China's commerce ministry said the discussions "established a foundation for the resolution of each others' concerns". He has publicly said he's eager to make a deal that benefits both sides while also stressing that China's slowing economy and falling stock market signal the country is more desperate than the United States for a speedy outcome.
No details were immediately announced, but stocks rose after talks planned for two days were extended to three. The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side.
"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", USTR said in a statement.
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.
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.
Six months after Trump first slapped tariffs on Chinese goods, signs are growing that the trade war is exacting an economic and financial cost, increasing the incentive for both sides to end the conflict.
They include changes to China's policies on intellectual property protection, technology transfers, industrial subsidies and other non-tariff barriers to trade. But the lack of details from both sides following the meetings highlights the uncertainty that remains, analysts say.
During that G-20 meeting - which took place in the early days of December in Buenos Aires - Xi agreed to a number of concessions in exchange for Trump agreeing to postpone a round of tariffs on Chinese goods. -China talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Trump said they were "going very well!".
Such a move would likely prompt further retaliation by China, which has already levied tariffs on US goods, further rattling investors who are nervous about a significant slowdown in China's economy.
"There are a lot of different opinions and disputes, but both sides need these kind of collisions at this time, and to make known their demands, positions and views to the other party", he said, adding that the next round of talks would be about bridging these differences.
Mike Bell, a global market strategist at J.P. Morgan Asset Management, said it was clear that US growth will fade in 2019, while presenting the bank's "Guide to Markets" at an event in London on Wednesday.
Trump has complained repeatedly about the USA trade deficit with China, which previous year likely exceeded the 2017 gap of $336 billion. Beijing has already retaliated with its own tariffs on USA products.
Global Times editor Hu Xijin said that of the issues raised, the trade imbalance problem was "solved most smoothly".
Trade in services with China (exports and imports) totalled an estimated Dollars 75.0 billion in 2017.
Companies in both countries are feeling pain from the effects of the tariffs.
Liu's appearance at the talks is a "symbol of Xi's personal buy-in" in the effort to reach a deal, said Leland Miller, chief executive officer of China Beige Book, a data-analytics firm that surveys companies across the Chinese economy.