Critical US-China trade talks end in Beijing

China and the US ended the second day of high-stakes trade talks Friday with "big differences", Beijing said, leaving the world's two largest economies on the brink of a trade war that could have knock-on effects on the global economy. "Both sides recognise there are still big differences on some issues and that they need to continue to step up their work to make progress," China said in a statement released by the official Xinhua state news agency. The discussions promised a potential off-ramp for the trade conflict -- US President Donald Trump has threatened to levy new tariffs on $150 billion of Chinese imports while Beijing shot back with a list of $50 billion in targeted US goods.

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