US President Donald Trump tweeted Thursday that trade talks with Chinese representatives in Washington were going well but wrote no final deal will be signed until he meets with Chinese President Xi Jinping. But if there's little movement during the next 30 days, "the markets will react poorly because it will be a signal that the two sides have not found common ground on some of these sticky issues".
The countries also agreed to strengthen cooperation on intellecual property rights and technology transfer, Xinhua said. The White House reiterated its threat to raise tariffs by March 1, unless a "satisfactory outcome" is reached.
Expressing optimism the US and China will be able to meet each other halfway on trade.
During an earlier visit by Liu a year ago, Trump declined to meet with Xi's close adviser, a slight that irritated Chinese authorities.
The confusion was clarified a couple hours after the Oval Office scene, with a White House official saying the "Chinese will purchase 5 million MT of soybeans", using shorthand for metric tons.More news: Unemployment in India is at its highest in 45 years
The Journal quoted anonymous sources as saying Chinese proposals mostly involved more purchases of USA farm and energy products and promises to invite more American capital into China's manufacturing and financial services sectors.
The United States and China launch a critical round of trade talks on Wednesday amid deep differences over U.S. demands for structural economic reforms from Beijing that will make it hard to reach a deal before a March 2 USA tariff hike.
The United States and China opened a pivotal round of high-level talks on Wednesday aimed at digging out from their months-long trade war amid deep differences over Chinese practices on intellectual property and technology transfer.
The core of the US allegations against China is that Beijing systematically steals trade secrets, forces foreign companies to hand over technology as the price of access to the Chinese market and subsidizes its own tech companies.
He added: "China's representatives and I are trying to do a complete deal, leaving NOTHING unresolved on the table".More news: Wall Street rattled by Caterpillar, Nvidia warnings
"I have a sense that on both sides, there is a determination to get a deal done". China has in the past walked away from similar MOUs after a period of time. It's a lot of work because this is a very comprehensive deal.
Commerce Secretary Wilbur Ross said last week that the USA and China are "miles and miles" away from a deal as he noted in a CNBC interview that the nations have "lots and lots of issues" to discuss. This could maintain the threat of US tariffs on Chinese goods for the long term.
Another longstanding concern with Chinese laws is the breadth and scope of the national security review, the US Chamber of Commerce, AmCham China and AmCham Shanghai said in comments submitted on the bill.
China has already made some significant concessions, including vowing to increase USA imports to reduce the trade imbalance between the two countries.
But that was the only scant detail either side was willing to divulge about the high-stakes talks ahead of a March 1 deadline for a deal.More news: Jorginho targeted by Bournemouth as Chelsea are thumped