Some 40 days into the 90-day truce, there were few concrete details on progress made so far. Investors are hopeful that more and higher-level negotiations will follow.
USA stocks surged Wednesday on optimism higher-level United States and Chinese officials might meet.
As per the Chinese Commerce Ministry statement, both countries "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving mutual concerns". That statement added that the consultations had "established a foundation" for solving the most pressing issues.
Fears have grown in recent months that the dispute is just one vector in a bilateral relationship that is fast cooling across the board, with top administration officials sharply criticizing Beijing for everything from human rights abuses and its influence operations in the United States. However, the vice-ministerial talks were extended till Wednesday which China said reflected the seriousness of the negotiations.
Trump said late Tuesday on Twitter that the talks were "going very well!".More news: Manchester City ready to help Gabriel Jesus after family return to Brazil
US officials are meeting with their counterparts in Beijing this week for the first face-to-face talks since Trump and China's President Xi Jinping in December agreed to a 90-day truce in a trade war that has roiled worldwide markets.
Both sides have implemented the consensus reached by Chinese President Xi Jinping and his United States counterpart Donald Trump, and had in-depth discussions about structural economic problems, the ministry said in a statement. China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for U.S. companies and suspending issuing licenses in finance and other businesses. On issues involving "structural changes and cyber security..." US President Donald Trump tweeted that they were "going really well!" "The view, once commonly heard in Beijing, that it could outlast America in a grinding tariff battle has given way to the realisation that, as the country with the huge trade surplus, China has more to lose upfront".
"It's been a good one for us", Ted McKinney, US Under Secretary for Trade and Foreign Agricultural Affairs, said after the talks. The USTR said the American delegation was returning to Washington to report on the meetings and "receive guidance on the next steps".
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.
They expressed "the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement". USA crude, which has jumped 15 percent in 2019, dropped 52 cents to $51.84 per barrel in electronic trading on the New York Mercantile Exchange.More news: EPL: Hazard too good for Chelsea - Jenas
People familiar with the U.S.
Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit with the U.S. amounting to Dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well".
Of course, it's entirely possible Trump could overrule Lighthizer instead this time, and embrace what is essentially a revamp of Mnuchin's May 2018 deal as the end of the trade war. Last month, Trump and Chinese leader Xi Jinping agreed to hold off on further tariffs for 90 days, to resolve a range of issues stemming from Beijing's technology policy.
President Trump has said if no deal is reached before the truce expires on March 2, he will increase duties on $200bn worth of Chinese goods from 10% to 25%.More news: Louise Redknapp releases heartbreaking statement following horrific accident