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US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

People familiar with the talks said the world's two largest economies were further apart on Chinese structural reforms that the Trump administration is demanding in order to stop alleged theft and forced transfer of United States technology and on how to hold Beijing to its promises. It is the first time that officials have met for face-to-face talks since President Trump and President Xi agreed a 90-day ceasefire in December. Trump said late Tuesday on Twitter. It's a tight window in which to nail down deep changes to China's economic model, some of which past US administrations advocated for years and USA lawmakers on both sides of the aisle support.

Delegations from China and the USA ended talks in Beijing on Wednesday amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets.

Speaking after the conclusion of the talks, Ted McKinney, the US under secretary for trade and foreign agricultural affairs, told reporters in Beijing that he thought they "went just fine".

He declined to provide more details. In fact, the two sides may be even further apart on these underlying issues like forced technology transfer and intellectual property protection, among others, according to Bloomberg. Prior to the meeting, China made a number of concessions to US demands including temporarily cutting punitive tariffs on USA -made cars, promising to open up its markets for more foreign investment and drafting a law to prevent forced technology transfers.

US Commerce Secretary Wilbur Ross signalled on Monday that there was a "very good chance" of reaching an agreement.

The US threat to raise tariffs on $200 billion worth of Chinese goods from 10 to 25 percent, if no resolution is reached, underscores the one-sided and bullying character of Washington's approach to the talks.

Stocks rallied globally on the positive tone of the talks and optimism that Washington and Beijing can avert an all-out trade war. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress on a deal.

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But Bonnie Glaser, a senior adviser at the Center for Strategic and International Studies, said the timing of the North Korean leader's arrival could be coincidental.

The talks, though arduous, were conducted in a pleasant and candid atmosphere, he said.

The European Union filed its own challenge in the World Trade Organization in June against Chinese rules that the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

A man checks on his mobile phone near the main entrance gate of the Ministry of Commerce in Beijing, Wednesday, Jan. 9, 2019.

That pledge, addressing a trade deficit in goods, was however mentioned only at the end of the statement which focused on the United States demands for structural changes to China's domestic policies.

"We have shown our sincerity, we have established our stand in this, so we don't need other actions to gain the confidence of the US". In other words, the onus is on China to demonstrate that it will meet U.S. demands, with the threat of additional penalties in the background.

"China would need to significantly recalibrate its industrial policies to fully meet the US trade team's demands", Nick Marro of the Economist Intelligence Unit said in a report.


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