US Oil Shipments To Asia Set To Rise Soon

USS Mc Campbell departs Sydney Aus. July 2017

China and the United States concluded three days of talks by midlevel trade officials January 9 with a cautious sense of optimism that the world's two biggest economies might be able to reach a deal that ends their bruising trade war.

Gold prices rose on Wednesday, with spot gold (XAU=) up 0.68 percent to $1,293.65 per ounce. On Tuesday, US President Donald Trump wrote on Twitter that the talks "are going very well". While signals from the latest round of talks were upbeat, if a deal is not reached by March 1, the U.S. side may follow through on raising tariffs on US$200 billion in Chinese goods from 10 per cent to 25 per cent. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

The Wall Street Journal, citing sources briefed on the negotiations, reported the two nations made progress on trade issues related to China's purchases of US goods and services but said the "the two sides are far from striking a deal".

In return, the USA will agree to wind down exorbitant tariffs now placed on Chinese imports.

"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead, " World Bank Chief Executive Officer, Kristalina Georgieva, said in a semi-annual report released late on Tuesday.

The talks that started Monday were the first face-to-face meeting since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology. Trump and his officials have repeatedly accused Beijing of the "theft" of American intellectual property and of forcing United States corporations to transfer technology to their Chinese partners as the price of doing business in China.

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney, center, who is part of U.S. trade delegation leaves from a hotel for a second day of meetings with Chinese officials in Beijing, China, Tuesday, Jan. 8, 2019.

The trade talks in Beijing were carried over into an unscheduled third day, amid signs of progress on issues including Chinese purchases of USA farm and energy commodities. Forecasters expect American orders to slump this year.

Beijing has said it will not give up ground on issues that it perceives as core.

China has pledged to purchase "a substantial amount" of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative's office said on Wednesday.

China also restarted purchases of American soybeans last month, providing relief for a crop hit by Chinese retaliatory tariffs.

The standoff also reflects American anxiety about China's rise as a potential competitor in telecommunications and other technology. "I don't want to comment on what that will look like". "It's probably going to take a little longer". They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

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

The US delegation included representatives from the departments of energy, agriculture, treasury and commerce.

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