Day 1 of US-China trade talks end with hopes for limited deal

A smiling Liu waved to reporters before departing the USTR in a black Cadillac, without answering questions. The two sides were due to meet for a final day on Friday.

"I believe that there's even the possibility of a currency agreement this week. I think that could lead to a decision by the US administration to not put forth a tariff rate hike on Oct 15." Steady escalations of the tit-for-tat tariffs on Chinese and US goods in recent months have roiled financial markets and stoked fears of a global recession.

"The Chinese side came with great sincerity, willing to cooperate with the US on the trade balance, market access and investor protection," Xinhua quoted Liu as saying on Thursday.

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