Oil rises one per cent on US, China trade talk optimism

US and China wrap up trade talks in Beijing. What happens next?

China-US trade talks conclude, results to be released soon

The Chinese Ministry of Commerce issued a statement saying the two sides had "detailed exchanges" and would "maintain close contact" but gave no details.

"Crude continues to extend gains as early reports from Beijing, regarding trade negotiations, are fuelling optimism around successful trade talks between the U.S. and China, " said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

The second day of trade negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un for talks with Xi in Beijing, amid speculation of a second meeting between Kim and Trump.

A clutch of Fed officials said on Wednesday they will wait to deliver more interest rate hikes so the central bank can further assess growing risks to an otherwise solid USA economic outlook.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

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North's Korean Central News Agency said Mr Kim departed on Monday afternoon with his wife Ri Sol Ju and other top officials. US Commerce Secretary Wilbur Ross said Monday that China's economy was more vulnerable to the fallout from the trade war.

But if the countries fail to reach a deal by March 2, Trump has threatened to restart the trade war, increasing tariffs on 200 billion dollars-worth of Chinese imports from ten to twenty-five percent. "I don't know the timing and exactly what that will look like, but what I can be sure of is that we are moving towards a more balanced and reciprocal trade agreement with China".

"Amid high hopes that world's two large economies will reach an agreement in the trade talks, stocks in Europe saw large gains on Wednesday". The next round of talks is likely to take place in Washington between Lighthizer, who was appointed by Trump to lead the negotiations, and Chinese Vice Premier Liu He, President Xi's chief economic adviser.

Also Tuesday, North Korean leader Kim Jong-un arrived in Beijing in a possible effort to co-ordinate with the North's only major ally ahead of a possible meeting with Trump. Liu led a previous round of talks in Washington past year that ended in failure, and he's expected to meet chief US negotiator Robert Lighthizer later this month.

United States officials visited Beijing from Monday to Wednesday for the first sit-down talks since President Donald Trump and Chinese leader Xi Jinping agreed on Dec 1 to a three-month truce in the escalating trade spat.

The United States will decide on the next steps after officials report back to Washington, USTR said.

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The US released a statement on the meetings, alluding to at least one potential concrete commitment on the part of China.

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

But they extended past their deadline, which the Chinese Foreign Ministry said signified that both sides were "very serious about these negotiations".

Still, the US statement said the negotiations dealt with the need for any deal with China to be "subject to ongoing verification and effective enforcement" - a comment that reflects USA frustration that the Chinese have failed to live up to past commitments. The Russell 2000 index of smaller and US -focused stocks added 12.25 points, or 0.9 percent, to 1,438.81. Trump and his officials have repeatedly accused Beijing of the "theft" of American intellectual property and of forcing U.S. corporations to transfer technology to their Chinese partners as the price of doing business in China. Forecasters expect American orders to slump this year. USA officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that 'the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?'

Chinese officials complain about controls on "dual use" technology with possible military applications.

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The temporary trade war ceasefire came after the two sides imposed import duties on more than $300 billion in two-way trade. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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