"Actively implementing the important consensus reached by the two heads of state, both sides held broad, in-depth and detailed exchanges on trade issues of mutual concern as well as structural issues".
"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the U.S.
Recent reports have claimed negotiators on both sides are making progress as mid-level talks continue in Beijing. Chinese traders and refiners are still cautious about buying USA crude until the trade problems between the world's two biggest economies are resolved, but if they are, chances are US crude exports would get an additional boost.
"Talks with China are going very well!".
Later this month, US Trade Representative Robert Lighthizer is expected to meet with Vice Premier Liu He, President Xi Jinping's top economic aide who is leading negotiations for China, a person familiar with the situation said last week. The Asian markets reached almost one-month highs on speculation that the world's two largest economies were hammering out a deal, Schmitz said.
China made that pledge after the Xi-Trump meeting in Buenos Aires, when US officials said China would start buying immediately. Trump tweeted on Tuesday as the second day of mid-level meetings wrapped up.
On Wednesday, a clutch of Fed officials said they would be cautious about any further increases in interest rates so the central bank could assess growing risks to an otherwise-solid US economic outlook.
The editor-in-chief of China's state-run Global Times tabloid, Hu Xijin, said on Twitter earlier that the extension of the talks, originally scheduled for two days, "sends a signal".
Shanghai economist Andy Xie says the talks wouldn't have been extended if they were going poorly.
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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.
Washington has been clamouring for an end to the forced transfer - and even theft - of American technology, as well as steep government subsidies for Chinese companies.
"After a terrible December for risk markets, crude oil continues to catch a positive vibe", said Stephen Innes at futures brokerage Oanda in Singapore, noting that investors were growing less fearful that U.S.
Such a move would likely prompt further retaliation by China, which has already levied tariffs on US goods, further rattling investors who are nervous about a significant slowdown in China's economy.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.38 to $52.16 a barrel, a 4.8 percent gain, by 1:15 p.m. EST (1815 GMT), the first time this year that WTI has topped $50.
One apparent breakthrough this week was an announcement by China that it would approve the imports of five new varieties of genetically modified crops, a decision for which United States farmers and businesses had waited years. Forecasters expect American orders to slump this year.
Increased purchases by China of USA soybeans, oil, liquefied natural gas and financial services are viewed as easier to achieve than major changes to China's industrial policies aimed at transferring United States technology to Chinese firms.
For its part, Beijing is unhappy with USA export and investment curbs, such as controls on "dual use" technology with possible military applications. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.
China has imposed penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.