Trade meetings in China wrapping up, hopes of a deal build

The USS Decatur sailing through the South China Sea in 2016

The USS Decatur sailing through the South China Sea in 2016

"It certainly has hurt the Chinese economy", Ross told CNBC, noting that China exports many more goods to the United States than the other way around.

The U.S. trade delegation includes Deputy U.S. Trade Representative Ambassador Jeffrey Gerrish, USTR Chief Agricultural Negotiator Ambassador Gregg Doud, Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Under Secretary of Commerce for International Trade Gilbert B. Kaplan, Assistant Secretary for Fossil Energy Steven Winberg, and Under Secretary for International Affairs David Malpass. He added the US has rebuilt China and he didn't believe they were ready to negotiate yet.

The White House is making sure this go-around is different.

The working level talks held at the Chinese Commerce Ministry were the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled global markets.

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

The benchmark S&P 500 added 0.7 per cent to 2,550 and the tech-heavy Nasdaq index jumped 1.3 per cent to 6,823 - but retreated from their intraday highs.

Chinese foreign ministry spokesman Lu Kang said Kim's visit and the trade talks were "two separate matters".

The USTR's press office declined to comment.

Without a resolution, punitive United States duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

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The president has focused on the stock market as it's fallen over the past month as a gauge of success or failure, expressing frustration at the volatility, the people said.

Oil prices rose more than 1 percent on Wednesday, extending gains from the previous session on signs that Washington and Beijing may soon resolve a trade dispute that has cast a pall over the global economy.

The US guided-missile destroyer McCampbell sailed near the disputed Paracel Islands in the South China Sea as officials of both the countries kicked off their first face-to-face talks here to resolve the trade dispute during which the world's top two economies have imposed import duties on more than Dollars 300 billion of each other's goods.

In private, some administration officials have confessed frustration in recent weeks with the market declines, appearing bemused by investors' concerns over the China trade wars and how to address them.

Both delegations are refusing to give reasons for the extension and they are also keeping details very close to their chests.

As the Trump administration continues trade negotiations with China, the US delegation is taking additional steps to make sure the Communist country follows through on its pledges.

The United States has long complained about access to the vast Chinese market and Beijing's demands USA companies reveal their technology advances.

Over the past two days, talks have been under way between the USA and China to find a way to end the conflict. "The limited policy movement that we've seen so far suggests that a game-changing deal remains unlikely". The Trump administration also objects to Chinese industry development plans that Washington, Europe, Japan and other trading partners say violate Beijing's market-opening obligations. "So we're on our way".

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