China denies Xi comments were aimed at settling U.S. trade dispute

The German share price index DAX board is seen at the stock exchange in Frankfurt

"But at the same time, we want to see concrete actions from China, and we're going to continue moving forward in the process and in the negotiations until those happen", White House Press Secretary Sarah Sanders told reporters at her daily news conference.

Wang also believes China's plan to impose additional tariffs on US goods, including soybeans and pork, will have a minor influence on inflation. For instance, lowering import duties on cars will benefit relatively few United States companies, most of which already produce and ship their vehicles from within China.

President Donald Trump on Tuesday praised the "kind words" from Chinese leader Xi Jinping and pledged "great progress" in the looming trade dispute between the world's largest economies.

But Vice Commerce Minister Qian Keming said at the forum on Tuesday that China's economic reforms were driven by domestic factors and not due to external pressures. In recent days, Chinese officials have expressed increased frustration with the USA, with the foreign ministry on Monday calling talks "impossible" under current conditions. Xi said the measures will include major cuts in tariffs on automobiles.

Gao said the two sides have yet to start negotiations. "Also, his enlightenment on intellectual property and technology transfers". U.S. stocks had plunged on Friday after Trump's warning of tariffs on additional Chinese imports, and Beijing's firm response.

Also, the burden of the proposed US tariff increases on Chinese products will be shouldered by the whole industrial chain, putting pressure on exporters, raw material providers and retailers, as well as USA buyers, rather than by Chinese enterprises only, according to Wang.

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"The door of China's opening up will not close, it will only open wider and wider". The Trump administration has chose to expand sanctions on China for allegedly infringing intellectual property rights.

Global stock markets recovered their poise Thursday and the price of oil came off three-year highs as investors digested U.S. President Donald Trump's defiant comments on the Middle East conflict. "The focus now shifts to the possible US response", economists at Nomura said.

Gao repeated complaints that Trump acted improperly when he responded to Beijing's protest over his plan to raise tariffs on $50 billion (€40.4 billion) of Chinese goods by saying he might add another $100 billion of imports to the list.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, data showed. The S&P 500 ended up 1.7 percent.

Geng Shuang, a Foreign Ministry spokesman, said on Monday, "This trade conflict was initiated by the US alone and it is entirely the one to blame".

"This trade conflict was initiated by the USA alone and it is entirely the one to blame", he said. Tariff increases will make US soybeans uncompetitive, causing them to be replaced by products from Brazil and Argentina, according to Chen Yang, a researcher with the Chinese Academy of Agricultural Sciences.

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