US-China trade talks ‘making a final sprint’ towards a potential resolution – Chinese state media

Trade talks between the US and China are “making a final sprint” towards a potential deal, according to Chinese state media.

The People’s Daily – the official newspaper of the ruling Communist party – said talks this past week made important progress, striking a fresh tone of optimism ahead of more discussions in Washington in the coming days.

Read more: US-China trade talks end, but we still have no official outcome

European markets have enjoyed a strong week as optimism of a resolution buoyed investors across the world.

Reports emerged that US President Donald Trump was willing to push back his 1 March deadline to impose further tariffs on Chinese imports.

Yesterday President Xi Jinping said the discussions between a US delegation and Chinese representatives produced “step-by-step" progress.

But the talks concluded without an official statement from either of the world’s two largest economies, slowing some of the momentum gained by markets.

US tariffs on $200bn worth of imports from China are set to rise to 25 per cent from 10 per cent unless a deal is struck by 1 March – if Trump does not extend the deadline.

The Chinese newspaper boosted hopes of a resolution in a commentary piece overnight.

It said: “It is hoped that the two sides will maintain the good momentum of the current consultations and strive to reach an agreement within the set time limit.”

An editorial in the Global Times, which is published by the People's Daily, said news that China had consulted on the text of a memorandum of understanding "shows the two sides have made unprecedented progress."

"The MOU and next week's talks both show that the seemingly endless China-U.S. trade negotiations, like a marathon, are making a final sprint," it said.

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But a China Daily article provided some caution to the tricky negotiations ahead.

It said: “There are still obstacles to be overcome, and no one should underestimate how daunting a task the two sides face trying to resolve all the differences that have long existed between them in one clean sweep."