, who has led trade talks for Beijing, spoke on the phone with his counterparts, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin on Monday, according to China's Ministry of Commerce. The three men are helping to pave the way for talks between the leaders later this week. Expectations for that meeting so far appear to be low, with the best-case scenario a resumption of official talks that could ease fears in financial markets that the already long trade dispute would continue indefinitely. China said on Monday that both sides should make compromises in the trade talks and that a trade deal has to be beneficial for both countries. Trump advisers have said no broad trade deal is expected to be made at the meeting but they hope to create a path forward for talks. Once negotiations resume, they could take months or even years to complete, the senior Trump administration official said. Washington has imposed 25% tariffs on $250 billion of Chinese goods, ranging from semiconductors to furniture, that is imported to the United States, as part of the trade war. Trump has threatened to put tariffs on $325 billion more of goods, covering nearly all the remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing. A resumption of negotiations could put that threat on hold, at least for now. But neither side has shown a great appetite for changing positions, despite a willingness to meet. "I think if they go with the tariffs, the trade talks are dead. Period," said one person familiar with the talks. The United States has made clear it wants China to go back to the position it held in a draft trade agreement that was nearly completed before Beijing balked at some of its terms, particularly requirements to change its laws on some issues. Beijing wants the United States to lift tariffs, while Washington wants China to change a series of practices including on intellectual property and requirements that US companies share their technology with Chinese companies in order to do business there. Taoran Notes, an influential account on Chinese messaging app WeChat published by China's Economic Daily, said in a post late on Tuesday that "certain people" in the United States did not understand China's determination to uphold its position, and had "illusions" about forcing China to submit. “If the US side doesn’t change its thinking, doesn’t change its methods, then all that will happen on the China-US trade issue is that an 'exchange of views and maintenance of communication’ will persist, and there won’t be more substantive progress,” the author wrote. Pressure building The president has spoken optimistically about the chances of a deal. The administration official said rounds of meetings between top trade officials from both countries likely would begin again after the G20 summit. He noted that although the vice premier still led China's trade delegation, new names had been added to the list who could be hard-liners. The official said Trump and Xi were unlikely to get into the fine details of the draft trade pact, although the case of Chinese tech giant Huawei Technologies Co may come up during talks. Pressure on Huawei, which the US government has labelled a security threat, has increased in recent days. About a dozen rural US telecom carriers that depend on Huawei for network gear are in discussions with its biggest rivals, Ericsson and Nokia, to replace their Chinese equipment, sources familiar with the matter said. And the US-based research arm of Huawei - Futurewei Technologies Inc - has moved to separate its operations from its corporate parent since the US government in May put Huawei on a trade blacklist, according to two people familiar with the matter. Trump has indicated a willingness to include the Huawei issue in a trade deal, despite the national security implications cited by his advisers about the company. Meanwhile, US parcel delivery firm FedEx Corp on Monday sued the US government, saying it should not be held liable if it inadvertently shipped products that violated a Trump administration ban on exports to some Chinese companies. FedEx reignited Chinese ire over its business practices when a package containing a Huawei phone sent to the United States was returned last week to its sender in Britain, in what FedEx said was an "operational error."

US hopes to re-launch China trade talks, will not accept conditions on tariffs

Top Chinese and US trade negotiators have held telephone talks ahead of a crunch meeting between presidents Xi Jinping and Donald Trump at the G20 summit this week, Chinese state media said Tuesday.

Vice Premier Liu He -- Xi's pointman in the trade war -- spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Monday and they "exchanged opinions on economic and trade issues," according to the official Xinhua news agency.

The call took place "at the request of the US side" and the officials agreed to continue to maintain contact, Xinhua said.

Trump's highly anticipated meeting with Xi will take place on Saturday, the second day of the Group of 20 summit in Osaka, Japan, according to a US official.

The two leaders agreed to meet after negotiations broke down last month and both sides exchanged steep increases in tariffs on $260 billion in two-way trade.

Trump has since moved to blacklist China's top telecommunications company, Huawei. Beijing has responded by threatening to create its own list of "unreliable" companies and individuals.

'Uphold multilateralism'

Chinese officials said Monday that they will seek a united front against protectionism at the G20.

"Unilateralism and protectionism has damaged global growth... undermined global value chains and dampened market sentiment," Zhang Jun, the Chinese assistant minister of foreign affairs, said at a briefing to preview Xi's attendance at the summit.

"China will work with others at the G20 to firmly uphold multilateralism and an open, rule-based global trading order," Zhang said.

Trump has instigated trade battles with an array of countries and regions, from China to Japan, Mexico and the European Union, but Beijing's own economic policies have been criticised.

The US and the EU have accused Beijing of providing a lack of level playing field for foreign firms in China, allowing the theft of intellectual property and forcing international companies to hand their trade secrets to local partners.

Chinese vice minister for commerce Wang Shouwen said Monday that Washington and Beijing should make compromises.

Any talks between China and the US have to be based on "mutual respect, equality and mutual benefit and comply with WTO rules", Wang said.

He also urged the US to remove "inappropriate and discriminatory" barriers against Chinese companies, saying such moves jeopardise the interests of both Chinese and US firms -- an oblique reference to the US treatment of Huawei.

American officials have accused their Chinese counterparts of backsliding on commitments made in the talks, but Lighthizer said last week he was hopeful the discussions could resume productively.&nbsp;

"My speculation is that some forces in China decided that they had gone too far, went out beyond their mandate," he said. "I have trust and complete good faith in the people that I'm dealing with... My hope is we can get back on track."

Top Chinese and US trade negotiators have held telephone talks ahead of a crunch meeting between presidents Xi Jinping and Donald Trump at the G20 summit this week, Chinese state media said Tuesday.

Top Chinese and US trade negotiators have held telephone talks ahead of a crunch meeting between presidents Xi Jinping and Donald Trump at the G20 summit this week, Chinese state media said Tuesday. Vice Premier Liu He -- Xi's pointman in the trade war -- spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Monday and they "exchanged opinions on economic and trade issues," according to the official Xinhua news agency. The call took place "at the request of the US side" and the officials agreed to continue to maintain contact, Xinhua said. Trump's highly anticipated meeting with Xi will take place on Saturday, the second day of the Group of 20 summit in Osaka, Japan, according to a US official. The two leaders agreed to meet after negotiations broke down last month and both sides exchanged steep increases in tariffs on $260 billion in two-way trade. Trump has since moved to blacklist China's top telecommunications company, Huawei. Beijing has responded by threatening to create its own list of "unreliable" companies and individuals. 'Uphold multilateralism' Chinese officials said Monday that they will seek a united front against protectionism at the G20. "Unilateralism and protectionism has damaged global growth... undermined global value chains and dampened market sentiment," Zhang Jun, the Chinese assistant minister of foreign affairs, said at a briefing to preview Xi's attendance at the summit. "China will work with others at the G20 to firmly uphold multilateralism and an open, rule-based global trading order," Zhang said. Trump has instigated trade battles with an array of countries and regions, from China to Japan, Mexico and the European Union, but Beijing's own economic policies have been criticised. The US and the EU have accused Beijing of providing a lack of level playing field for foreign firms in China, allowing the theft of intellectual property and forcing international companies to hand their trade secrets to local partners. Chinese vice minister for commerce Wang Shouwen said Monday that Washington and Beijing should make compromises. Any talks between China and the US have to be based on "mutual respect, equality and mutual benefit and comply with WTO rules", Wang said. He also urged the US to remove "inappropriate and discriminatory" barriers against Chinese companies, saying such moves jeopardise the interests of both Chinese and US firms -- an oblique reference to the US treatment of Huawei. American officials have accused their Chinese counterparts of backsliding on commitments made in the talks, but Lighthizer said last week he was hopeful the discussions could resume productively. "My speculation is that some forces in China decided that they had gone too far, went out beyond their mandate," he said. "I have trust and complete good faith in the people that I'm dealing with... My hope is we can get back on track."

US-China trade negotiators hold talks ahead of Xi-Trump meeting: Report

A rise in US visa denials for Chinese academics and intensified scrutiny of alleged links to Beijing over fears of potential espionage are having a chilling effect on long-standing research collaboration, researchers say.

American and Chinese scientists have co-authored thousands of papers each year, far outpacing the output from scientific collaborations between any other two nations, according to a 2018 survey by academic database Nature Index.

But it is getting tougher for researchers to work together on projects and share data for peer review, as American institutions tighten rules for accepting foreign funding and intensify vetting of foreign partners, several researchers told AFP.

The pressure is the result of a clampdown by Washington on what it describes as espionage and technology theft through academic contacts, with the White House warning last year that Chinese nationals studying or working in the United States could be manipulated or forced to "serve Beijing's military and strategic ambitions".

In one of the latest countermeasures, the US Department of Energy -- which conducts advanced research on everything from supercomputers to nuclear weapons -- blocked its scientists from participating in a foreign government's talent recruitment programmes, citing national security and competition concerns.

Its order, seen by AFP, did not mention a specific country, but officials pointed to Beijing's lucrative 'Thousand Talents' programme.

The initiative offers non-Chinese, and Chinese working abroad, high pay to deliver top-level technology to China.&nbsp;

The increased mistrust is bound to have an impact on research collaboration, academics and experts say.

An increasing number of young Chinese scholars are told they cannot participate in a project for security reasons, said an official at Pennsylvania State University, who requested anonymity given the sensitivity of the topic.

"Research collaboration between China and the US will be severely disrupted by the trade war-turned-technology war, which essentially is a talent war," said Cao Cong, professor of innovation studies at Nottingham University's China campus in the city of Ningbo.

Beijing has committed billions of dollars in recent years to narrow China's science and technology gap with the United States, Cao said.

But China is still "heavily dependent" on the US for technology transfers and training, he added, and the "cut off" will have an impact in coming years.

Visa Troubles

The rising number of visa denials have prompted a warning from China's education ministry that students and academics could have their study or research plans foiled by refusals or delays.

One in eight Chinese applicants seeking US visas for academic or research purposes between January and March this year had difficulties securing them, a marked increase from last year, education ministry official Xu Yongji said.

Star quantum physicist Pan Jianwei was unable to attend a meeting of the American Association for the Advancement of Science in February, where he was to collect the prestigious Newcomb Cleveland Prize, due to visa delays.

"I waited for four months before I got a visa in March," Pan told AFP. When it finally arrived, the award ceremony had long passed.

Yi Rao, a prominent Chinese neurobiologist who had worked at Harvard and Northwestern universities in the past, said his application for a US visa to attend a workshop by the National Science Foundation was denied last July without an explanation.

A State Department official said she could not discuss specific visa cases due to US privacy laws.

The State Department has said the increased scrutiny was prompted by rising number of students who were co-opted by foreign intelligence while in the United States.

China is by far the biggest source of international students and scholars on US campuses, with 360,000 attendings last year.

Atmosphere of Suspicion

The cooling of ties is also complicating Beijing's efforts to recruit top Chinese and foreign talent, after US intelligence officials in December said the 'Thousand Talents' programme facilitated the theft of American technology and intellectual property.

Tim Byrnes -- an Australian physicist who won nearly one million yuan ($144,000) from the programme in 2016 for a quantum computing lab at New York University's Shanghai campus -- said he now finds himself in a "precarious position".

"Possibly, some people awarded the Thousand Talents might not be able to apply for grants in the US in future due to fears of leaking intellectual property," Byrnes said.

Since it was launched in 2008, the programme has attracted more than 7,000 Chinese and foreign researchers to China -- mostly from the US -- according to its website.

But Byrnes said he was not asked to share any of his findings with the Chinese government.

"Everything we do is published in academic journals. Everything is disclosed not just to China but to the whole world," he said.

"But the current atmosphere of suspicion is threatening the openness of science."

A rise in US visa denials for Chinese academics and intensified scrutiny of alleged links to Beijing over fears of potential espionage are having a chilling effect on long-standing research collaboration, researchers say.

A rise in US visa denials for Chinese academics and intensified scrutiny of alleged links to Beijing over fears of potential espionage are having a chilling effect on long-standing research collaboration, researchers say. American and Chinese scientists have co-authored thousands of papers each year, far outpacing the output from scientific collaborations between any other two nations, according to a 2018 survey by academic database Nature Index. But it is getting tougher for researchers to work together on projects and share data for peer review, as American institutions tighten rules for accepting foreign funding and intensify vetting of foreign partners, several researchers told AFP. The pressure is the result of a clampdown by Washington on what it describes as espionage and technology theft through academic contacts, with the White House warning last year that Chinese nationals studying or working in the United States could be manipulated or forced to "serve Beijing's military and strategic ambitions". In one of the latest countermeasures, the US Department of Energy -- which conducts advanced research on everything from supercomputers to nuclear weapons -- blocked its scientists from participating in a foreign government's talent recruitment programmes, citing national security and competition concerns. Its order, seen by AFP, did not mention a specific country, but officials pointed to Beijing's lucrative 'Thousand Talents' programme. The initiative offers non-Chinese, and Chinese working abroad, high pay to deliver top-level technology to China. The increased mistrust is bound to have an impact on research collaboration, academics and experts say. An increasing number of young Chinese scholars are told they cannot participate in a project for security reasons, said an official at Pennsylvania State University, who requested anonymity given the sensitivity of the topic. "Research collaboration between China and the US will be severely disrupted by the trade war-turned-technology war, which essentially is a talent war," said Cao Cong, professor of innovation studies at Nottingham University's China campus in the city of Ningbo. Beijing has committed billions of dollars in recent years to narrow China's science and technology gap with the United States, Cao said. But China is still "heavily dependent" on the US for technology transfers and training, he added, and the "cut off" will have an impact in coming years. Visa Troubles The rising number of visa denials have prompted a warning from China's education ministry that students and academics could have their study or research plans foiled by refusals or delays. One in eight Chinese applicants seeking US visas for academic or research purposes between January and March this year had difficulties securing them, a marked increase from last year, education ministry official Xu Yongji said. Star quantum physicist Pan Jianwei was unable to attend a meeting of the American Association for the Advancement of Science in February, where he was to collect the prestigious Newcomb Cleveland Prize, due to visa delays. "I waited for four months before I got a visa in March," Pan told AFP. When it finally arrived, the award ceremony had long passed. Yi Rao, a prominent Chinese neurobiologist who had worked at Harvard and Northwestern universities in the past, said his application for a US visa to attend a workshop by the National Science Foundation was denied last July without an explanation. A State Department official said she could not discuss specific visa cases due to US privacy laws. The State Department has said the increased scrutiny was prompted by rising number of students who were co-opted by foreign intelligence while in the United States. China is by far the biggest source of international students and scholars on US campuses, with 360,000 attendings last year. Atmosphere of Suspicion The cooling of ties is also complicating Beijing's efforts to recruit top Chinese and foreign talent, after US intelligence officials in December said the 'Thousand Talents' programme facilitated the theft of American technology and intellectual property. Tim Byrnes -- an Australian physicist who won nearly one million yuan ($144,000) from the programme in 2016 for a quantum computing lab at New York University's Shanghai campus -- said he now finds himself in a "precarious position". "Possibly, some people awarded the Thousand Talents might not be able to apply for grants in the US in future due to fears of leaking intellectual property," Byrnes said. Since it was launched in 2008, the programme has attracted more than 7,000 Chinese and foreign researchers to China -- mostly from the US -- according to its website. But Byrnes said he was not asked to share any of his findings with the Chinese government. "Everything we do is published in academic journals. Everything is disclosed not just to China but to the whole world," he said. "But the current atmosphere of suspicion is threatening the openness of science."

Amid heightened US-China tensions, science suffers collateral damage

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.&nbsp;

Foreign fund inflows, strong gains in equities and easing crude oil prices, however, helped the local currency contain losses.&nbsp;

At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.76 a dollar and fell further to touch the day's low of 69.93. It finally settled at 69.87 per dollar, down 4 paise over its previous close.

The rupee Wednesday had settled at 69.83 to the US dollar.

"Rupee opened on strong note but failed to hold at the higher levels. This is going to be the third straight session of fall in the rupee," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

The rupee has now depreciated by 36 paise in the three sessions to Thursday.

The dollar inched towards one-week high levels against major rivals in global markets after US-China trade worries unnerved investors.&nbsp;

Prime Minister Narendra Modi and his council of ministers were set to take oath at 1900 hours Thursday for a second term as suspense mounted on who will get the big four berths -- Home, Finance, Defence and External Affairs.

Going ahead, macroeconomic data like gross domestic product data for January-March quarter and provisional estimates for the whole 2018/19 fiscal year ending in March to be released on Friday and RBI monetary policy outcome would give further direction to the rupee, Sharma said.

RBI's monetary policy outcome is scheduled to be released on June 6.

Forex traders said easing crude oil prices in the overseas market, foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 98.12.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.58 per cent to trade at USD 69.05 per barrel.

Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed.

After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts.

After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent.

Government bonds fell, leading to 0.13 per cent rise in the yield to 7.14 per cent.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8805 and for rupee/euro at 78.0095. The reference rate for rupee/British pound was fixed at 88.4706 and for rupee/100 Japanese yen at 63.97.&nbsp;

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.

The rupee Thursday fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government. Foreign fund inflows, strong gains in equities and easing crude oil prices, however, helped the local currency contain losses. At the Interbank Foreign Exchange (forex), the domestic currency opened at 69.76 a dollar and fell further to touch the day's low of 69.93. It finally settled at 69.87 per dollar, down 4 paise over its previous close. The rupee Wednesday had settled at 69.83 to the US dollar. "Rupee opened on strong note but failed to hold at the higher levels. This is going to be the third straight session of fall in the rupee," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. The rupee has now depreciated by 36 paise in the three sessions to Thursday. The dollar inched towards one-week high levels against major rivals in global markets after US-China trade worries unnerved investors. Prime Minister Narendra Modi and his council of ministers were set to take oath at 1900 hours Thursday for a second term as suspense mounted on who will get the big four berths -- Home, Finance, Defence and External Affairs. Going ahead, macroeconomic data like gross domestic product data for January-March quarter and provisional estimates for the whole 2018/19 fiscal year ending in March to be released on Friday and RBI monetary policy outcome would give further direction to the rupee, Sharma said. RBI's monetary policy outcome is scheduled to be released on June 6. Forex traders said easing crude oil prices in the overseas market, foreign fund inflows and heavy buying in the domestic equity market restricted the fall in the local unit. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 98.12. Meanwhile, Brent crude futures, the global oil benchmark, fell 0.58 per cent to trade at USD 69.05 per barrel. Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed. After a day's breather, benchmark Sensex Thursday resumed its record-setting spree by rallying 330 points on gains in index heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts. After soaring over 400 points, the 30-share index ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high. The broader NSE Nifty also settled at a new closing peak at 11,945.90, gaining 84.80 points or 0.71 per cent. Government bonds fell, leading to 0.13 per cent rise in the yield to 7.14 per cent. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8805 and for rupee/euro at 78.0095. The reference rate for rupee/British pound was fixed at 88.4706 and for rupee/100 Japanese yen at 63.97.

Rupee falls for third day; slips 4 paise to 69.87 vs US dollar

China has demonstrated more than enough sincerity to reach a mutually beneficial deal and end trade tensions with the United States. However, trapped in hegemonic ideology, the U.S. has responded by unilateral and protectionist tariff hikes that put world economy in danger, according to a commentary published by China's Xinhua News Agency on Sunday.

China's utmost sincerity in trade talks a sign of strength

President Donald Trump said on Monday he was optimistic about resolving the US trade dispute with China.

Speaking at a White House dinner, Trump noted that Treasury Secretary Steven Mnuchin, who was attending the event, returned from trade talks in China two weeks ago.

"He just got back from China. We'll let you know in about three or four weeks whether or not it was successful. ... But I have a feeling it's going to be very successful," Trump said.

Earlier, China&nbsp;imposed higher tariffs on a range of US&nbsp;goods, including frozen vegetables and liquefied natural gas, a move in retaliation to Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

The prospect that the United States and China were spiralling into a no-holds-barred dispute that could derail the <a href="https://www.wionews.com/world/us-china-trade-setback-stokes-recession-fears-stocks-slide-218396">global economy has rattled investors</a> and led to a sharp selloff on equities markets in the past week.

A gauge of global stocks shed a further 1.9% on Monday, its biggest one-day drop in more than five months. China's yuan currency fell to its lowest level since December and oil futures slumped.

Trump, who has embraced protectionism as part of an "America First" agenda, said he would talk to Xi at a G20 summit in late June.

US farmers are among those most hurt by the trade war, with soybean sales to China plummeting and US soybean futures hitting their lowest level in a decade.&nbsp;Trump&nbsp;said on Monday his administration was planning to provide about $15 billion to help farmers whose products might be targeted.

Steady drum beat

China said on Monday it planned to set import tariffs ranging from 5% to 25% on<a href="https://www.wionews.com/world/donald-trump-may-provoke-us-lawmakers-to-impeach-him-by-obstructing-investigations-adam-schiff-218219"> 5,140 US products on a $60 billion target list</a>. It said the tariffs would take effect on June 1.

"China's adjustment on additional tariffs is a response to US unilateralism and protectionism," its finance ministry said. "China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway."

In the middle of the negotiations last week, Trump hiked tariffs on $200 billion of Chinese goods to 25% from 10%. The move affected 5,700 categories of Chinese products, including internet modems and routers.

Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

Beijing said on Monday it would never surrender to external pressure. Its state media kept up a steady drum beat of strongly worded commentary, reiterating that the door to talks was always open but vowing that China would defend its national interests and dignity.

State television said in a commentary the effect of the US tariffs on the Chinese economy was "totally controllable."

Trump has said he is in no rush to finalise a deal with China. He again defended the move to hike US tariffs and said there was no reason why American consumers would pay the costs.

Economists and industry consultants, however, maintain that it is US businesses that will pay the costs and likely pass them on to consumers.

US tariffs last year triggered retaliation by China, which imposed 25% levies on $50 billion worth of US products including soybeans, beef and pork and lower tariffs on a list of $60 billion in goods.

Goldman Sachs economists said in a research note new evidence showed the costs of Washington's tariffs on China last year had fallen entirely on US businesses and households, with no clear reduction in prices charged by Chinese exporters.

They said the effects of the tariffs had spilled over noticeably to the prices charged by US producers competing with goods affected by the levies.

President Donald Trump said on Monday he was optimistic about resolving the US trade dispute with China. Speaking at a White House dinner, Trump noted that Treasury Secretary Steven Mnuchin, who was attending the event, returned from trade talks in China two weeks ago.

President Donald Trump said on Monday he was optimistic about resolving the US trade dispute with China. Speaking at a White House dinner, Trump noted that Treasury Secretary Steven Mnuchin, who was attending the event, returned from trade talks in China two weeks ago. "He just got back from China. We'll let you know in about three or four weeks whether or not it was successful. ... But I have a feeling it's going to be very successful," Trump said. Earlier, China imposed higher tariffs on a range of US goods, including frozen vegetables and liquefied natural gas, a move in retaliation to Washington's decision last week to hike its own levies on $200 billion in Chinese imports. The prospect that the United States and China were spiralling into a no-holds-barred dispute that could derail the global economy has rattled investors and led to a sharp selloff on equities markets in the past week. A gauge of global stocks shed a further 1.9% on Monday, its biggest one-day drop in more than five months. China's yuan currency fell to its lowest level since December and oil futures slumped. Trump, who has embraced protectionism as part of an "America First" agenda, said he would talk to Xi at a G20 summit in late June. US farmers are among those most hurt by the trade war, with soybean sales to China plummeting and US soybean futures hitting their lowest level in a decade. Trump said on Monday his administration was planning to provide about $15 billion to help farmers whose products might be targeted. Steady drum beat China said on Monday it planned to set import tariffs ranging from 5% to 25% on 5,140 US products on a $60 billion target list. It said the tariffs would take effect on June 1. "China's adjustment on additional tariffs is a response to US unilateralism and protectionism," its finance ministry said. "China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway." In the middle of the negotiations last week, Trump hiked tariffs on $200 billion of Chinese goods to 25% from 10%. The move affected 5,700 categories of Chinese products, including internet modems and routers. Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers. Beijing said on Monday it would never surrender to external pressure. Its state media kept up a steady drum beat of strongly worded commentary, reiterating that the door to talks was always open but vowing that China would defend its national interests and dignity. State television said in a commentary the effect of the US tariffs on the Chinese economy was "totally controllable." Trump has said he is in no rush to finalise a deal with China. He again defended the move to hike US tariffs and said there was no reason why American consumers would pay the costs. Economists and industry consultants, however, maintain that it is US businesses that will pay the costs and likely pass them on to consumers. US tariffs last year triggered retaliation by China, which imposed 25% levies on $50 billion worth of US products including soybeans, beef and pork and lower tariffs on a list of $60 billion in goods. Goldman Sachs economists said in a research note new evidence showed the costs of Washington's tariffs on China last year had fallen entirely on US businesses and households, with no clear reduction in prices charged by Chinese exporters. They said the effects of the tariffs had spilled over noticeably to the prices charged by US producers competing with goods affected by the levies.

Trump says he feels US-China trade talks 'going to be very successful'

<a href="https://www.wionews.com/business-economy/oil-prices-rise-as-middle-east-tanker-attack-increases-supply-concerns-218303">Oil&nbsp;prices&nbsp;rose</a> on Tuesday after the world's top&nbsp;oil&nbsp;exporter&nbsp;Saudi&nbsp;Arabia said explosive-laden&nbsp;drones had attacked two pumping stations belonging to state&nbsp;oil&nbsp;company&nbsp;Aramco.

Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%.

The US&nbsp;West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%.

The&nbsp;Saudi&nbsp;state news agency quoted Energy Minister Khalid al-Falih as saying that&nbsp;Aramco&nbsp;had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruptions.

Falih said the&nbsp;attack&nbsp;was an "act of terrorism" that targeted the world's global&nbsp;oil&nbsp;supply.

Saudi&nbsp;Arabia said earlier that two of its&nbsp;oil&nbsp;tankers were among those&nbsp;attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world's top&nbsp;oil&nbsp;exporting region.

A US&nbsp;official said Iran was the likely culprit, but Iranian officials denied responsibility for the incident.

A television station run by Yemen's Houthi group said on Tuesday the Iran-aligned movement had launched&nbsp;drone&nbsp;attacks on Saudi installations, without identifying the targets or time of the&nbsp;attacks.

Tehran has been embroiled in an escalating war of words with the United States over stricter US&nbsp;sanctions, which have cut its oil exports and tightened global supply.

A fifth of global&nbsp;oil&nbsp;consumption passes through the Strait of Hormuz from the Middle East crude producers to global markets.

The market was also holding out some hope for flagging <a href="https://www.wionews.com/business-economy/wall-street-shudders-as-us-china-trade-war-intensifies-218493">US-China trade talks</a> as both sides expressed positive sentiments which may signal that the negotiations are not yet dead.

"The brinkmanship between Washington and Beijing is now seen as a significant hurdle to the growth in global&nbsp;oil&nbsp;demand. Meanwhile, rising geopolitical tensions in the Middle East will further promote volatility."

The negotiations between the United States and China appeared headed towards success last week but have largely unravelled over US&nbsp;accusations that Beijing sought vast, last-minute changes.

China on Monday ignored a warning from US&nbsp;President Donald Trump and moved to impose higher tariffs on a range of US&nbsp;goods including frozen vegetables and liquefied natural gas.

But the Chinese government's top diplomat, State Councillor Wang Yi, indicated on Monday that Beijing hoped for a compromise: "Both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands."

Trump on Monday said he expected to speak to Chinese President Xi Jinping at a G20 summit in late June and have "probably a very fruitful meeting".

"The US president's comments likely tilted the balance in favour of the optimists, who continue to expect a rapprochement despite last week's major setback in trade negotiations," analyst Vandana Hari of Vanda Insights said.

Oil prices rose on Tuesday after the world's top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco.

Oil prices rose on Tuesday after the world's top oil exporter Saudi Arabia said explosive-laden drones had attacked two pumping stations belonging to state oil company Aramco. Brent crude futures were at $70.79 a barrel at 1035 GMT, up 56 cents or 0.80%. The US West Texas Intermediate (WTI) crude futures were at $61.35 per barrel, up 31 cents or 0.51%. The Saudi state news agency quoted Energy Minister Khalid al-Falih as saying that Aramco had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruptions. Falih said the attack was an "act of terrorism" that targeted the world's global oil supply. Saudi Arabia said earlier that two of its oil tankers were among those attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world's top oil exporting region. A US official said Iran was the likely culprit, but Iranian officials denied responsibility for the incident. A television station run by Yemen's Houthi group said on Tuesday the Iran-aligned movement had launched drone attacks on Saudi installations, without identifying the targets or time of the attacks. Tehran has been embroiled in an escalating war of words with the United States over stricter US sanctions, which have cut its oil exports and tightened global supply. A fifth of global oil consumption passes through the Strait of Hormuz from the Middle East crude producers to global markets. The market was also holding out some hope for flagging US-China trade talks as both sides expressed positive sentiments which may signal that the negotiations are not yet dead. "The brinkmanship between Washington and Beijing is now seen as a significant hurdle to the growth in global oil demand. Meanwhile, rising geopolitical tensions in the Middle East will further promote volatility." The negotiations between the United States and China appeared headed towards success last week but have largely unravelled over US accusations that Beijing sought vast, last-minute changes. China on Monday ignored a warning from US President Donald Trump and moved to impose higher tariffs on a range of US goods including frozen vegetables and liquefied natural gas. But the Chinese government's top diplomat, State Councillor Wang Yi, indicated on Monday that Beijing hoped for a compromise: "Both countries' negotiating teams have the ability and wisdom to resolve each other's reasonable demands." Trump on Monday said he expected to speak to Chinese President Xi Jinping at a G20 summit in late June and have "probably a very fruitful meeting". "The US president's comments likely tilted the balance in favour of the optimists, who continue to expect a rapprochement despite last week's major setback in trade negotiations," analyst Vandana Hari of Vanda Insights said.

Oil prices jump on drone attack on Saudi Aramco facilities

Boeing is "confident" <a href="https://www.wionews.com/world/now-china-imposes-tariffs-on-60-billion-worth-of-us-goods-218421">US-China trade talks will yield an agreement</a>, a Boeing spokesman said Monday after Beijing retaliated against higher US tariffs and the aircraft manufacturer appeared to be a potential target for further reprisals.

As the year-long trade conflict escalated, the editor of party-owned Chinese newspaper Global Times said Monday that Beijing as might cut Boeing orders as well as purchases of US farm products.

"We're confident the US and China will continue trade discussions and come to an agreement that benefits both US and Chinese manufacturers and consumers," a Boeing spokesman told AFP in an email.

Potential trade-war fallout adds to Boeing's travails at a time when it is already under pressure after two deadly plane crashes forced the global grounding of its top-selling 737 MAX planes.

As a result of the 737 MAX crisis, Boeing has suspended deliveries of the planes and slowed production, hitting company revenues and clouding its profit outlook.

Boeing, the biggest component in the prestigious Dow index, fell 2.9 per cent to $344.36 in mid-morning trade amid a broad selloff after China's latest tariffs announcement.

In 2018, Boeing reported $13.8 billion in revenues from China, equivalent to nearly 14 per cent of overall company sales.

During the past five years, about one in every four Boeing commercial jets went to an operator in China, supporting tens of thousands of Boeing jobs, a company spokesman said.

Boeing is "confident" US-China trade talks will yield an agreement, a Boeing spokesman said Monday after Beijing retaliated against higher US tariffs and the aircraft manufacturer appeared to be a potential target for further reprisals.

Boeing is "confident" US-China trade talks will yield an agreement, a Boeing spokesman said Monday after Beijing retaliated against higher US tariffs and the aircraft manufacturer appeared to be a potential target for further reprisals. As the year-long trade conflict escalated, the editor of party-owned Chinese newspaper Global Times said Monday that Beijing as might cut Boeing orders as well as purchases of US farm products. "We're confident the US and China will continue trade discussions and come to an agreement that benefits both US and Chinese manufacturers and consumers," a Boeing spokesman told AFP in an email. Potential trade-war fallout adds to Boeing's travails at a time when it is already under pressure after two deadly plane crashes forced the global grounding of its top-selling 737 MAX planes. As a result of the 737 MAX crisis, Boeing has suspended deliveries of the planes and slowed production, hitting company revenues and clouding its profit outlook. Boeing, the biggest component in the prestigious Dow index, fell 2.9 per cent to $344.36 in mid-morning trade amid a broad selloff after China's latest tariffs announcement. In 2018, Boeing reported $13.8 billion in revenues from China, equivalent to nearly 14 per cent of overall company sales. During the past five years, about one in every four Boeing commercial jets went to an operator in China, supporting tens of thousands of Boeing jobs, a company spokesman said.

Boeing says 'confident' US-China trade talks will succeed

President Donald Trump warned China on Saturday that it should strike a <a href="https://www.wionews.com/world/china-outlines-three-disagreements-in-us-trade-talks-217667">trade deal with the United States</a> now, otherwise an agreement would be "far worse for them if it has to be negotiated in my second term."

Washington and Beijing are locked in a trade battle that has seen mounting tariffs, sparking fears the dispute will damage the global economy.

Two days of talks ended Friday with no deal. China's top negotiator said the <a href="https://www.wionews.com/world/china-says-to-hold-more-trade-talks-with-us-in-beijing-217628">two sides would meet again in Beijing</a> at an unspecified date, but warned that China would make no concessions on "important principles."

"I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky &amp; have a Democrat win -- in which case they would continue to rip-off the USA for $500 Billion a year," Trump said in a tweet Saturday.

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I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky &amp; have a Democrat win - in which case they would continue to rip-off the USA for $500 Billion a year....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1127337211777757191?ref_src=twsrc%5Etfw">May 11, 2019</a></blockquote>
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"The only problem is that they know I am going to win (best economy &amp; employment numbers in US&nbsp;history, &amp; much more), and the deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS!"

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....The only problem is that they know I am going to win (best economy &amp; employment numbers in U.S. history, &amp; much more), and the deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1127337212813742082?ref_src=twsrc%5Etfw">May 11, 2019</a></blockquote>
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Trump had accused Beijing of reneging on its commitments in trade talks and ordered new punitive duties, which took effect Friday, on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent.&nbsp;

He then cranked up the heat further, ordering a tariff hike on almost all remaining imports -- $300 billion worth, according to US Trade Representative Robert Lighthizer -- from the world's second-biggest economy.

Those tariffs would not take effect for months, after a period of public comment.

Trump also said Saturday that firms could easily avoid additional costs by producing goods in the United States.&nbsp;

"Such an easy way to avoid Tariffs? Make or produce your goods and products in the good old USA. It's very simple!" he tweeted, echoing a similar message he sent Friday -- and even retweeted.

Only a week earlier, the <a href="https://www.wionews.com/world/us-officials-says-china-trade-talks-constructive-217600">United States and China had seemed poised</a> to complete a sweeping agreement.

Washington wants Beijing to tighten its intellectual property protections, cut its subsidies to state-owned firms and reduce the yawning trade deficit; China wants an end to tariffs as part of a "balanced" deal.

While supporters laud Trump as a tough negotiator, free-trade-minded Republicans have warned that the tariffs could do real damage to the economy, and many farmers -- including Trump supporters -- say the tariffs have hit their bottom line.&nbsp;

As the trade war spread, China imposed $110 billion in duties on farm exports and other US goods.&nbsp;

Republican Senator Chuck Grassley, from the farm state of Iowa, cautiously welcomed the new tariffs but urged negotiators to reach a quick solution "so we can avoid prolonged tariffs, which we know have an impact on the US economy."

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&nbsp;

President Donald Trump warned China on Saturday that it should strike a trade deal with the United States now, otherwise an agreement would be "far worse for them if it has to be negotiated in my second term.

President Donald Trump warned China on Saturday that it should strike a trade deal with the United States now, otherwise an agreement would be "far worse for them if it has to be negotiated in my second term." Washington and Beijing are locked in a trade battle that has seen mounting tariffs, sparking fears the dispute will damage the global economy. Two days of talks ended Friday with no deal. China's top negotiator said the two sides would meet again in Beijing at an unspecified date, but warned that China would make no concessions on "important principles." "I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win -- in which case they would continue to rip-off the USA for $500 Billion a year," Trump said in a tweet Saturday. I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win - in which case they would continue to rip-off the USA for $500 Billion a year.... — Donald J. Trump (@realDonaldTrump) May 11, 2019 × "The only problem is that they know I am going to win (best economy & employment numbers in US history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS!" ....The only problem is that they know I am going to win (best economy & employment numbers in U.S. history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term. Would be wise for them to act now, but love collecting BIG TARIFFS! — Donald J. Trump (@realDonaldTrump) May 11, 2019 × Trump had accused Beijing of reneging on its commitments in trade talks and ordered new punitive duties, which took effect Friday, on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent. He then cranked up the heat further, ordering a tariff hike on almost all remaining imports -- $300 billion worth, according to US Trade Representative Robert Lighthizer -- from the world's second-biggest economy. Those tariffs would not take effect for months, after a period of public comment. Trump also said Saturday that firms could easily avoid additional costs by producing goods in the United States. "Such an easy way to avoid Tariffs? Make or produce your goods and products in the good old USA. It's very simple!" he tweeted, echoing a similar message he sent Friday -- and even retweeted. Only a week earlier, the United States and China had seemed poised to complete a sweeping agreement. Washington wants Beijing to tighten its intellectual property protections, cut its subsidies to state-owned firms and reduce the yawning trade deficit; China wants an end to tariffs as part of a "balanced" deal. While supporters laud Trump as a tough negotiator, free-trade-minded Republicans have warned that the tariffs could do real damage to the economy, and many farmers -- including Trump supporters -- say the tariffs have hit their bottom line. As the trade war spread, China imposed $110 billion in duties on farm exports and other US goods. Republican Senator Chuck Grassley, from the farm state of Iowa, cautiously welcomed the new tariffs but urged negotiators to reach a quick solution "so we can avoid prolonged tariffs, which we know have an impact on the US economy." ×

Trade deal will become far worse if negotiated in my second term: Donald Trump warns China

China's top trade negotiator Liu He said on Friday in Washington that<a href="https://www.wionews.com/world/us-officials-says-china-trade-talks-constructive-217600"> trade talks with the US</a> would continue in Beijing but warned that there would be no concessions on "important principles".

"Negotiations have not broken down, but rather on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu told Chinese media.

<a href="https://www.wionews.com/photos/top-facts-how-us-china-talks-differ-from-any-other-trade-deal-217563">In pics: How US-China talks differ from any other trade deal</a>

"Both sides agree they will meet again in Beijing in the future and keep pushing forward the negotiations," he said without giving a date.

Although Liu deemed the two days of talks in the US "productive" he said differences continued to exist.

"We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," he said.

"Every country has important principles, and we will not make concessions on matters of principle."

US Treasury Secretary Steven Mnuchin said earlier, talks to end a worrisome&nbsp;<a href="https://www.wionews.com/photos/top-facts-how-us-china-talks-differ-from-any-other-trade-deal-217563">US-China trade battle</a>&nbsp;were "constructive," giving a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy.

"They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session.

President Donald&nbsp;<a href="https://www.wionews.com/world/tariffs-will-bring-in-far-more-wealth-to-our-country-than-even-phenomenal-deal-of-traditional-kind-donald-trump-217507">Trump said Friday he was in no hurry to reach a deal with Beijing</a>, arguing the United States was negotiating from a position of strength.

Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures."

China's top trade negotiator Liu He said on Friday in Washington that trade talks with the US would continue in Beijing but warned that there would be no concessions on "important principles".

China's top trade negotiator Liu He said on Friday in Washington that trade talks with the US would continue in Beijing but warned that there would be no concessions on "important principles". "Negotiations have not broken down, but rather on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu told Chinese media. In pics: How US-China talks differ from any other trade deal "Both sides agree they will meet again in Beijing in the future and keep pushing forward the negotiations," he said without giving a date. Although Liu deemed the two days of talks in the US "productive" he said differences continued to exist. "We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," he said. "Every country has important principles, and we will not make concessions on matters of principle." US Treasury Secretary Steven Mnuchin said earlier, talks to end a worrisome US-China trade battle were "constructive," giving a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy. "They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session. President Donald Trump said Friday he was in no hurry to reach a deal with Beijing, arguing the United States was negotiating from a position of strength. Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures."

China says it will hold more trade talks with US in Beijing

Talks to end a worrisome <a href="https://www.wionews.com/photos/top-facts-how-us-china-talks-differ-from-any-other-trade-deal-217563">US-China trade battle</a> were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy.

"They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session.

Moments earlier, Chinese Vice Premier Liu He shook hands with both men on the steps of the US Trade Representative's office before driving off.

Mnuchin and US Trade Representative Robert Lighthizer then headed for the White House.

At his hotel, Liu told reporters that the talks had gone "fairly well," according to Bloomberg, which nevertheless cited sources saying little progress had occurred.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-comfortable-with-higher-tariffs-on-china-if-trade-negotiations-fail-217569/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

President Donald <a href="https://www.wionews.com/world/tariffs-will-bring-in-far-more-wealth-to-our-country-than-even-phenomenal-deal-of-traditional-kind-donald-trump-217507">Trump said Friday he was in no hurry to reach a deal with Beijing</a>, arguing the United States was negotiating from a position of strength.

Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures."

The glimmer of hope cheered Wall Street, which had been under pressure all week, with the benchmark Dow Jones Industrial Average regaining much of the morning's losses but staying in the red. European and Asian markets seemed more optimistic.

After weeks of rising optimism, the tone out of the White House has veered to anger and then nonchalance.&nbsp;

On May 5, Trump erupted on Twitter, saying the talks were progressing "too slowly," accusing the Chinese of backing out of commitments and announcing the tariff increase.

But in a series of early morning tweets Friday, he said, "Talks with China continue in a very congenial manner -- there is absolutely no need to rush -- as Tariffs are NOW being paid to the United States by China."

The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal.

"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote.

Since last year, the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors.

Trump began the standoff because of complaints about unfair Chinese trade practices.

The US is pressing China to change its policies on protections for intellectual property, massive subsidies for state-owned firms, and to reduce the yawning trade deficit.

Lighthizer and Mnuchin met the Chinese delegation for about 90 minutes Thursday evening and then had a working dinner with Liu.

'No one wins'

Liu had said Thursday on his arrival in Washington that the prospects for the talks were "promising" but warned raising tariffs would be "harmful to both sides."

"I hope to engage in rational and candid exchanges with the US side," he told Chinese state media.

The higher duty rates imposed on Friday will hit a vast array of Chinese-made electrical equipment, machinery, auto parts and furniture.

But due to a quirk in their implementation, products already on ships headed for US ports before midnight will only pay the 10 per cent rate.

That could effectively provide a short grace period for the sides to avert an even more serious escalation.

"While we are disappointed that the stakes have been raised, we nevertheless support the ongoing effort by both sides to reach agreement on a strong, enforceable deal that resolves the fundamental, structural issues our members have long faced in China," said business lobby the American Chamber of Commerce in China.

Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China and other targets of Trump's trade wrath.

"NO ONE WINS A TRADE WAR," trade analyst Chad Bown of the Peterson Institute for International Economics said on Twitter.

A Chinese central bank advisor told state-run Financial News that Trump's tariff hike and Chinese retaliation would lower economic growth by 0.3 percentage points.

It is "within a controllable range," the advisor Ma Jun said.

Oxford Economist estimates the same magnitude of the slowdown in the US economy and is warning that recession risks are on the rise.

But the International Monetary Fund has sounded the alarm that the conflict and the loss of confidence it creates will have a wider impact on the global economy and is a major risk to growth.

Talks to end a worrisome US-China trade battle were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy.

Talks to end a worrisome US-China trade battle were "constructive," US Treasury Secretary Steven Mnuchin said Friday, a sign of hope that Washington and Beijing could seal a deal to avert damage to the global economy. "They were constructive discussions between both parties, that's all we're going to say," Mnuchin was quoted as saying by CNBC following a two-hour negotiating session. Moments earlier, Chinese Vice Premier Liu He shook hands with both men on the steps of the US Trade Representative's office before driving off. Mnuchin and US Trade Representative Robert Lighthizer then headed for the White House. At his hotel, Liu told reporters that the talks had gone "fairly well," according to Bloomberg, which nevertheless cited sources saying little progress had occurred. President Donald Trump said Friday he was in no hurry to reach a deal with Beijing, arguing the United States was negotiating from a position of strength. Just hours earlier, Washington had pulled the trigger on an increase in punitive duties on $200 billion in Chinese imports to 25 per cent from 10 per cent, and Beijing responded vowing to take the "necessary countermeasures." The glimmer of hope cheered Wall Street, which had been under pressure all week, with the benchmark Dow Jones Industrial Average regaining much of the morning's losses but staying in the red. European and Asian markets seemed more optimistic. After weeks of rising optimism, the tone out of the White House has veered to anger and then nonchalance. On May 5, Trump erupted on Twitter, saying the talks were progressing "too slowly," accusing the Chinese of backing out of commitments and announcing the tariff increase. But in a series of early morning tweets Friday, he said, "Talks with China continue in a very congenial manner -- there is absolutely no need to rush -- as Tariffs are NOW being paid to the United States by China." The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal. "Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote. Since last year, the United States and China have exchanged tariffs on more than $360 billion in two-way trade, gutting US agricultural exports to China and weighing on both countries' manufacturing sectors. Trump began the standoff because of complaints about unfair Chinese trade practices. The US is pressing China to change its policies on protections for intellectual property, massive subsidies for state-owned firms, and to reduce the yawning trade deficit. Lighthizer and Mnuchin met the Chinese delegation for about 90 minutes Thursday evening and then had a working dinner with Liu. 'No one wins' Liu had said Thursday on his arrival in Washington that the prospects for the talks were "promising" but warned raising tariffs would be "harmful to both sides." "I hope to engage in rational and candid exchanges with the US side," he told Chinese state media. The higher duty rates imposed on Friday will hit a vast array of Chinese-made electrical equipment, machinery, auto parts and furniture. But due to a quirk in their implementation, products already on ships headed for US ports before midnight will only pay the 10 per cent rate. That could effectively provide a short grace period for the sides to avert an even more serious escalation. "While we are disappointed that the stakes have been raised, we nevertheless support the ongoing effort by both sides to reach agreement on a strong, enforceable deal that resolves the fundamental, structural issues our members have long faced in China," said business lobby the American Chamber of Commerce in China. Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China and other targets of Trump's trade wrath. "NO ONE WINS A TRADE WAR," trade analyst Chad Bown of the Peterson Institute for International Economics said on Twitter. A Chinese central bank advisor told state-run Financial News that Trump's tariff hike and Chinese retaliation would lower economic growth by 0.3 percentage points. It is "within a controllable range," the advisor Ma Jun said. Oxford Economist estimates the same magnitude of the slowdown in the US economy and is warning that recession risks are on the rise. But the International Monetary Fund has sounded the alarm that the conflict and the loss of confidence it creates will have a wider impact on the global economy and is a major risk to growth.

US officials say trade talks with China were 'constructive'

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments.

Forex traders said, rising crude oil prices and strengthening of the US dollar against some major rival currencies overseas also pulled down the local unit.

The rupee opened weak at 70.04 at the interbank forex market and then fell further to 70.07 against the American currency, down 13 paise over its last close.

The rupee had settled at 69.94 against the US dollar Thursday.

Meanwhile, President Donald Trump on Thursday held out hopes of salvaging a trade deal with China.

"It's possible to do it," Trump said of the trade deal at the White House. "I did get last night a very beautiful letter from President Xi." But Trump warned he was also more than happy to use tariffs in resolving his differences with China.

On the domestic front, foreign institutional investors (FIIs) pulled out Rs 655.36 crore on a net basis Thursday, provisional data showed.

Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 18.16 points higher at 37,577.07 and Nifty down 4.70 points at 11,297.10.

Brent crude futures, the global oil benchmark, rose 0.31 per cent to $70.61 per barrel.

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments.

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments. Forex traders said, rising crude oil prices and strengthening of the US dollar against some major rival currencies overseas also pulled down the local unit. The rupee opened weak at 70.04 at the interbank forex market and then fell further to 70.07 against the American currency, down 13 paise over its last close. The rupee had settled at 69.94 against the US dollar Thursday. Meanwhile, President Donald Trump on Thursday held out hopes of salvaging a trade deal with China. "It's possible to do it," Trump said of the trade deal at the White House. "I did get last night a very beautiful letter from President Xi." But Trump warned he was also more than happy to use tariffs in resolving his differences with China. On the domestic front, foreign institutional investors (FIIs) pulled out Rs 655.36 crore on a net basis Thursday, provisional data showed. Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 18.16 points higher at 37,577.07 and Nifty down 4.70 points at 11,297.10. Brent crude futures, the global oil benchmark, rose 0.31 per cent to $70.61 per barrel.

Rupee slips 13 paise to 70.07 against US dollar

Top facts: How US-China talks differ from any other trade deal

World shares tumbled for a fourth day running on Thursday after a warning from US President Donald Trump that a long-worked-on trade deal with China was in serious danger.

Chinese Vice Premier Liu He was heading to Washington for two days of talks but Trump's insistence that China "broke the deal", and then Beijing's response that it would retaliate against tariffs were ratcheting up the stakes.

Europe's main stock markets sank almost immediately after a torrid day for Asia had battered 1.8 per cent off China and more than 3 per cent off South Korea, which is often seen as the bellwether for how this trade war hits home.

Both countries' currencies were hit too, the won skidding to a more than two-year low and the yuan to a four-month trough, which kept traders buying the traditionally safe Japanese yen and US and German bonds instead.

"Markets remain on edge ahead of the Chinese vice premier’s visit to Washington today," Rabobank analyst Bas van Geffen said.

"Doubt that this tariff increase can be avoided is growing," he added as Goldman Sachs also put the chance of a hike at 60 per cent.

If talks do fall short, Washington has promised to raise tariffs on $200 billion of Chinese goods to 25 per cent from 10 per cent at 12:01 a.m. ET (0401 GMT) on Friday. For economists, the worry is that it will further slow the global economy.

Kazuhiko Fuji, senior fellow at RIETI, a Japanese government-affiliated think-tank, said the trade talks looked fragile.

"I would suspect the US will just hand China an ultimatum. No wonder the US yield curve is almost inverting again," he said.

The yield spread between three-month US government bonds and the 10-year notes shrank to 3 basis points, compared with about 15 basis points a few weeks ago.

The closely watched spread turned negative in late March, spooking investors, who read the development as portending a recession.

The benchmark 10-year Treasury yield stood at 2.4423 per cent in Europe, having touched its lowest level in five weeks of 2.426 per cent on Wednesday.

Wall Street futures pointed to a 0.85 per cent lower start after a choppy previous session had seen the Dow Jones Industrial close fractionally higher but the S&amp;P 500 and Nasdaq dropped 0.2 per cent and 0.3 per cent.

Taxi!

As well as the trade headlines, traders will also be closely watching the pricing on ride-hailing firm Uber's initial public offering, which is set to be the biggest of the year so far.

"In the event of a complete breakdown in talks and higher tariffs, we would expect this to see US stocks trade 10–15 per cent below their highs and a fall of around 15–20 per cent in the Chinese market," Mark Haefele, global chief investment officer at Global Wealth Management at UBS, said.

In the currency market, the Japanese yen surged to a three-month high of 109.64 yen while China's yuan fell half a per cent to hit a four-month low of 6.838 and was headed for its worst four-day decline in a year.

Sterling, meanwhile, tried to brush off signs that Brexit talks between Britain's government and the main opposition party may soon collapse to claw back above the psychologically key $1.30 level.

Commodity markets also felt the U.S.-China trade strains.

Brent crude futures dropped 0.6 per cent to $69.92 a barrel, while U.S. West Texas Intermediate crude also retreated 0.6 per cent to $61.75 despite a surprise fall in U.S. crude stockpiles.

Benchmark London copper hit its lowest in nearly three months, going as low as $6,111 a tonne.

World shares tumbled for a fourth day running on Thursday after a warning from US President Donald Trump that a long-worked-on trade deal with China was in serious danger.

World shares tumbled for a fourth day running on Thursday after a warning from US President Donald Trump that a long-worked-on trade deal with China was in serious danger. Chinese Vice Premier Liu He was heading to Washington for two days of talks but Trump's insistence that China "broke the deal", and then Beijing's response that it would retaliate against tariffs were ratcheting up the stakes. Europe's main stock markets sank almost immediately after a torrid day for Asia had battered 1.8 per cent off China and more than 3 per cent off South Korea, which is often seen as the bellwether for how this trade war hits home. Both countries' currencies were hit too, the won skidding to a more than two-year low and the yuan to a four-month trough, which kept traders buying the traditionally safe Japanese yen and US and German bonds instead. "Markets remain on edge ahead of the Chinese vice premier’s visit to Washington today," Rabobank analyst Bas van Geffen said. "Doubt that this tariff increase can be avoided is growing," he added as Goldman Sachs also put the chance of a hike at 60 per cent. If talks do fall short, Washington has promised to raise tariffs on $200 billion of Chinese goods to 25 per cent from 10 per cent at 12:01 a.m. ET (0401 GMT) on Friday. For economists, the worry is that it will further slow the global economy. Kazuhiko Fuji, senior fellow at RIETI, a Japanese government-affiliated think-tank, said the trade talks looked fragile. "I would suspect the US will just hand China an ultimatum. No wonder the US yield curve is almost inverting again," he said. The yield spread between three-month US government bonds and the 10-year notes shrank to 3 basis points, compared with about 15 basis points a few weeks ago. The closely watched spread turned negative in late March, spooking investors, who read the development as portending a recession. The benchmark 10-year Treasury yield stood at 2.4423 per cent in Europe, having touched its lowest level in five weeks of 2.426 per cent on Wednesday. Wall Street futures pointed to a 0.85 per cent lower start after a choppy previous session had seen the Dow Jones Industrial close fractionally higher but the S&P 500 and Nasdaq dropped 0.2 per cent and 0.3 per cent. Taxi! As well as the trade headlines, traders will also be closely watching the pricing on ride-hailing firm Uber's initial public offering, which is set to be the biggest of the year so far. "In the event of a complete breakdown in talks and higher tariffs, we would expect this to see US stocks trade 10–15 per cent below their highs and a fall of around 15–20 per cent in the Chinese market," Mark Haefele, global chief investment officer at Global Wealth Management at UBS, said. In the currency market, the Japanese yen surged to a three-month high of 109.64 yen while China's yuan fell half a per cent to hit a four-month low of 6.838 and was headed for its worst four-day decline in a year. Sterling, meanwhile, tried to brush off signs that Brexit talks between Britain's government and the main opposition party may soon collapse to claw back above the psychologically key $1.30 level. Commodity markets also felt the U.S.-China trade strains. Brent crude futures dropped 0.6 per cent to $69.92 a barrel, while U.S. West Texas Intermediate crude also retreated 0.6 per cent to $61.75 despite a surprise fall in U.S. crude stockpiles. Benchmark London copper hit its lowest in nearly three months, going as low as $6,111 a tonne.

World shares sink as US-China trade talks go to the wire

China is considering cancelling trade talks with the United States this week after <a href="https://www.wionews.com/world/trump-announces-higher-us-tariffs-on-china-goods-216186">US President Donald Trump vowed to hike tariffs</a> on China, the Wall Street Journal reported on Sunday citing a source.

Earlier on Sunday, Trump announced he would hike US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon.

The decision on whether talks will be cancelled depends on whether Vice Premier Liu He goes to Washington as planned, the journal reported, citing a source, who added that cancelling talks would conform to China's strategy of not negotiating under threat.

Trump had previously delayed the tariff increases earlier in the year, citing productive talks with China.

Sunday's announcement casts into doubt previous expectations that China and the United States were closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets.

US-China trade talks are due to resume this week. The meeting follows talks in April in Beijing that Treasury Secretary Steven Mnuchin called "productive."

As recently as Friday, Trump said talks with China was going well.

Last week, industry sources said they believed the talks were in the endgame, and Mnuchin had said he hoped that the US&nbsp;negotiating team would soon be able to recommend a deal to Trump or tell him that one could not be reached.

The administration has been insisting on a mechanism to ensure that China follows through on any promises to purchase more American goods.&nbsp;

Administration officials have said both sides are expected to launch new enforcement staffs to police the agreement.

China is considering cancelling trade talks with the United States this week after US President Donald Trump vowed to hike tariffs on China, the Wall Street Journal reported on Sunday citing a source.

China is considering cancelling trade talks with the United States this week after US President Donald Trump vowed to hike tariffs on China, the Wall Street Journal reported on Sunday citing a source. Earlier on Sunday, Trump announced he would hike US tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon. The decision on whether talks will be cancelled depends on whether Vice Premier Liu He goes to Washington as planned, the journal reported, citing a source, who added that cancelling talks would conform to China's strategy of not negotiating under threat. Trump had previously delayed the tariff increases earlier in the year, citing productive talks with China. Sunday's announcement casts into doubt previous expectations that China and the United States were closing in on a deal to end a months-long trade war that has slowed global growth and disrupted markets. US-China trade talks are due to resume this week. The meeting follows talks in April in Beijing that Treasury Secretary Steven Mnuchin called "productive." As recently as Friday, Trump said talks with China was going well. Last week, industry sources said they believed the talks were in the endgame, and Mnuchin had said he hoped that the US negotiating team would soon be able to recommend a deal to Trump or tell him that one could not be reached. The administration has been insisting on a mechanism to ensure that China follows through on any promises to purchase more American goods. Administration officials have said both sides are expected to launch new enforcement staffs to police the agreement.

China considers cancelling trade talks with US after Trump vows new tariff hike: Report

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week.

Pompeo warned countries and companies that it would be a costly mistake to violate US&nbsp;sanctions by importing Iranian oil after Wednesday when the waivers for eight importers end.

China, India and Turkey are among Iran's largest oil importers that were granted waivers from US&nbsp;sanctions to allow them time to find alternative supplies.

"We have had lots of talks with China about this issue," Pompeo said at a newsmaker event by The Hill news outlet. "I'm confident that the trade talks will continue and run their natural course."

His comments come as US&nbsp;Treasury Secretary Steven Mnuchin heads to Beijing and said he hopes the two economic powerhouses can finalize a trade deal with two more rounds of talks left..

Pompeo said the United States had worked to find alternative oil supplies to ensure the global oil market is well stocked as oil purchases from Iran are cut.

"We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that," he said.

"Companies that choose to violate the sanctions ... we will pursue and we will ensure they are held accountable for the violations they engage in," he said.

Trump administration official said on Friday that neither a wind-down period nor a short-term waiver on China's oil purchases are being considered.

Under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver. Any wind-down measures would be different than the 180-day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May.

The United States reimposed sanctions in November on exports of Iranian oil after US&nbsp;President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week.

US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week. Pompeo warned countries and companies that it would be a costly mistake to violate US sanctions by importing Iranian oil after Wednesday when the waivers for eight importers end. China, India and Turkey are among Iran's largest oil importers that were granted waivers from US sanctions to allow them time to find alternative supplies. "We have had lots of talks with China about this issue," Pompeo said at a newsmaker event by The Hill news outlet. "I'm confident that the trade talks will continue and run their natural course." His comments come as US Treasury Secretary Steven Mnuchin heads to Beijing and said he hopes the two economic powerhouses can finalize a trade deal with two more rounds of talks left.. Pompeo said the United States had worked to find alternative oil supplies to ensure the global oil market is well stocked as oil purchases from Iran are cut. "We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that," he said. "Companies that choose to violate the sanctions ... we will pursue and we will ensure they are held accountable for the violations they engage in," he said. Trump administration official said on Friday that neither a wind-down period nor a short-term waiver on China's oil purchases are being considered. Under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver. Any wind-down measures would be different than the 180-day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May. The United States reimposed sanctions in November on exports of Iranian oil after US President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.

Mike Pompeo 'confident' China trade talks will not be hurt over Iran oil sanctions

<a href="https://www.wionews.com/world/turkey-says-s-400-missile-purchase-from-russia-a-done-deal-cannot-be-cancelled-foreign-minister-208029">S-400 missile purchase from Russia a 'done deal,' cannot be cancelled: Turkey</a>

Turkey's purchase of Russian S-400 missile defence systems, which has raised tensions with Washington, is a "done deal" and cannot be cancelled, Foreign Minister Mevlut Cavusoglu said on Thursday.

<a href="https://www.wionews.com/world/trump-gives-us-china-trade-talks-another-four-weeks-208038">Trump gives US-China trade talks another four weeks</a>

President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement.

<a href="https://www.wionews.com/world/after-divorce-settlement-mackenzie-bezos-becomes-third-richest-woman-in-the-world-208042">After divorce settlement, MacKenzie Bezos becomes </a><a href="https://www.wionews.com/world/after-divorce-settlement-mackenzie-bezos-becomes-third-richest-woman-in-the-world-208042">third</a><a href="https://www.wionews.com/world/after-divorce-settlement-mackenzie-bezos-becomes-third-richest-woman-in-the-world-208042"> richest woman in the world</a>

Amazon founder Jeff Bezos and his wife, MacKenzie, finalised the biggest divorce settlement in history on Thursday, leaving him with 75 per cent of their stock in the tech giant and giving her nearly $36 billion in shares. &nbsp; &nbsp;

<a href="https://www.wionews.com/world/i-have-names-carlos-ghosn-vows-to-clear-his-name-in-japan-trial-208034">'I have names': Carlos Ghosn vows to clear his name in Japan trial</a>

Former auto tycoon Carlos Ghosn vowed to prove his innocence of alleged financial misdeeds but raised doubts about receiving a fair trial in Japan, in an interview with French television just before he was re-arrested on Thursday. &nbsp;

<a href="https://www.wionews.com/india-news/release-of-modi-biopic-pm-narendra-modi-delayed-cbfc-chief-says-film-yet-to-be-certified-208041">Release</a><a href="https://www.wionews.com/india-news/release-of-modi-biopic-pm-narendra-modi-delayed-cbfc-chief-says-film-yet-to-be-certified-208041"> of Modi biopic 'PM Narendra Modi' delayed, CBFC chief says film yet to be certified&nbsp;</a>

The release of "PM Narendra Modi", a biopic on the prime minister, has been pushed indefinitely, its producer Sandip Ssingh said on Thursday, a day before the film was scheduled to be screened in theatres across the country.

&nbsp;

S-400 missile purchase from Russia a 'done deal,' cannot be cancelled: Turkey Turkey's purchase of Russian S-400 missile defence systems, which has raised tensions with Washington, is a "done deal" and cannot be cancelled, Foreign Minister Mevlut Cavusoglu said on Thursday.

S-400 missile purchase from Russia a 'done deal,' cannot be cancelled: Turkey Turkey's purchase of Russian S-400 missile defence systems, which has raised tensions with Washington, is a "done deal" and cannot be cancelled, Foreign Minister Mevlut Cavusoglu said on Thursday. Trump gives US-China trade talks another four weeks President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement. After divorce settlement, MacKenzie Bezos becomes third richest woman in the world Amazon founder Jeff Bezos and his wife, MacKenzie, finalised the biggest divorce settlement in history on Thursday, leaving him with 75 per cent of their stock in the tech giant and giving her nearly $36 billion in shares. 'I have names': Carlos Ghosn vows to clear his name in Japan trial Former auto tycoon Carlos Ghosn vowed to prove his innocence of alleged financial misdeeds but raised doubts about receiving a fair trial in Japan, in an interview with French television just before he was re-arrested on Thursday. Release of Modi biopic 'PM Narendra Modi' delayed, CBFC chief says film yet to be certified The release of "PM Narendra Modi", a biopic on the prime minister, has been pushed indefinitely, its producer Sandip Ssingh said on Thursday, a day before the film was scheduled to be screened in theatres across the country.

News brief: Big stories of the day

President Donald Trump on Thursday said the <a href="https://www.wionews.com/world/us-china-report-progress-in-beijing-trade-talks-206635">United States and China</a> were a month from a potentially "epic" trade agreement.

But, nine months into the two countries' trade war, the announcement was anti-climactic, as the White House had earlier stoked anticipation that Trump could announce a date for a summit to clinch a final deal with his Chinese counterpart Xi Jinping.

Global markets had also rallied in recent days, roused by the hope that an end to the skirmish between the world's two top economies was at last at hand.

"We will probably know over the next four weeks. It may take two weeks after that," Trump told reporters following a meeting with Beijing's trade envoy Liu He.

"It's looking very good."

The talks are due to continue for a third day on Friday. Trump had said as far back as February that a summit could occur within a month.

Despite Trump's rosy gloss on the talks on Thursday, US Trade Representative Robert Lighthizer told reporters that major issues were left to be resolved.

Both US and Chinese officials have projected cautious optimism for months, but the last mile is proving to be the hardest, with the two sides reportedly tussling over whether and when Washington should remove the punishing tariffs it imposed last year on Chinese goods.

Trump in early 2018 launched a trade war with China, seeking to slash that country's soaring trade surplus with the United States, end alleged unfair trade practices such as the theft of American technology and China's massive state intervention in markets.&nbsp;

Washington and Beijing since last year have imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows.

China has floated offers to make sizable purchases of US commodities and taken steps to show it will protect foreign intellectual property.

But Democrats have warned of the temptation to accept a superficial deal that does not extract profound changes to the Chinese industrial policies American officials have long denounced.

Trump reiterated Thursday however that, "if it's not a great deal, we're not doing it."

Chinese state media later carried a report which said<a href="https://www.wionews.com/world/chinas-xi-jinping-calls-for-early-conclusion-of-us-trade-talks-report-208028"> Xi has called for the talks to conclude as soon as possible</a>.

"I hope the two sides of the economic and trade teams will continue to resolve both sides' issues of concern in the spirit of mutual respect, equality, and mutual benefit, and finish negotiations on the China-US economic and trade agreement document as soon as possible," Xinhua quoted Liu as saying, as he conveyed a message from Xi to Trump.

A tariff compromise?

A final sticking point appears to be when and how Washington will agree to lift the steep tariffs it has placed on more than $250 billion in Chinese imports.

Last month, Trump said the tariffs would stay in place for "a substantial period," although whether this would apply to both tranches of goods subjected to the new duties was unclear.

US officials demand that any agreement have teeth and Lighthizer, the US trade representative, has said tariffs offer crucial leverage should Beijing backslide on its commitments.

Gary Clyde Hufbauer, a former US trade official and senior fellow at the Peterson Institute for International Economics, said lifting the tariffs too early could encourage criticism from Democrats that he had gone soft in the negotiations.

"The White House response to this drama is to keep the tariffs and only to slowly lower the rate as the Chinese fulfil their commitments," Hufbauer told AFP.

"The Chinese strategy is to have them get rid of it," he said. "My guess is that something in between will be in the compromise."

Analysts say any agreement is likely to include banner announcements that China has agreed to increase purchases of American commodities like soybeans and fuel.

This could perversely serve to give Chinese state enterprises a greater market role while making US exporters more reliant on the Chinese government's purchasing decisions -- both possibly contrary to US objectives and interests.

William Reinsch, a trade expert at the Center for Strategic and International Studies and former Commerce Department official for exports, pointed to Beijing's boycott of US soybean exports last year.

American producers could struggle to fill major new orders announced by Beijing, he said.

"The only way they can buy every bean is if we stop selling to everybody else and that puts us in an enormous position of vulnerability," he said.

President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement. But, nine months into the two countries' trade war, the announcement was anti-climactic, as the White House had earlier stoked anticipation that Trump could announce a date for a summit to clinch a final deal with his Chinese counterpart Xi Jinping.

President Donald Trump on Thursday said the United States and China were a month from a potentially "epic" trade agreement. But, nine months into the two countries' trade war, the announcement was anti-climactic, as the White House had earlier stoked anticipation that Trump could announce a date for a summit to clinch a final deal with his Chinese counterpart Xi Jinping. Global markets had also rallied in recent days, roused by the hope that an end to the skirmish between the world's two top economies was at last at hand. "We will probably know over the next four weeks. It may take two weeks after that," Trump told reporters following a meeting with Beijing's trade envoy Liu He. "It's looking very good." The talks are due to continue for a third day on Friday. Trump had said as far back as February that a summit could occur within a month. Despite Trump's rosy gloss on the talks on Thursday, US Trade Representative Robert Lighthizer told reporters that major issues were left to be resolved. Both US and Chinese officials have projected cautious optimism for months, but the last mile is proving to be the hardest, with the two sides reportedly tussling over whether and when Washington should remove the punishing tariffs it imposed last year on Chinese goods. Trump in early 2018 launched a trade war with China, seeking to slash that country's soaring trade surplus with the United States, end alleged unfair trade practices such as the theft of American technology and China's massive state intervention in markets. Washington and Beijing since last year have imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows. China has floated offers to make sizable purchases of US commodities and taken steps to show it will protect foreign intellectual property. But Democrats have warned of the temptation to accept a superficial deal that does not extract profound changes to the Chinese industrial policies American officials have long denounced. Trump reiterated Thursday however that, "if it's not a great deal, we're not doing it." Chinese state media later carried a report which said Xi has called for the talks to conclude as soon as possible. "I hope the two sides of the economic and trade teams will continue to resolve both sides' issues of concern in the spirit of mutual respect, equality, and mutual benefit, and finish negotiations on the China-US economic and trade agreement document as soon as possible," Xinhua quoted Liu as saying, as he conveyed a message from Xi to Trump. A tariff compromise? A final sticking point appears to be when and how Washington will agree to lift the steep tariffs it has placed on more than $250 billion in Chinese imports. Last month, Trump said the tariffs would stay in place for "a substantial period," although whether this would apply to both tranches of goods subjected to the new duties was unclear. US officials demand that any agreement have teeth and Lighthizer, the US trade representative, has said tariffs offer crucial leverage should Beijing backslide on its commitments. Gary Clyde Hufbauer, a former US trade official and senior fellow at the Peterson Institute for International Economics, said lifting the tariffs too early could encourage criticism from Democrats that he had gone soft in the negotiations. "The White House response to this drama is to keep the tariffs and only to slowly lower the rate as the Chinese fulfil their commitments," Hufbauer told AFP. "The Chinese strategy is to have them get rid of it," he said. "My guess is that something in between will be in the compromise." Analysts say any agreement is likely to include banner announcements that China has agreed to increase purchases of American commodities like soybeans and fuel. This could perversely serve to give Chinese state enterprises a greater market role while making US exporters more reliant on the Chinese government's purchasing decisions -- both possibly contrary to US objectives and interests. William Reinsch, a trade expert at the Center for Strategic and International Studies and former Commerce Department official for exports, pointed to Beijing's boycott of US soybean exports last year. American producers could struggle to fill major new orders announced by Beijing, he said. "The only way they can buy every bean is if we stop selling to everybody else and that puts us in an enormous position of vulnerability," he said.

Trump gives US-China trade talks another four weeks

Chinese President Xi Jinping has called for the "early conclusion of negotiations" on the text of a trade deal with the United States, state media reported Friday.

The comments, carried by the Xinhua news agency, came as speculation mounted that the two sides were close to finalising an agreement to resolve their nine month-trade war.&nbsp;

The remarks were part of a message conveyed by Chinese vice premier Liu He at a meeting with US President Donald Trump.

"Under the current situation, the healthy and stable development of China-US relations is related to the interests of both Chinese and American people," said Liu, passing on remarks from Xi.

Washington and Beijing since last year has imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows.

Vice Premier and Beijing's trade envoy Liu flew to Washington this week to continue hammering out trade negotiations.

The two sides "reached a new consensus on important issues" in trade agreement documents, said Xinhua's report, citing Liu.

Chinese President Xi Jinping has called for the "early conclusion of negotiations" on the text of a trade deal with the United States, state media reported Friday.

Chinese President Xi Jinping has called for the "early conclusion of negotiations" on the text of a trade deal with the United States, state media reported Friday. The comments, carried by the Xinhua news agency, came as speculation mounted that the two sides were close to finalising an agreement to resolve their nine month-trade war. The remarks were part of a message conveyed by Chinese vice premier Liu He at a meeting with US President Donald Trump. "Under the current situation, the healthy and stable development of China-US relations is related to the interests of both Chinese and American people," said Liu, passing on remarks from Xi. Washington and Beijing since last year has imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows. Vice Premier and Beijing's trade envoy Liu flew to Washington this week to continue hammering out trade negotiations. The two sides "reached a new consensus on important issues" in trade agreement documents, said Xinhua's report, citing Liu.

China's Xi Jinping calls for early conclusion of US trade talks: Report

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95.

Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&amp;M and ITC.

On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent.

The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services.

US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks.

Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion.

"Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next&nbsp; 
week," Nair added.

The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent.

Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent.

Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed.

In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent.

In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. 
On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel.

The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.&nbsp;

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

The BSE Sensex ended 178 points higher Friday led by gains in metal, realty and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks. The 30-share Sensex index jumped 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. Tata Steel was the biggest gainer in the Sensex pack, rising 3.36 per cent, followed by Vedanta, Bajaj Finance, TCS, IndusInd Bank, Infosys, ONGC, Kotak Bank, HDFC Bank, HDFC, M&M and ITC. On the other hand, SBI, PowerGrid, Hero MotoCorp, NTPC, Sun Pharma, HUL, HCL Tech, Yes Bank and Asian Paints were among the top losers, shedding up to 1.46 per cent. The market ended on a positive note with broad-based gains post two days of consolidation supported by favourable global cues on account of progress in US-China trade talks, said Vinod Nair, Head of Research, Geojit Financial Services. US President Donald Trump on Friday said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks. Top Chinese and US officials are meeting in Washington to reach an agreement after the world's two biggest economies imposed tariffs on goods worth more than $360 billion. "Metals and IT index outperformed given improvement in global investor sentiment and dollar strength. Mid and small caps were outperforming on account of relative value buying opportunities compared to large caps. Going ahead, investors focus will be on Q4 results season starting next week," Nair added. The BSE metal, realty, Teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent. Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent. Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed. In Asia, Korea's Kospi inched up 0.14 per cent, Japan's Nikkei climbed 0.38 per cent and Topix gained 0.35 per cent. In Europe, Frankfurt's DAX was down 0.16 per cent, while Paris CAC 40 rose 0.07 per cent, and London's FTSE moved up 0.07 per cent in early deals. On the macro front, the benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel. The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.

Sensex ends 178 points higher, Nifty tops 11,600

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.65 per cent shortly after the markets in China opened, touching its highest level since late August.

The index has risen nearly 3 per cent since Thursday following reports of trade talk progress between the United States and China, as well as reassuring factory activity data from China and the US.

Hopes for a deal to end the trade war between the world's two largest economies were fanned by White House economic adviser Larry Kudlow's comments on Wednesday that Washington expects "to make more headway" in trade talks this week.

The global run of gains has also pushed MSCI's key gauge of global equities to a six-month high. The global index was up 0.2 per cent on Wednesday morning.

Australian shares were up 0.68 per cent, and Japan's Nikkei stock index added 0.76 per cent. Chinese blue-chips were up about 0.2 per cent.

On Tuesday, the Dow Jones Industrial Average fell 0.3 per cent to 26,179.13 points, the S&amp;P 500 was flat and the Nasdaq Composite added 0.25 per cent to 7,848.69.

"After such a strong rise it is no surprise that the risk rally stalled a little," said Greg McKenna, strategist at McKenna Macro.

But after a brief consolidation in risk sentiment, US Treasury yields once again ticked higher.

Benchmark 10-year Treasury notes yielded 2.4991 per cent, up from a US&nbsp;close of 2.479 per cent on Tuesday, and the two-year yield touched 2.3226 per cent compared with a US close of 2.308 per cent.

Oil prices also stood near multi-month highs amid concerns about supply, with Brent crude rising as much as 0.72 per cent to $69.87 per barrel, its highest since November and near the psychologically important level of $70 per barrel.

US West Texas Intermediate (WTI) crude jumped 0.37 per cent to $62.81 a barrel.

News that the United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and the halting of production at a crude terminal in Venezuela threaten to squeeze supply and pushed oil prices up on Tuesday.

In currency markets, the pound was about 0.1 per cent higher at $1.3138, having recovered its footing after British Prime Minister Theresa May said she would seek another delay to Brexit to work out an EU divorce deal with opposition Labour leader Jeremy Corbyn.

The dollar strengthened against the yen to 111.47 and the euro added 0.18 per cent to buy $1.1222.

The dollar index, which tracks the greenback against a basket of six major rivals, eased 0.18 per cent to 97.183.

Gold was slightly lower, with spot gold trading at $1,292.46 per ounce.

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in US-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.65 per cent shortly after the markets in China opened, touching its highest level since late August. The index has risen nearly 3 per cent since Thursday following reports of trade talk progress between the United States and China, as well as reassuring factory activity data from China and the US. Hopes for a deal to end the trade war between the world's two largest economies were fanned by White House economic adviser Larry Kudlow's comments on Wednesday that Washington expects "to make more headway" in trade talks this week. The global run of gains has also pushed MSCI's key gauge of global equities to a six-month high. The global index was up 0.2 per cent on Wednesday morning. Australian shares were up 0.68 per cent, and Japan's Nikkei stock index added 0.76 per cent. Chinese blue-chips were up about 0.2 per cent. On Tuesday, the Dow Jones Industrial Average fell 0.3 per cent to 26,179.13 points, the S&P 500 was flat and the Nasdaq Composite added 0.25 per cent to 7,848.69. "After such a strong rise it is no surprise that the risk rally stalled a little," said Greg McKenna, strategist at McKenna Macro. But after a brief consolidation in risk sentiment, US Treasury yields once again ticked higher. Benchmark 10-year Treasury notes yielded 2.4991 per cent, up from a US close of 2.479 per cent on Tuesday, and the two-year yield touched 2.3226 per cent compared with a US close of 2.308 per cent. Oil prices also stood near multi-month highs amid concerns about supply, with Brent crude rising as much as 0.72 per cent to $69.87 per barrel, its highest since November and near the psychologically important level of $70 per barrel. US West Texas Intermediate (WTI) crude jumped 0.37 per cent to $62.81 a barrel. News that the United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and the halting of production at a crude terminal in Venezuela threaten to squeeze supply and pushed oil prices up on Tuesday. In currency markets, the pound was about 0.1 per cent higher at $1.3138, having recovered its footing after British Prime Minister Theresa May said she would seek another delay to Brexit to work out an EU divorce deal with opposition Labour leader Jeremy Corbyn. The dollar strengthened against the yen to 111.47 and the euro added 0.18 per cent to buy $1.1222. The dollar index, which tracks the greenback against a basket of six major rivals, eased 0.18 per cent to 97.183. Gold was slightly lower, with spot gold trading at $1,292.46 per ounce.

Asian shares near seven-month highs, investors pause for breath

US President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top US and Chinese trade officials wrapped up two days of negotiations in Beijing.

Both sides reported progress in the talks and China also approved majority-owned brokerage joint ventures for US bank JP Morgan Chase and Japan's Nomura, a step toward meeting US demands for more access to China's financial services market.

"The trade deal is going very well," Trump told reporters at his Mar-a-Lago resort in Florida.

"It is a very comprehensive, very detailed enlisting of problems that we've had with China over the years," Trump said of the talks. "And it's going to have to be a great deal. If it's not a great deal, we can't do it."

In an earlier statement, the White House said the two sides "continued to make progress during candid and constructive discussions on the negotiations and important next steps," but did not elaborate on the nature of the progress.

The talks are set to resume next week in Washington with a Chinese delegation led by Vice Premier Liu He.

US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since Trump delayed a scheduled March 2 increase in tariffs on $200 billion worth of Chinese goods.

China's state news agency Xinhua said the two sides discussed "relevant agreement documents" and made new progress in their talks, but did not elaborate in a brief report.

US Senate Finance Committee Chairman Chuck Grassley told in Malvern, Iowa, that he has been told the Trump administration is planning to complete a deal with China by the end of April.

However, Trump administration officials, including White House economic adviser Larry Kudlow, have said the negotiations are "not time-dependent" and could take weeks or even months to complete.

"We’ve made great progress on intellectual property, on trade secrets, on their government not forcing our business to give them our technologies and on currency manipulation, among several other things," Grassley said at a farm event.

But the Iowa Republican, whose state has been hit hard by China's retaliation against US tariffs, added that without an effective enforcement mechanism to hold China to its promises, "none of this other stuff matters."

Trump imposed tariffs on $250 billion of Chinese imports beginning last July in a move to force China to change the way it does business with the rest of the world and to pry open more of its economy to US companies.

Though his blunt-force use of tariffs has angered many, Trump's push to change what are widely viewed as China's market-distorting trade and subsidy practices has drawn broad support.

Lobbyists, company executives and US lawmakers from both parties have urged Trump not to settle simply for Beijing's offers to make big-ticket purchases from the United States to help reduce a record trade gap.

US President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top US and Chinese trade officials wrapped up two days of negotiations in Beijing.

US President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top US and Chinese trade officials wrapped up two days of negotiations in Beijing. Both sides reported progress in the talks and China also approved majority-owned brokerage joint ventures for US bank JP Morgan Chase and Japan's Nomura, a step toward meeting US demands for more access to China's financial services market. "The trade deal is going very well," Trump told reporters at his Mar-a-Lago resort in Florida. "It is a very comprehensive, very detailed enlisting of problems that we've had with China over the years," Trump said of the talks. "And it's going to have to be a great deal. If it's not a great deal, we can't do it." In an earlier statement, the White House said the two sides "continued to make progress during candid and constructive discussions on the negotiations and important next steps," but did not elaborate on the nature of the progress. The talks are set to resume next week in Washington with a Chinese delegation led by Vice Premier Liu He. US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since Trump delayed a scheduled March 2 increase in tariffs on $200 billion worth of Chinese goods. China's state news agency Xinhua said the two sides discussed "relevant agreement documents" and made new progress in their talks, but did not elaborate in a brief report. US Senate Finance Committee Chairman Chuck Grassley told in Malvern, Iowa, that he has been told the Trump administration is planning to complete a deal with China by the end of April. However, Trump administration officials, including White House economic adviser Larry Kudlow, have said the negotiations are "not time-dependent" and could take weeks or even months to complete. "We’ve made great progress on intellectual property, on trade secrets, on their government not forcing our business to give them our technologies and on currency manipulation, among several other things," Grassley said at a farm event. But the Iowa Republican, whose state has been hit hard by China's retaliation against US tariffs, added that without an effective enforcement mechanism to hold China to its promises, "none of this other stuff matters." Trump imposed tariffs on $250 billion of Chinese imports beginning last July in a move to force China to change the way it does business with the rest of the world and to pry open more of its economy to US companies. Though his blunt-force use of tariffs has angered many, Trump's push to change what are widely viewed as China's market-distorting trade and subsidy practices has drawn broad support. Lobbyists, company executives and US lawmakers from both parties have urged Trump not to settle simply for Beijing's offers to make big-ticket purchases from the United States to help reduce a record trade gap.

US, China report progress in Beijing trade talks

Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks although there is much work left to be done to reach a deal, White House trade adviser Clete Willems said on Friday.

"We're talking to them (Chinese officials) every day, but no one's got any trip plans," Willems told reporters on the sidelines of a Georgetown Law School event. When asked about the prospect for future face-to-face meetings, he said: "Maybe. But there are no plans right now."

The governments of the world's two largest economies have been locked in a tit-for-tat tariff battle for months as Washington presses Beijing to address long-standing concerns over Chinese practices and policies around industrial subsidies, technology transfers, market access and intellectual property rights.

Advances in talks drove the White House to indefinitely delay hikes in tariffs on $200 billion worth of Chinese imports that were set to kick in on March 2.

Willems said the two countries had made progress in talks but that there was still much more to be done. He declined to say whether Trump would set a new tariff deadline should the talks stall.

Members of Congress and the business community have expressed concerns that Trump is so eager for a deal ahead of presidential elections next year that he may accept an agreement that falls short of addressing key structural issues.

Willems pushed back against such concerns, saying the notion that Trump will settle for a "bad deal" is "totally inaccurate."

US Ambassador to China Terry Branstad told The Wall Street Journal on Friday that Washington and Beijing have yet to set a date for Trump to meet with Chinese President Xi Jinping - a sign that neither side sees a deal as imminent.

"Both sides agree that there has to be significant progress, meaning a feeling that they're very close before that happens," Branstad told the newspaper in Beijing. "We’re not there yet. But we’re closer than we’ve been for a very long time."

One complicating factor has been Xi's plans to visit Europe after a meeting of the National People's Congress ends next week.

The Journal, citing people familiar with China's thinking, also reported that after Trump's failed meeting with North Korean leader Kim Jong Un last month, Beijing officials won't commit to a summit until they are sure of a deal.

Chinese officials were surprised Trump walked away from denuclearisation talks with Kim and do not want the same thing to happen to Xi, the newspaper said. For the Chinese, any summit would basically be a signing ceremony, it said.

Larry Kudlow, the top White House economic adviser, gave Fox Business Network an optimistic view of the progress so far.

"It is historic, it is written down, it was agreed to by the Chinese who were here two weeks ago, but it has to pass through the political filter of President Xi and the politburo," Kudlow said. "Perhaps a meeting of the leaders later this month or in April. Perhaps."

Kudlow said the emerging deal would provide "an end to the theft of intellectual property" through forced technology transfers and hacking of computer networks.

"We will get substantially lower tariffs, or maybe an end to tariffs on cars, commodities, agriculture, industrial supplies. We will get an enforcement procedure," he said.

"If the deal doesn't work for the United States, and our long-term interests, whether it's technology, IP, theft, enforcement, commodities, tariffs ... then it’s not our deal."

Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks although there is much work left to be done to reach a deal, White House trade adviser Clete Willems said on Friday.

Trump administration officials have not made any new plans to send a team to China for face-to-face trade talks although there is much work left to be done to reach a deal, White House trade adviser Clete Willems said on Friday. "We're talking to them (Chinese officials) every day, but no one's got any trip plans," Willems told reporters on the sidelines of a Georgetown Law School event. When asked about the prospect for future face-to-face meetings, he said: "Maybe. But there are no plans right now." The governments of the world's two largest economies have been locked in a tit-for-tat tariff battle for months as Washington presses Beijing to address long-standing concerns over Chinese practices and policies around industrial subsidies, technology transfers, market access and intellectual property rights. Advances in talks drove the White House to indefinitely delay hikes in tariffs on $200 billion worth of Chinese imports that were set to kick in on March 2. Willems said the two countries had made progress in talks but that there was still much more to be done. He declined to say whether Trump would set a new tariff deadline should the talks stall. Members of Congress and the business community have expressed concerns that Trump is so eager for a deal ahead of presidential elections next year that he may accept an agreement that falls short of addressing key structural issues. Willems pushed back against such concerns, saying the notion that Trump will settle for a "bad deal" is "totally inaccurate." US Ambassador to China Terry Branstad told The Wall Street Journal on Friday that Washington and Beijing have yet to set a date for Trump to meet with Chinese President Xi Jinping - a sign that neither side sees a deal as imminent. "Both sides agree that there has to be significant progress, meaning a feeling that they're very close before that happens," Branstad told the newspaper in Beijing. "We’re not there yet. But we’re closer than we’ve been for a very long time." One complicating factor has been Xi's plans to visit Europe after a meeting of the National People's Congress ends next week. The Journal, citing people familiar with China's thinking, also reported that after Trump's failed meeting with North Korean leader Kim Jong Un last month, Beijing officials won't commit to a summit until they are sure of a deal. Chinese officials were surprised Trump walked away from denuclearisation talks with Kim and do not want the same thing to happen to Xi, the newspaper said. For the Chinese, any summit would basically be a signing ceremony, it said. Larry Kudlow, the top White House economic adviser, gave Fox Business Network an optimistic view of the progress so far. "It is historic, it is written down, it was agreed to by the Chinese who were here two weeks ago, but it has to pass through the political filter of President Xi and the politburo," Kudlow said. "Perhaps a meeting of the leaders later this month or in April. Perhaps." Kudlow said the emerging deal would provide "an end to the theft of intellectual property" through forced technology transfers and hacking of computer networks. "We will get substantially lower tariffs, or maybe an end to tariffs on cars, commodities, agriculture, industrial supplies. We will get an enforcement procedure," he said. "If the deal doesn't work for the United States, and our long-term interests, whether it's technology, IP, theft, enforcement, commodities, tariffs ... then it’s not our deal."

Trump team has no plan to go to China for trade talks: Official

US-China trade talks have been "very difficult and taxing" and negotiators still have "lots left to do", but breakthroughs have been made in some areas, China's commerce minister said Tuesday.

The comments as President Donald Trump has voiced confidence that he could soon sign a deal with President Xi Jinping to end a trade war that led to bruising tit-for-tat tariffs on goods from each country.

Recounting top economic official Liu He's recent trip to Washington for trade talks, commerce minister Zhong Shan said the "negotiation process was very difficult and taxing".

The content under discussion was very hard, Zhong stressed, "requiring our team to work overtime, day and night".

"Two days of negotiations had been agreed to, and then two days were added, and this was still very tense," Zhong told reporters on the sidelines of the opening session of the National People's Congress.

"The bilateral talks have been highly effective -- through 90 days of talks the two sides have achieved step by step, important results and breakthroughs in some areas," he said.

"Right now both teams are still negotiating because there is still lots left to do," Zhong said.

To reach an agreement "both sides need to walk towards each other and work hard together", he said.

The head of the China Banking Regulatory Commission said substantial breakthroughs had been reached in six areas, including technology transfer, intellectual property protection, non-tariff barriers, agricultural, services and exchange rates, according to local news site The Paper.&nbsp;

"This progress is substantial. I think it will be further expanded. There is no doubt about it," banking regulator Guo Shuqing said, according to The Paper.

Trump has for years railed against China's unfair trade practices, singling his ire on what he calls deliberate devaluation of its currency, the renminbi, also called the yuan.

"Some officials of the US government, including President Trump, accuse China of manipulating the exchange rate and promoting the devaluation of the renminbi to gain a competitive advantage," said Guo.

"There is no such thing, and everyone knows this," Guo said, adding it would be easier to reach a consensus on the exchange rate in future negotiations.

"It is certain that in the opening of the financial sector, China and the US are fully capable of reaching an agreement," he said.

US-China trade talks have been "very difficult and taxing" and negotiators still have "lots left to do", but breakthroughs have been made in some areas, China's commerce minister said Tuesday.

US-China trade talks have been "very difficult and taxing" and negotiators still have "lots left to do", but breakthroughs have been made in some areas, China's commerce minister said Tuesday. The comments as President Donald Trump has voiced confidence that he could soon sign a deal with President Xi Jinping to end a trade war that led to bruising tit-for-tat tariffs on goods from each country. Recounting top economic official Liu He's recent trip to Washington for trade talks, commerce minister Zhong Shan said the "negotiation process was very difficult and taxing". The content under discussion was very hard, Zhong stressed, "requiring our team to work overtime, day and night". "Two days of negotiations had been agreed to, and then two days were added, and this was still very tense," Zhong told reporters on the sidelines of the opening session of the National People's Congress. "The bilateral talks have been highly effective -- through 90 days of talks the two sides have achieved step by step, important results and breakthroughs in some areas," he said. "Right now both teams are still negotiating because there is still lots left to do," Zhong said. To reach an agreement "both sides need to walk towards each other and work hard together", he said. The head of the China Banking Regulatory Commission said substantial breakthroughs had been reached in six areas, including technology transfer, intellectual property protection, non-tariff barriers, agricultural, services and exchange rates, according to local news site The Paper. "This progress is substantial. I think it will be further expanded. There is no doubt about it," banking regulator Guo Shuqing said, according to The Paper. Trump has for years railed against China's unfair trade practices, singling his ire on what he calls deliberate devaluation of its currency, the renminbi, also called the yuan. "Some officials of the US government, including President Trump, accuse China of manipulating the exchange rate and promoting the devaluation of the renminbi to gain a competitive advantage," said Guo. "There is no such thing, and everyone knows this," Guo said, adding it would be easier to reach a consensus on the exchange rate in future negotiations. "It is certain that in the opening of the financial sector, China and the US are fully capable of reaching an agreement," he said.

Teams are still negotiating because there is still lots left to do in US trade talks: China

With eight days left in their trade truce, the top US and Chinese officials on Thursday returned to the daunting task of bridging a chasm between the world's two largest economies.

US President Donald <a href="http://www.wionews.com/world/trump-says-us-china-trade-talks-going-very-well-198402">Trump has repeatedly claimed the talks with Beijing are going "very well,"</a> but concrete signs of progress have not been apparent in the three months since the two sides agreed to pause their trade war.

China's Commerce Ministry said Thursday the two sides would "go a step further in deepening their communication."

But analysts say the distance separating Washington and Beijing and the short time remaining before the March 1 deadline make it likely the outcome will feature banner announcements but fall short of Trump's most far-reaching goals.

"I think the consensus of people that have been following this thing is that they're not making nearly as much progress as the president tweets that they've been making," said William Reinsch, a former US trade official now at the Center for Strategic and International Studies.

Chinese trade envoy Liu He is leading Beijing's delegation in meetings with US Trade Representative Robert Lighthizer and other American officials Thursday and Friday as they work to head off an escalation of US tariffs.

This fourth round of negotiations follows two days of preliminary talks at the deputy level.

Trump this week said a March 1 deadline to reach a deal was in fact "not a magical date," raising hopes that he could delay the plan to more than double US duties on $200 billion in Chinese goods.

Since July, Washington and Beijing have hit each other with tariffs on more than $360 billion in two-way trade, weighing on the manufacturing sectors in both countries.

Washington has demanded that Beijing reverse much of its industrial policy, charging that China has sought global dominance through the alleged theft of American technology, massive subsidies and the promotion of mammoth state-owned enterprises.

US officials have stressed that any agreement must have teeth to ensure that China keeps its promises.&nbsp;

When Trump can claim 'victory!'

But demands for structural changes to China's economy likely will be far harder to resolve than complaints about the soaring US-China trade imbalance, which has hit record heights since Trump took office.

Trump has said the ultimate bargain will be struck at a meeting with China's President Xi Jinping.

Reinsch told AFP the two sides were likely to strike some kind of deal.

"I'm sure they'll come up with something that will be more than cosmetic but less than we're asking," he said.

"It'll probably in the area of intellectual property theft and more open investment in China because they're the things that benefit them as well as benefit us."

But other changes -- such as subjecting China's state-owned enterprises to free-market principles -- could weaken the communist party's hold on power, making Chinese officials very reluctant to budge, he added.

Meanwhile, China's economy has begun slowing sharply as well, eroding prospects for global growth this year. Japan reported Tuesday that China-bound exports had dived 17.4 percent last month, the biggest drop in three years as demand there tumbled.

Gary Clyde Hufbauer, a former US trade official now at the Peterson Institute for International Economics, said he expected China to make a mega-bucks offer to buy more American exports -- and possibly even unilaterally remove tariffs on US goods.

"I'm thinking there'll be an eye-catching announcement as to how much China will buy in the next year or so that will enable Trump to say 'victory! victory!'" he told AFP.

But should the agreement fail to hold -- causing Washington to resume imposing tariffs while accusing Beijing of backsliding -- that could pose prove embarrassing for the Americans, he said.

With eight days left in their trade truce, the top US and Chinese officials on Thursday returned to the daunting task of bridging a chasm between the world's two largest economies.

With eight days left in their trade truce, the top US and Chinese officials on Thursday returned to the daunting task of bridging a chasm between the world's two largest economies. US President Donald Trump has repeatedly claimed the talks with Beijing are going "very well," but concrete signs of progress have not been apparent in the three months since the two sides agreed to pause their trade war. China's Commerce Ministry said Thursday the two sides would "go a step further in deepening their communication." But analysts say the distance separating Washington and Beijing and the short time remaining before the March 1 deadline make it likely the outcome will feature banner announcements but fall short of Trump's most far-reaching goals. "I think the consensus of people that have been following this thing is that they're not making nearly as much progress as the president tweets that they've been making," said William Reinsch, a former US trade official now at the Center for Strategic and International Studies. Chinese trade envoy Liu He is leading Beijing's delegation in meetings with US Trade Representative Robert Lighthizer and other American officials Thursday and Friday as they work to head off an escalation of US tariffs. This fourth round of negotiations follows two days of preliminary talks at the deputy level. Trump this week said a March 1 deadline to reach a deal was in fact "not a magical date," raising hopes that he could delay the plan to more than double US duties on $200 billion in Chinese goods. Since July, Washington and Beijing have hit each other with tariffs on more than $360 billion in two-way trade, weighing on the manufacturing sectors in both countries. Washington has demanded that Beijing reverse much of its industrial policy, charging that China has sought global dominance through the alleged theft of American technology, massive subsidies and the promotion of mammoth state-owned enterprises. US officials have stressed that any agreement must have teeth to ensure that China keeps its promises. When Trump can claim 'victory!' But demands for structural changes to China's economy likely will be far harder to resolve than complaints about the soaring US-China trade imbalance, which has hit record heights since Trump took office. Trump has said the ultimate bargain will be struck at a meeting with China's President Xi Jinping. Reinsch told AFP the two sides were likely to strike some kind of deal. "I'm sure they'll come up with something that will be more than cosmetic but less than we're asking," he said. "It'll probably in the area of intellectual property theft and more open investment in China because they're the things that benefit them as well as benefit us." But other changes -- such as subjecting China's state-owned enterprises to free-market principles -- could weaken the communist party's hold on power, making Chinese officials very reluctant to budge, he added. Meanwhile, China's economy has begun slowing sharply as well, eroding prospects for global growth this year. Japan reported Tuesday that China-bound exports had dived 17.4 percent last month, the biggest drop in three years as demand there tumbled. Gary Clyde Hufbauer, a former US trade official now at the Peterson Institute for International Economics, said he expected China to make a mega-bucks offer to buy more American exports -- and possibly even unilaterally remove tariffs on US goods. "I'm thinking there'll be an eye-catching announcement as to how much China will buy in the next year or so that will enable Trump to say 'victory! victory!'" he told AFP. But should the agreement fail to hold -- causing Washington to resume imposing tariffs while accusing Beijing of backsliding -- that could pose prove embarrassing for the Americans, he said.

With eight days left in US-China trade truce, high-level talks between officials resume

<a href="http://www.wionews.com/world/coalition-of-us-states-sue-trump-administration-in-showdown-over-border-wall-funds-198324">President Donald Trump</a> said Tuesday that trade talks with China are complex but are "going very well" and again indicated the March 1 deadline for raising tariffs could be extended.

Officials on Tuesday resumed the high-stakes negotiations aimed at ending a damaging tariff war between the economic superpowers.

"I think the talks are going very well," Trump said on the sidelines of an event at the White House. But he called the discussions "very complex."

After the third round of talks ended Friday in Beijing with no deal, Trump suggested he could extend a March 1 truce deadline for an agreement to be reached.&nbsp;

If he does not extend the timeframe, the US is set to more than double punitive import tariffs on $200 billion in Chinese goods.

"I can't tell you exactly about timing. The date is not a magical date because a lot of things are happening," Trump told reporters. "We’ll see what happens."

That comment cheered investors and sent US stock prices higher, boosting confidence that the sides will avoid worsening the conflict. Markets in London, Frankfurt and Tokyo also gained ground.

Senior officials were due to hold another round of talks on Thursday and Friday but deputy level meetings got underway Tuesday.

On Friday, Trump had reiterated he might be willing to hold off on increasing tariffs to 25 per cent from the current 10 per cent on March 1 on $200 billion in Chinese goods if Washington and Beijing were close to finalizing an agreement to deal with US allegations of unfair trade and theft of American technology.

American officials accuse Beijing of seeking global industrial dominance through an array of unfair trade practices, including the alleged theft of American intellectual property, and Washington has demanded a reduction in the US trade deficit with China.

Structural changes needed&nbsp; 
The talks are aimed at "achieving needed structural changes in China that affect trade between the United States and China," the White House said Monday.

Bloomberg reported Tuesday that the White House also is seeking a commitment from China to keep its currency from depreciating against the US dollar, which would counteract the impact of the tariffs.

Citing two people familiar with the negotiations, the report said the currency issue has been discussed multiple times and the United States could use even higher tariffs to respond to a weakening of the yuan.

Robin Brooks, chief economist at the Institute for International Finance, a global banking organization, said the six per cent decline of the yuan -- also known as the renminbi or RMB -- against the dollar counteracted the impact of the two rounds of US tariffs on a total of $250 billion in Chinese goods.

Brooks told AFP that "the RMB is still undervalued significantly."&nbsp;

However, the currency has recovered since the low point of October 31, which indicates markets are expecting an agreement that would roll back the tariffs significantly -- a view he called "too optimistic."

Beijing and Washington have imposed duties on more than $360 billion in two-way trade, which is weighing on their manufacturing sectors and has shaken global financial markets.&nbsp;

Brooks said Chinese companies also have cut prices to try to prevent sales to the United States from eroding too far, which is hurting their bottom line and means China is paying an economic price for the tariff war.

Since the December detente, China has resumed purchases of some US soybeans and dangled massive buying of American commodities to get US trade negotiators closer to a deal.

US Trade Representative Robert Lighthizer will lead the American delegation, which includes Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, economic policy adviser Larry Kudlow and trade adviser Peter Navarro, the White House said in a statement.

"The two sides will also discuss China's pledge to purchase a substantial amount of goods and services from the United States."

China's Commerce Ministry said its delegation will be led by Vice Premier Liu He, who is Beijing's top trade negotiator and key aide to President Xi Jinping, who agreed to a trade war truce with Trump at a meeting in Buenos Aires in December.

"We hope China and the US will both work hard together to implement the important consensus reached by our two heads of state in Argentina, get down to work and walk together in the same direction towards a mutually acceptable and mutually beneficial agreement," Foreign Ministry spokesman Geng Shuang told reporters on Tuesday.

President Donald Trump said Tuesday that trade talks with China are complex but are "going very well" and again indicated the March 1 deadline for raising tariffs could be extended.

President Donald Trump said Tuesday that trade talks with China are complex but are "going very well" and again indicated the March 1 deadline for raising tariffs could be extended. Officials on Tuesday resumed the high-stakes negotiations aimed at ending a damaging tariff war between the economic superpowers. "I think the talks are going very well," Trump said on the sidelines of an event at the White House. But he called the discussions "very complex." After the third round of talks ended Friday in Beijing with no deal, Trump suggested he could extend a March 1 truce deadline for an agreement to be reached. If he does not extend the timeframe, the US is set to more than double punitive import tariffs on $200 billion in Chinese goods. "I can't tell you exactly about timing. The date is not a magical date because a lot of things are happening," Trump told reporters. "We’ll see what happens." That comment cheered investors and sent US stock prices higher, boosting confidence that the sides will avoid worsening the conflict. Markets in London, Frankfurt and Tokyo also gained ground. Senior officials were due to hold another round of talks on Thursday and Friday but deputy level meetings got underway Tuesday. On Friday, Trump had reiterated he might be willing to hold off on increasing tariffs to 25 per cent from the current 10 per cent on March 1 on $200 billion in Chinese goods if Washington and Beijing were close to finalizing an agreement to deal with US allegations of unfair trade and theft of American technology. American officials accuse Beijing of seeking global industrial dominance through an array of unfair trade practices, including the alleged theft of American intellectual property, and Washington has demanded a reduction in the US trade deficit with China. Structural changes needed The talks are aimed at "achieving needed structural changes in China that affect trade between the United States and China," the White House said Monday. Bloomberg reported Tuesday that the White House also is seeking a commitment from China to keep its currency from depreciating against the US dollar, which would counteract the impact of the tariffs. Citing two people familiar with the negotiations, the report said the currency issue has been discussed multiple times and the United States could use even higher tariffs to respond to a weakening of the yuan. Robin Brooks, chief economist at the Institute for International Finance, a global banking organization, said the six per cent decline of the yuan -- also known as the renminbi or RMB -- against the dollar counteracted the impact of the two rounds of US tariffs on a total of $250 billion in Chinese goods. Brooks told AFP that "the RMB is still undervalued significantly." However, the currency has recovered since the low point of October 31, which indicates markets are expecting an agreement that would roll back the tariffs significantly -- a view he called "too optimistic." Beijing and Washington have imposed duties on more than $360 billion in two-way trade, which is weighing on their manufacturing sectors and has shaken global financial markets. Brooks said Chinese companies also have cut prices to try to prevent sales to the United States from eroding too far, which is hurting their bottom line and means China is paying an economic price for the tariff war. Since the December detente, China has resumed purchases of some US soybeans and dangled massive buying of American commodities to get US trade negotiators closer to a deal. US Trade Representative Robert Lighthizer will lead the American delegation, which includes Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, economic policy adviser Larry Kudlow and trade adviser Peter Navarro, the White House said in a statement. "The two sides will also discuss China's pledge to purchase a substantial amount of goods and services from the United States." China's Commerce Ministry said its delegation will be led by Vice Premier Liu He, who is Beijing's top trade negotiator and key aide to President Xi Jinping, who agreed to a trade war truce with Trump at a meeting in Buenos Aires in December. "We hope China and the US will both work hard together to implement the important consensus reached by our two heads of state in Argentina, get down to work and walk together in the same direction towards a mutually acceptable and mutually beneficial agreement," Foreign Ministry spokesman Geng Shuang told reporters on Tuesday.

Trump says US-China trade talks 'going very well'