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

The source confirmed to Reuters that the talks were "ongoing", but few other details had emerged.

United States and Chinese negotiators extended trade war talks into a third day on Wednesday (Jan 9), with President Donald Trump boasting that discussions to resolve the dispute were going "very well".

The latest operation comes as U.S. and Chinese officials convened in Beijing to carry out the first trade talks since the meeting between Chinese President Xi Jinping and U.S. President Donald J. Trump at the 2018 Group of 20 leaders' summit in Buenos Aires, Argentina.

Trade talks in Beijing between the world's two biggest economies entered a third day on Wednesday, amid signs of progress on issues including purchases of USA farm and energy commodities and increased US access to China's markets.

The U.S. delegation - which is being led by Deputy Trade Representative Jeffrey Gerrish - is requesting China be specific on what U.S. products it will buy and on what specific dates.

Trump has imposed 25 percent tariffs on $50 billion of Chinese good and 10 percent duties on $200 billion of imports. More senior-level discussions could take place this month, with the South China Morning Post reporting that Trump and Chinese Vice President Wang Qishan may meet at the World Economic Forum in Davos, Switzerland.

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Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the US agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.

USA stocks and European equities jumped as investors awaited developments on trade talks between the world's largest economies.

Beijing's growing commercial and political ties with its neighbours will make it harder for Washington to find "Asian countries willing to stand at its side and help contain China", the newspaper said. "Their economy is slowing much more than I think public data is showing right now", Leland Miller, chief executive officer of China Beige Book, said on Bloomberg TV Tuesday.

Beijing and Washington have raised tariffs on billions of dollars of each other's goods, prompting fears the conflict will dampen global economic growth that is showing signs of slowing.

Even so, Lu said, "China's development has ample tenacity and huge potential". The Chinese navy's Southern Theater Command is tasked with enforcing Beijing's claims to the vast South China Sea. And to me those are immediate trade. Among many things, the Communist leader pledged to buy more US agricultural and industrial products, allow increased access to Chinese markets, and abide by more cybersecurity and property theft rules.

Neither Chinese nor United States officials have given any details about the discussions.

The White House is making sure this go-around is different. "We have lodged stern representations with the USA side".