Asian shares rally on hopes for China-US trade breakthrough

USS Mc Campbell departs U.S. Fleet Activities Yokosuka and transits into Tokyo Bay

The 90-day time frame is a tight window in which to nail down deep changes to China's economic model, reforms which past US administrations advocated for years and USA lawmakers on both sides of the aisle support.

Beijing said that the three-day closed-door talks, which ended on Wednesday, "enhanced mutual understanding and established a foundation for solving each other's concerns".

"The Chinese side also believes that the implementation mechanism of any agreement is very important and both parties have an obligation to carry it out", Gao told reporters during a regular press conference.

The latest talks lasted for three days in Beijing one day longer than had been previously announced, which analysts said indicated the discussions were making some progress.

The two sides held intense discussion at the vice ministerial level from Monday to Wednesday in Beijing. 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.

A statement from the Office of the U.S. Trade Representative didn't characterize the tone of the talks or say what would happen next.

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.

"This is what China has wished for, but I think the USA will wait and see", Chiu said.

The trade war has seen both sides impose tariffs on hundreds of billions of dollars worth of goods from each other.

However, the USTR statement emphasized American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets.

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The USTR statement didn't say whether progress had been achieved on its main concerns. The S&P 500 Index has fallen about 8% since Trump and Chinese President Xi Jinping agreed on a 90-day truce at a December 1 meeting in Argentina.

United States treasury officials have made the case that market volatility is in part due to the tightening of USA monetary policy, and a result of the trade war with China. That includes giving specific dates for making purchases, and making assurances that Beijing won't hinder USA companies from gaining access to China's market.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy. -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!".

Trump has complained repeatedly about the United States trade deficit with China, which past year likely exceeded the 2017 gap of $336 billion.

But on January 10, China's state-run media provided a hint that the regime could be ready to concede to USA demands.

Companies in both countries are feeling pain from the effects of the tariffs.

Commenting on the reaction in the White House to China's concessions, the New York Times observed: "The Trump administration's trade hawks are pushing for a lot more, while even the doves fret that the new promises need effective enforcement to make sure that China follows through".

Darson Chiu, an economist and research fellow at the Taiwan Institute of Economic Research, said the pledges China made looked similar to those it had offered earlier previous year.

However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

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