Markets lift as US-China trade talks reach conclusion

Trade talks in Beijing between China and the US have concluded, with the results of the negotiations expected to be announced shortly.

Asian markets lifted this morning on hopes that a deal had been secured.

Hong Kong’s Hang Seng Index closed up more than two per cent and the Shanghai Composite was up almost one per cent this morning. Tokyo’s Nikkei 225 index is up 1.1 per cent at 20,409.60.

Ted McKinney, US under secretary of agriculture for Trade and Foreign Agricultural Affairs, told CNBC: “I think they went just fine. It's been a good one for us.”

On Tuesday evening, US President Donald Trump wrote on Twitter: “Talks with China are going very well!”

US officials arrived in China on Monday for the first round of talks after a 90-day truce was called on the two countries ongoing trade war.

Trump slapped hundreds of billions of dollars of Chinese goods with import tariffs in 2018, and has made threats to ramp up the stakes even more to force Beijing to change its policy on issues such as industrial subsidies and intellectual property.

China retaliated with tariffs of its own, sparking a trade war that has rocked global markets for months.

The world’s two largest economies had agreed to hold “positive and constructive” talks to resolve their disputes, in line with statements made by Trump and his Chinese counterpart Xi Jinping.