The U.S. and China have made “important progress for the current stage” of their trade negotiations after Chinese President Xi Jinping met with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing Friday, the state-run Xinhua reported. President Xi referred to the U.S.-China relationship as among the most important partnerships in the world and therefore, the two countries should maintain healthy and stable ties, according to the Chinese government’s official media agency. Xi also said his country is ready to resolve its trade differences with the U.S. through cooperation and reach a deal that is acceptable to both sides. U.S. and Chinese negotiators are scheduled to meet again next week in Washington D.C. in a bid to hammer out an agreement ahead of the March 1 deadline. After the date, the U.S. has warned that it could further raise tariffs on Chinese imports although in recent days President Donald Trump has indicated that a grace period is possible if negotiations go well. U.S. stocks rallied on optimism over the bilateral talks with the S&P 500
rising 0.8% to 2,767, the Dow Jones Industrial Average
gaining 1.2% to 25,752 and the Nasdaq
adding 0.5% to 7,460.
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