European shares rose to fresh one-month highs and safe-haven assets like gold and the yen fell on Thursday after US-China talks were flagged for October, raising hopes their trade war will de-escalate before it further damages the world economy.
Talks between US and Chinese trade officials seeking ways to end a yearlong trade war lasted barely half a day before ending on Wednesday with a terse response from China’s Foreign Ministry to US President Donald Trump’s warning not to stall.
Two months after US-Chinese talks aimed at ending a tariff war broke down, both sides are trying to temper hopes for a breakthrough when negotiations resume Tuesday on an array of disputes that has grown to include tension over China’s tech giant Huawei.
The United States must show sincerity if it is to hold meaningful trade talks, China said on Friday, after US President Donald Trump dramatically raised the stakes with a potentially devastating blow to Chinese tech giant Huawei.
Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected and officials said details will be released soon, raising hopes an all-out trade war that could badly disrupt the global economy can be avoided.
Trade talks between the United States and China should be equal and mutually beneficial, Chinese Vice Minister for Commerce Wang Shouwen said on Friday, adding that he hoped the two countries can find ways to manage their differences through dialogue.
The US President Donald Trump on Thursday said trade discussions with China were “moving along nicely” and that he planned to meet with Chinese President Xi Jinping at the upcoming G-20 summit after the two had a “very good” talk.
The US is refusing to resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington’s complaints about forced technology transfers and other economic issues, officials on both sides of the Pacific said.
China said on Thursday that it welcomed an invitation by the United States to hold a new round of trade talks, as Washington prepares to further escalate the US-China trade war with tariffs on $200 billion worth of Chinese goods.
Oil prices on Thursday recouped some of the previous day’s losses after Beijing said it would send a delegation to Washington to try to resolve trade disputes between the United States and China that have roiled global markets.