Crude oil rises back to $60 per barrel

Apple’s share price has dropped on China’s weakening economy

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled worldwide markets.

Asian markets rose on increasing optimism that the two sides would be able to hammer out a deal ahead of a March deadline and avert further import tariff hikes.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

But a USA government official told AFP on condition of anonymity that "the trade talks have continued today (Wednesday)", without providing more information.

US President Donald Trump and Chinese President Xi Jinping in December agreed to put on hold a spiraling trade dispute of tit-for-tat import tariffs on hundreds of billions worth of goods.

Increased purchases by China of United States soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring USA technology to Chinese firms.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges she misled multinational banks about her company's business dealings in Iran.

"We have made stern complaints with the U.S.", Lu said.

The two delegations were led by U.S. deputy trade representative Jeffrey Gerrish and China's vice-minister of commerce Wang Shouwen.

United States companies also want action on Chinese policies they complain improperly favor local companies.

"If it's a good outcome, it doesn't just benefit the United States and China, but it is also good news for the world economy", said foreign ministry spokesman Lu Kang.

Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence.

The negotiations appeared to have been making progress on areas such as China stepping up purchases of American exports and giving U.S. companies greater access to its market in order to build confidence between the two sides after months of bitter confrontation.

"There is further upside to come in prices, as we see more evidence coming through that members of OPEC+ are complying with their new production cut", said Warren Patterson, senior commodities strategist at ING Bank NV.

They've also promised to allow more foreign access to its auto, finance and other industries.

Chinese growth fell to a post-global crisis low of 6.5 per cent in the quarter ending in September.

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

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

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

Related:

Comments

Latest news

Trump demands funding to end border 'crisis' in US TV address
In a country where 80 percent of people are living paycheck to paycheck , every day could spell catastrophe. The number of illegal border crossings is down from 1.6 million in 2000 to fewer than 400,000 past year .

Kevin Hart definitively states: 'No, I'm not hosting the Oscars this year'
Hart's apology is what ruffled people's feathers in the first place with many asking if the popular comedian is really honest . "I want everybody to know I'm done with it", Hart told Michael Strahan . "There's no more conversation about it".

Trump pleads on TV for wall money; Dems say he ‘stokes fear'
They spoke moments after Trump warned of a "growing humanitarian and security crisis" at the border with Mexico. But he says having failed, Trump is now "unable to convince Congress or the American people to foot the bill".

Acer's Predator Triton gaming laptops step up a level
As a bonus, it has a built-in Xbox controller receiver and a Waves NX head tracking module for impeccable 3D audio. The Predator Triton 500 will be available on February 15 followed by the Predator Triton 900 on March 15.

Flu Activity Widespread Across United States, CDC Says
Cadieux noted that flu season peaked early this year in Alberta, but has yet to peak in Ottawa. The child, from the central region of the state, died in late December.

Other news