(Bloomberg) -- Chinese Vice Premier Liu He and his team have arrived for a second day of trade talks with U.S. officials in Washington before a scheduled meeting with President Donald Trump at the White House at 2:45 p.m.
The talks led by Liu and U.S. Trade Representative Robert Lighthizer are the first senior-level in-person talks since late July to try and end an 18-month trade war that is taking a toll on the global economy and U.S. manufacturing. Treasury Secretary Steven Mnuchin and Lighthizer greeted Liu at the door and entered USTR’s offices around 9 a.m.
Stocks rose in Asia and Europe partly on expectations for a tariff ceasefire, and U.S. futures were sharply higher.
- Foreign firms have a clear road map for full ownership of financial services companies in China. Overseas institutions can apply for total control of onshore ventures starting in 2020, the China Securities Regulatory Commission said Friday.
- Markets cheered positive trade developments for China, the U.S. and Europe.
- Former Trump adviser Steve Bannon told CNBC he “wouldn’t be surprised if they saw some interim deal.”
- China plans to ask the U.S. to lift sanctions on its biggest shipping company at this week’s talks.
- Soybean prices are higher this week partly on expectations China will purchase more from the U.S.
Trump Says Day One of Talks Went Well (Earlier)
Trump on Thursday said the first day of high-level trade negotiations between the U.S. and China on Thursday went “very well” and that he plans to meet with the top Chinese negotiator Friday.
“We just completed a negotiation with China, we’re doing very well, we’re having another one tomorrow. I’m meeting with the vice premier over at the White House, and I think it’s going really well,” Trump said Thursday. “We’re going to see them tomorrow, right here, and it’s going very, very well.”
The U.S. and China have both appeared willing to work toward a partial deal, and leave the more controversial issues for later discussions. However, Trump repeated on Wednesday that he would prefer a complete agreement. The core U.S. demands would commit China to cracking down on the alleged theft of intellectual property and stop forcing U.S. companies to hand over their commercial secrets as a condition of doing business in China.
Without progress, the U.S. is due to increase tariffs on about $250 billion of Chinese imports to 30% from 25% on Oct. 15. More duties on $160 billion of Chinese imports are due Dec. 15.
--With assistance from Josh Wingrove.
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