USA conducts latest South China Sea sail-by amid trade talks

Dow, S&P 500, and Nasdaq futures mostly traded sideways ahead of Monday’s opening bell

Dow, S&P 500, and Nasdaq futures mostly traded sideways ahead of Monday’s opening bell

In public statements aides like Wilbur Ross, the commerce secretary, and Peter Navarro, a White House trade adviser, have played down the impact of the trade wars on markets, the US economy and companies.

"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Mr Ross said in an interview with CNBC. USS McCampbell, the destroyer, carried out a new freedom of navigation operation, sailing within 12 nautical miles of islands in the Paracel Islands group in the South China Sea in what the U.S. Pacific Fleet said was an operation to "to challenge excessive maritime claims".

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled global markets.

Ross said immediate trade issues would be the easiest to tackle, while enforcement issues and structural reforms, such as intellectual property rights and market access, would be more challenging.

The U.S. trade delegation includes Deputy U.S. Trade Representative Ambassador Jeffrey Gerrish, USTR Chief Agricultural Negotiator Ambassador Gregg Doud, Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, Under Secretary of Commerce for International Trade Gilbert B. Kaplan, Assistant Secretary for Fossil Energy Steven Winberg, and Under Secretary for International Affairs David Malpass.

Asian stocks markets jumped after the talks were extended for an unscheduled third day, fuelling optimism that the world's largest economies can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy.

A United States guided-missile destroyer sailed near disputed islands in the South China Sea in what China called a "provocation" as USA officials joined talks in Beijing during a truce in a bitter trade war.

State newspaper China Daily said on Wednesday that Beijing is keen to put an end to its trade dispute with the United States, but that it will not make any "unreasonable concessions" and that any agreement must involve compromise on both sides.

"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Lu said at a regular press briefing.

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Hundreds of billions in levies.

China's exports to the United States held up through the end of 2018 as its exporters rushed to fill orders before more tariff hikes were imposed.

The US and its allies periodically send planes and warships through the area, which is claimed by China, to signal to Beijing their right under worldwide law to pass through the waters.

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Even so, Lu said, "China's development has ample tenacity and huge potential".

China claims nearly all of the strategic South China Sea and frequently lambastes the United States and its allies for freedom of navigation naval operations near Chinese-occupied islands.

Few details emerged of the trade talks, which were scheduled to run through Tuesday. "We have firm confidence in the strong long-term fundamentals of the Chinese economy".

One Chinese official reportedly described the negotiations as "constructive".

The incident could have caused a collision, US officials said at a time.

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