China is keen to put an end to its trade dispute with the United States but will not make any "unreasonable concessions", and any agreement must involve compromise on both sides, state newspaper the China Daily said on Wednesday (Jan 9).
Mr Ted McKinney, US under secretary of agriculture for trade and foreign agricultural affairs, said the US trade delegation is "wrapping up" meetings with Chinese officials and will return to the US later on Wednesday after a "good few days".
The S&P 500 Index has fallen about 8 per cent since Trump and Chinese President Xi Jinping agreed on a 90-day truce at a December 1 meeting in Argentina.
In public statements aides like Wilbur Ross, the commerce secretary, and Peter Navarro, a White House trade adviser, have played down the impact of the trade wars on markets, the USA economy and companies.
It is unclear if Beijing will yield to key USA demands over trade imbalances, market access, and more protection for intellectual property. The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods.
Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the US agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.
USA and Chinese officials met Monday in the Commerce Ministry in Beijing to begin their two-day trade negotiations.
Frustrated passengers take to social media to blast Heathrow drone chaos
Heathrow wants to accommodate an extra 25,000 flights per year ahead of the planned opening of a new runway at the airport. On Tuesday, the Government announced a package of measures created to give police extra powers to combat drones .
Vice commerce minister Wang Shouwen heads the vice ministerial level talks for China, though Vice Premier Liu He, a top economic adviser to Xi, made an appearance at a meeting on Monday.
"On whether this operation will affect the ongoing trade talks between the two sides, I believe proper resolution of trade disputes is conducive to the world. China's development has ample tenacity and huge potential", Lu said.
Six months after Trump first slapped tariffs on Chinese goods, signs are growing that the trade war is exacting an economic and financial cost, increasing the incentive for both sides to end the conflict.
Liu's appearance at the talks is a "symbol of Xi's personal buy-in" in the effort to reach a deal, said Leland Miller, chief executive officer of China Beige Book, a data-analytics firm that surveys companies across the Chinese economy.
Reports that China is planning fresh measures to boost domestic consumption have sent shares in large Chinese carmakers and appliance manufacturers higher, though details are scarce.
U.S. Navy Destroyer, the USS McCampbell, conducted a freedom of Navigation operation (FONOP) in the South China Sea on Monday, Jan. 7, which quickly drew an angry response from Beijing.
"The US vessel violated Chinese laws and relevant worldwide laws, infringed upon China's sovereignty, and undermined peace, security and order of the relevant waters". That meeting would likely include a senior Chinese government official along with trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.