Trump Lauds Progress as Day Two of Beijing Trade Talks Wrap Up

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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. "That's probably the easiest one to solve", Ross said.

In return, Trump promised to wait 90 days before hiking tariffs to 25 percent on $200 billion worth of Chinese imports - the three-month timeline is indented to give both breathing room to cement a detailed agreement.

"The US vessel violated Chinese laws and relevant global laws, infringed upon China's sovereignty, and undermined peace, security and order of the relevant waters".

Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the US agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods. The U.S. delegation were seen carrying their luggage with them as they left their hotel for the negotiations on Wednesday morning.

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Pauline Loong, head of the Hong-Kong based think-tank, Asia Analytica, told Al Jazeera China "wants an agreement to end the trade dispute as soon as possible". "China will continue to take necessary actions to safeguard its national security and sovereignty", he said.

Before the talks ended earlier on Tuesday, Chinese foreign ministry spokesman Lu Kang told reporters at a regular briefing in Beijing that "I believe we will release a detailed readout after they are concluded".

While Chinese officials expressed optimism at the start of the two-day talks, Beijing at the same time complained about the sighting of the U.S.S. McCampbell, a warship, in what it said were Chinese waters near disputed islands in the South China Sea. They have tried to defuse pressure for more sweeping change by offering trade concessions including purchasing more American soybeans, natural gas and other exports. Some suggest it might be years before the final penalty tariffs are removed. Weak real estate sales are forcing developers to cut prices. But surveys show consumer confidence is weakening because of concern that growth will slow this year.

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. The threat of USA tariff hikes was the "dominating factor" for almost half, while others moved because of higher costs or tighter environmental regulation.

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The U.S. negotiators in Beijing are pushing the Chinese side to come up with a mechanism to ensure that Beijing keeps the promises it makes, the Wall Street Journal reported.

Some manufacturers that serve the United States have shifted production to other countries to avoid Trump's tariffs.

"Most firms expect the trade war to escalate", the bank said.

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