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It appears trade talks between the USA and China are going well as reports suggest the two sides are getting closer on settling their differences.

The USTR gave few other details of the talks, which started on Monday and were initially scheduled to last two days.

As the talks began Monday at the Chinese Commerce Ministry, Beijing complained about a US warship in what it said were Chinese waters, but it was unclear whether that would disrupt the proceedings.

"If it is immediately after these talks, it really means that something executable is going to happen; if it is next month or so, then you have a feeling that things are not really that executable for the moment".

Chinese exports to the US have held up despite tariff increases of up to 25 percent on $250 billion of Chinese imports, partly due to exporters rushing to fill orders before more increases hit.

That pledge, addressing a trade deficit in goods, was however mentioned only at the end of the statement which focused on the United States demands for structural changes to China's domestic policies.

In addition to the large trade deficit, the United States has long complained about such structural issues.

China made that pledge after the Xi-Trump meeting in Buenos Aires, when USA officials said China would start buying immediately. Trump said late Tuesday on Twitter.

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On Wednesday, a clutch of Fed officials said they would be cautious about any further increases in interest rates so the central bank could assess growing risks to an otherwise-solid US economic outlook.

Delegations from China and the USA ended talks in Beijing on Wednesday amid signs of progress on issues including purchases of US farm and energy commodities and increased access to China's markets.

"It certainly has hurt the Chinese economy", Ross told CNBC, noting that China exports many more goods to the United States than the other way around.

She added that the Trump administration's complaint that China is stealing US intellectual property is "top of mind" in the negotiations with Beijing.

One of the biggest challenges to any deal would be to ensure that China enforces whatever is agreed to stop technology transfers, intellectual property theft and hacking.

The U.S. has also long complained about China's government subsidies that make Chinese products cheaper than U.S. goods on the world market.

Shanghai economist Andy Xie says the talks wouldn't have been extended if they were going poorly. Prior to the meeting, China made a number of concessions to USA demands including temporarily cutting punitive tariffs on US -made cars, promising to open up its markets for more foreign investment, and drafting a law to prevent forced technology transfers. US government data show the Asian nation scooped up more than 2.6 million metric tons of beans in December and at least 1.3 million were sold this year, according to people familiar with the matter. Forecasters expect American orders to slump this year. Economists say the 90-day postponement of additional tariff increases that had been meant to take effect January 1 may be too short to settle the disputes bedeviling U.S.

Chinese officials complain about controls on "dual use" technology with possible military applications. Since then, the two countries have exchanged several rounds of trade tariffs, levying duties of hundreds of billions of dollars. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.