Markets slip as US-China trade negotiations end

USS Mc Campbell departs Sydney Aus. July 2017

World markets retreated on Thursday after US and Chinese officials wrapped up three days of trade talks in Beijing without significant breakthroughs.

The U.S. also said the negotiations "focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods and other products and services from the United States".

"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement", it went on to say.

It's unclear from the U.S. statement how much headway negotiators made regarding USA concerns over forced technology transfers and cybertheft of trade secrets for commercial purposes.

Among their many requests, US negotiators are asking the Chinese to increase purchases of American farm and energy commodities; allow greater access into China's markets; improve and enforce property theft protections; and an end of China's policy of forcing foreign companies to hand over technology secrets.

Echoing a ministry statement issued earlier Thursday, Gao said the talks "enhanced mutual understanding and laid a foundation for addressing each other's concerns".

"Both sides agreed to keep in close contact", the statement said.

The meetings were the first since Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed to a 90-day truce to the trade war at the G20 summit in Buenos Aires in December.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods past year and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking.

"China is determined to bring the trade war to an end", The Economist has reported.

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A range of Fed policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed.

Negotiations were extended into a third day, which was interpreted as a sign discussions were moving in a positive direction.

"High-end consumers, even though they're making decent money (and) the economy is going on relatively strong, it may have affected their willingness to splurge over the holidays", said Ken Perkins, president of the research firm Retail Metrics. Trump said late Tuesday on Twitter.

With cooling economic growth raising the urgency for a settlement, this week's talks went ahead despite tension over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

Since the start of the trade war in July, both sides have levied billions in tariffs that have shaken business sentiment, in a conflict many see an extension of a technology battle between the world's two largest economies.

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

Heightened risk appetite boosted U.S. Treasury yields to the highest this year, while the U.S. dollar extended losses after minutes from a December 18-19 Federal Reserve policy meeting showed many Fed policymakers said the central bank could be patient on future rate hikes.

USA treasury officials have made the case that market volatility is in part due to the tightening of United States monetary policy, and a result of the trade war with China. Trump has complained repeatedly about the USA trade deficit with China, which past year likely exceeded the 2017 gap of $336 billion.

"For the next step, work teams from both sides will continue to work hard and push forward consultations as originally planned", Gao said. -China trade dispute. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China. Hong Kong's Hang Seng recovered to edge 0.1 percent higher, to 26,492.61, while the Shanghai Composite index was flat at 2,545.37.

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