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U.S. trade negotiators said in a statement Wednesday that they will report back to the White House for further guidance on trade talks with China moving forward.
The statement comes after midlevel trade talks between China and the U.S. concluded. Both countries have been engaged in a trade war since last year, slapping tariffs on billions of dollars worth of each other's goods.
During the meetings, officials discussed "needed structural changes in China" regarding matters such as cybertheft and intellectual property as well as "China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States," according to the statement.
Investors have been closely watching trade developments between China and the U.S. as they assess the skirmish's impact on corporate profits. Last week, Apple slashed its fiscal first-quarter revenue guidance, citing an unexpected slowdown in China.
Read the full statement below:
On January 7-9, an official delegation from the United States led by Deputy U.S. Trade Representative Jeffrey Gerrish held meetings in Beijing with Chinese officials to discuss ways to achieve fairness, reciprocity, and balance in trade relations between our two countries. The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement. The meetings were held as part of the agreement reached by President Donald J. Trump and President Xi Jinping in Buenos Aires to engage in 90 days of negotiations with a view to achieving needed structural changes in China with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture. The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States. The United States officials conveyed President Trump's commitment to addressing our persistent trade deficit and to resolving structural issues in order to improve trade between our countries.
The delegation will now report back to receive guidance on the next steps.
— CNBC's Mike Calia contributed to this report.