Trump says United States is having tremendous success with China on trade

Deputy Trade Representative Jeffrey Gerrish is leading the US delegation in Beijing

American officials said during their discussions they relayed Trump's commitment to addressing trade deficit concerns and resolving structural issues affecting trade between the two countries.

Trade discussions between the United States and China spanned a wide range of matters, including "structural issues" that the Americans have long complained about, statements from both sides revealed.

China said talks with the USA "laid the foundations" to resolve a damaging trade dispute between the world's two largest economies.

Facing a March deadline, talks aimed at ending a trade war between China and the USA are underway, with the world's two biggest economies expressing optimism over the potential for progress.

No details were immediately announced, but Asian stock markets rose after talks planned for two days were extended to three.

Deputy U.S. Trade Representative Jeffrey Gerrish is leading the American delegation in Beijing.

Officials say talks are expected to deliver specific commitments to expand market access for U.S. in China, improve protection of intellectual property rights (IPR) and reduce the trade surplus with the USA, but it would take time to reform state-owned firms another major source of friction.

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It also said Washington and Beijing have discussed the need for the agreement "to provide for complete implementation, subject to on-going verification and effective enforcement".

If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month.

USA stocks and European equities jumped as investors awaited developments on trade talks between the world's largest economies.

The talks were seen as a litmus test of whether a lasting deal can be reached before March 2, when the Trump administration plans to hike tariffs on $200 billion of Chinese goods from 10% to 25%.

Washington is pressing Beijing for changes including rolling back plans for government-led creation of Chinese global champions in robotics and other fields.

"Negotiations between the two sides in this area made progress", he said. The S&P 500 Index has fallen about 8% since Trump and Chinese President Xi Jinping agreed on a 90-day truce at a December 1 meeting in Argentina.

The full year numbers will look somewhat different, partly because China has resumed purchases of US soybeans and other goods.

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The Chinese responded by slapping tariffs of $110bn worth of USA goods. Among many things, the Communist leader pledged to buy more US agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.

The US trade representative's press office declined to comment.

U.S. exports to China have also been hit by retaliatory tariffs, slumping by 42 percent in October on the goods affected, according to the US-based consultancy, The Trade Partnership.

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed.

According to the latest data by China's customs administration, trade turnover between the neighboring states grew 27.8 percent from January through November 2018 compared to the same period in the previous year, and totaled $97.23 billion.

"China is determined to bring the trade war to an end", The Economist has reported.

However, the US side is pressing Beijing to scrap or change rules Washington says block market access or improperly help Chinese companies.

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