US-China trade talks conclude as hopes of deal build

BEIJING – Chinese and U.S. 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.

The talks were extended into an unscheduled third day, showing both sides were “serious”, China’s Foreign Ministry said.

Share prices jumped in Asia and markets in Europe and the United States were expected to follow suit as the lengthened talks fuelled optimism that the world’s largest economies were inching towards an agreement.

Ted McKinney, U.S. Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs, said the U.S. trade delegation would return to the United States later on Wednesday after a “good few days”.

“I think they went just fine,” McKinney said of the talks. “It’s been a good one for us,” he told reporters at the delegation’s hotel, without elaborating.

Speaking at a daily news briefing, Chinese Foreign Ministry spokesman Lu Kang confirmed both sides had agreed to extend the talks beyond Monday and Tuesday as originally scheduled.