Stocks slip as US-China trade talks end; Macy's nosedives

Yet an increase in American petroleum inventories on Wednesday served as a reminder that booming US shale-oil production may still leave the global market with more supply than it needs.

While there were indications that China would be open to buying more United States agricultural and energy products and allowing market access, demands for Chinese structural reforms to halt forced technology transfers and intellectual property theft were greater hurdles in the discussions, people familiar with the talks said. The US announced tariffs on United States dollars 250 billion worth of Chinese goods, while China countered with its own.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of U.S. goods and services and Cabinet-level follow-up meetings expected later this month.

News reports citing sources familiar with the negotiations overall indicate that the relatively superficial issues - such as Chinese purchases of American goods and services - are seeing some progress. Trump tweeted on Tuesday, the latest in a series of upbeat messages from him on the negotiations since both his meeting with Xi and the December market turmoil. Chinese officials say their companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

The negotiations were initially scheduled to last two days but went on for three because both sides were "serious" and "honest", Gao Feng, spokesman at the Chinese commerce ministry, told a news conference.

There's hope. and then there is reality which saw a whopping 10.6 million barrel surge in distillates and over 8 million barrels of gasoline added this week, numbers which were generally ignored by the market, which instead has been focusing on the recent plunge in the dollar, the result of a far more dovish Fed, which has helped support oil prices as the dollar decline made commodities priced in the US currency more affordable.

How China will enforce those measures will be key to any deal.

Notably, in Thursday's press conference in Beijing, Gao avoided verifying some of the specifics of the USTR press release, including the promise for China to purchase increased amounts of USA goods as well as the specific list of issues covered.


On Monday, Chinese importers made another large purchase of US soybeans, their third in the past month. China retaliated with tariffs of its own.

"China is determined to bring the trade war to an end", The Economist has reported. -China trade dispute. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China.

In its statement on Wednesday, USTAR noted that the US delegation led by Deputy US Trade Representative Jeffrey Gerrish discussed with their Chinese counterparts ways to achieve fairness, reciprocity, and balance in trade relations between the two countries. It will always be the best way to max out our economic power. However, U.S. Trade Representative Robert Lighthizer - who was not present for the talks, but who is tasked with overseeing the negotiating effort - has long emphasized a harder stance on the trade issue, one that would necessitate real Chinese action to reform its state-centric economic approach.

The truce came after the two sides imposed import duties on more than $300 billion of each other's goods.

After the first day of talks wrapped up, Chinese importers made their third large purchase of USA soybeans in the past month, Chicago-based traders said.

U.S. Secretary of State Mike Pompeo told CNBC that the United States and China are "making progress" on trade.

China's foreign ministry on Monday confirmed that Wang would deliver a keynote speech at Davos, though didn't confirm any plans for him to meet Trump.


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