Russia-China trade turnover hits record $100 billion

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As the scheduled trade talks extend to a third day, speculations are rife over China's intentions on coming down to an agreeable trade deal with the Trump administration.

Talks between the US and China on ending their tariff war were ending their second day Tuesday without word on whether they've made any progress, as an official newspaper warned not to push Beijing too hard.

Yoon Jung-min has this report.

China and the United States made progress on "structural issues" such as forced technology transfers and intellectual property rights in talks this week and more consultations are being arranged, China's commerce ministry said on Thursday.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology. It's a tight window in which to nail down deep changes to China's economic model, some of which past US administrations advocated for years and USA lawmakers on both sides of the aisle support.

Nevertheless, it sent a message that the U.S. needs China's assistance on North Korea which could be in jeopardy if Washington keeps pressing on trade.

Officials also stressed the necessity that any trade deal with Beijing would require "ongoing verification and effective enforcement", according to a readout released by the office of the US Trade Representative.

Yoon Jung-min, Arirang News.

Chinese exports to the U.S. have held up despite tariff increases, partly due to exporters rushing to fill orders before more increases hit.

The Chinese commerce ministry merely said the talks had been "detailed and extensive" and that a foundation had been laid for resolution of each other's concerns.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month. Even if a deal is reached by the end of next month, it will only be a temporary truce as it is China's emergence as the world's second largest economy, not its so-called unfair economic practices, that lies at the core of Washington's bitter opposition.

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric auto brand Tesla Inc. "Progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes", the U.S. Buying had slumped after China imposed a 25% import duty on United States shipments of oilseed on July 6 in response to United States tariffs.

The American delegation is led by a deputy US trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials. Trump has complained repeatedly about the USA trade deficit with China, which a year ago likely exceeded the 2017 gap of $336 billion.

Shares extended gains in Asia on hopes for progress in resolving the tariffs battle between the USA and China as talks appeared to have been extended in Beijing.

As Hu Xijin, the editor-in-chief of China's Global Times newspaper, noted on Twitter, trade issues were addressed "most smoothly". "The view, once commonly heard in Beijing, that it could outlast America in a grinding tariff battle has given way to the realisation that, as the country with the huge trade surplus, China has more to lose upfront".

But on January 10, China's state-run media provided a hint that the regime could be ready to concede to US demands.

She added that the Trump administration's complaint that China is stealing USA intellectual property is "top of mind" in the negotiations with Beijing.