China-US trade talks conclude, results to be released soon

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The U.S. -China trade war and booming American shale production are among the top worries for the United Arab Emirates' energy minister and former OPEC president.

A Chinese foreign ministry spokesman, Lu Kang, announced the talks had ended.

"It's been a good one for us", Ted McKinney, U.S. undersecretary for trade and foreign agricultural affairs, said at the end of the vice-ministerial level talks.

Li told Musk he hoped Tesla can become an "in-depth participant in China's opening and a promoter of the stability of Chinese-U.S. relations".

The working-level talks opened Monday and were supposed to end the following day, but were extended an extra day, a sign that the two sides had made progress in resolving tariff disputes that have roiled world markets.

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled global markets.

The trade war has seen both sides impose tariffs on hundreds of billions of dollars worth of goods from each other.

China is the largest electric vehicle market and is strongly encouraging its development. Europe, Japan and other trading partners echo U.S. complaints those violate Beijing's market-opening obligations.

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As a result, US crude oil production rose by 2 million barrels per day (bpd) previous year to a world record 11.7 million bpd. The current round of talks are scheduled to continue through Tuesday, with more senior-level discussions likely this month.

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As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear whether that would disrupt the proceedings. No timing was given and it wasn't immediately clear if the US delegation would release a statement.

Both sides have expressed optimism over the potential for progress in settling their tariff fight over Beijing's technology ambitions.

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

Companies disappointed about failures or delays in Beijing carrying out commitments want an enforcement mechanism with "some kind of penalty for not doing what they promised", said Parker.

Freight costs for shipments scheduled to arrive in Asia in late March and April this year are US$0.50 lower per barrel of oil than they were for shipments scheduled to arrive at refineries in December as buyers were in a rush to secure crude ahead of the Iran sanctions that went into effect in early November. It has said China's companies are treated unfairly in USA national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. Beijing has already retaliated with its own tariffs on US products.

"However, it has also made it clear that it will not seek a solution to the trade frictions by making unreasonable concessions, and any agreement has to involve give and take from both sides", it said.

The U.S. delegation was led by Deputy U.S. Trade Representative Jeffrey Gerrish and accompanied by senior officials from the White House, U.S. Trade Representative (USTR), and the U.S. Departments of Agriculture, Commerce, Energy, and Treasury, according to the USTR.

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