Trade meetings in China wrapping up, hopes of a deal build

By PoliticsFOXBusiness

Trade tensions taking a toll on China?

Former Canadian Ambassador to China David Mulroney on U.S. trade tensions with China.

The U.S. trade delegation that met with Chinese officials in Beijing, will return to the United States later on Wednesday after what a U.S. official called a "good few days."

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Asian stocks markets jumped after the talks were extended for an unscheduled third day, fueling optimism that the world's largest economies can strike a trade deal and avoid disrupting the global economy, according to Reuters.

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This week's meetings are the first face-to-face talks since President Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.

Originally scheduled for Monday and Tuesday, the negotiations were extended by a day amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China's markets.

However, people familiar with the talks told Reuters on Tuesday that the two sides were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of U.S. technology, and on how Beijing will be held to its promises.

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Trump has said he will proceed with raising tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports, if no deal is reached by March 2.

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

On Monday, Chinese importers made another large purchase of U.S. soybeans, their third in the past month.