China-US trade talks have laid foundation for a deal, ministry says

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The editor of a state-run Chinese newspaper said in a social media post he expected China and the United States to release statements early on Thursday.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran. But aside from some soybean purchases, there has been little sign of big-ticket acquisitions. Trump said on Twitter, but gave no further information. "We hope your company can become an in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations".

People familiar with the U.S. Over the past two days, talks have been under way between the U.S. and China to find a way to end the conflict. -China relationship for years.

In what was widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of USA grains as farmers decide which crops to plant in the spring. While signals from the latest round of talks were upbeat, if a deal is not reached by March 1, the USA side may follow through on raising tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent.

A senior Chinese official said Beijing plans to introduce policies to boost domestic spending on items such as autos and home appliances this year.

United States officials have long complained that China has failed to live up to trade promises, often citing Beijing's pledges to resume imports of American beef that took more than a decade to implement.

The paper said in an editorial that Beijing's stance remained firm that the dispute harms both countries and disrupts the worldwide trade order and supply chains. It said US negotiators would await "guidance on the next steps" after reporting back to Washington.

While Beijing could take "easy steps" like importing soybeans, cotton and liquefied natural gas from the United States, there would be greater difficulties on the technology front, including China proving its commitment to intellectual property rights with penalties on violators and addressing U.S. restrictions on China's electronic components, Pang said.

The US Trade Representative's office said officials broached those topics and discussed the need for any agreement to include "complete implementation subject to ongoing verification and effective enforcement".

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"We're optimistic", White House press secretary Sarah Huckabee Sanders told the Fox Business Network, adding "we expect that something will come of this".

A separate geopolitical issue angered China on Monday when a US Navy guided-missile destroyer sailed near disputed islands in the South China Sea - a vast expanse claimed by Beijing.

The current trade round coincided with an unannounced visit from North Korean leader Kim Jong Un, who arrived in Beijing on Tuesday for talks with Xi, ahead of a possible second meeting between Kim and Trump. -China trade dispute. Apple Inc (AAPL.O) rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

Asked about his presence on Tuesday, Lu from the foreign ministry said it wasn't surprising for Liu to be there.

US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.

And the US says China has agreed to buy substantially more American goods.

Negotiators appeared to make more progress on areas such as plans by China to step up purchases of American exports, while giving U.S. companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation. Economists say the 90-day postponement of additional tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling U.S.

"Removal of these tariffs must be a priority, to address the damage that has been done to American companies that depend on trade with China, and to the US economy as a whole", the group said.