‘It’s been a good one’: United States delegate says as trade talks end

President Donald Trump and Chinese President Xi Jinping meet after the G20 in Buenos Aires

The global economy has been suffering from the chilling effect of a trade war between the world's two largest economies.

The world's two biggest economies will continue trade talks in Beijing for an unscheduled third day on Wednesday, U.S. officials said, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China's markets.

Later this month, U.S. Trade Representative Robert Lighthizer is expected to meet with Vice Premier Liu He, President Xi Jinping's top economic aide who is leading negotiations for China, a person familiar with the situation said last week. But China has bought only around 5 million tonnes since purchases resumed in December, less than 20 percent of the beans it bought a year earlier.

A United States guided-missile destroyer sailed near disputed islands in the South China Sea in what China called a "provocation" as USA officials joined talks in Beijing during a truce in a bitter trade war. Ross told CNBC the talks were being held with appropriate-level staff and would help determine how the administration moves forward.

"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.

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for USA companies that do business inside China, NPR has reported. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

The truce came after the two sides imposed import duties on more than $300 billion of each other's goods. Lu said he had no details and an official statement would be issued later.

USA stock futures also firmed, pointing to another strong day on Wall Street after the S&P 500 gained almost 1 per cent today. US President Donald Trump tweeted that they were "going really well!"

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One Chinese official reportedly described the negotiations as "constructive".

The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily".

Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies in Washington, said the two sides for the first time were discussing topics that matter most to the Trump administration. The delegation includes agriculture, energy, commerce, treasury and State Department officials.

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According to CNBC, both sides made progress on key issues related to the purchase of USA farm and energy commodities and increased access to China's domestic market.

Shanghai economist Andy Xie says the talks wouldn't have been extended if they were going poorly.

For its part, Beijing is unhappy with United States export and investment curbs, suggesting it might demand concessions.

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