The United States Trade Representative said Wednesday that talks with officials in China have concluded in Beijing after three days of focus on "reciprocity and balance" in trade relations between the world's two biggest economies.
The USTR said the delegation, which was led by Deputy U.S. Trade Representative Jeffrey Gerrish, will now head back to Washington and "report back to receive guidance on the next steps" following high-level discussions in the Chinese capital. The office said talks also included a focus on structural changes in China on issues such as technology transfers, intellectual property protection and non-tariff barriers to trade but failed to express the kind of progress market have been anticipating after the talks added an unscheduled third session earlier today.
"The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement," the USTR said in a statement. "The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States".
"The United States officials conveyed President Trump's commitment to addressing our persistent trade deficit and to resolving structural issues in order to improve trade between our countries," the statement added.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, extended declines following the statement, taking its session decline to 0.6% to trade at 95.34.
U.S. stocks also gave back earlier gains, with the Dow Jones Industrial Average I:DJI falling around 90 points from its session high to trade at 23,985 points, while benchmark 10-year Treasury note yields fell 2 basis points to 2.73%