US stocks rise as ‘productive’ China trade talk round ends

US stocks have climbed higher after markets opened following the end of another round of trade talks between the United States and China that treasury secretary Steven Mnuchin called “productive”.

Mnuchin flew to Beijing on Tuesday with US trade representative Robert Lighthizer to hold discussions with their Chinese counterparts.

Mnuchin today tweeted: “Ambassador Lighthizer and I just concluded productive meetings with China’s Vice Premier Liu He. We will continue our talks in Washington, DC next week.”

The US industrial benchmark Dow Jones stock index rose 0.22 per cent to 26,652.19 shortly after opening. The benchmark S&P 500 rose 0.14 per cent to 2,949.92 as investors reacted to the news.

Vice Premier of China, Liu He, is due to fly to Washington next week to attend a further round of trade talks.

Earlier this week, Mnuchin told Fox Business Network that within the next two rounds of discussions it will become clear whether talks have succeeded or failed. An enforcement mechanism is reportedly a sticking point for the deal.

US President Donald Trump has long complained about China’s trading practices. In September 2018, the Trump administration slapped tariffs on $200bn (£155bn) worth of Chinese goods.

Beijing struck back with levies on $110bn of US goods, targeting chemicals, coal and soybeans.

The two sides entered into talks to avoid further tariffs, with the US demanding that China further open up its markets to US firms.