"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Ross said in an interview with CNBC.
China is keen to put an end to its trade dispute with the United States but will not make any "unreasonable concessions", and any agreement must involve compromise on both sides, state newspaper the China Daily said on Wednesday (Jan 9).
After the first day of talks wrapped up, Chinese importers made their third large purchase of US soybeans in the past month, Chicago-based traders said. China aimed to buy at least 5 million tons of American soybeans as part of the truce.
Mr Ted McKinney, US under secretary of agriculture for trade and foreign agricultural affairs, said the US trade delegation is "wrapping up" meetings with Chinese officials and will return to the US later on Wednesday after a "good few days".
The U.S. president is increasingly eager to strike a deal with China soon in an effort to perk up financial markets that have slumped on concerns over the trade war, according to people familiar with internal White House deliberations. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".
Last year, the USA imposed tariff hikes of up to 25 percent on $250 billion of Chinese goods.
She added that the Trump administration's complaint that China is stealing United States intellectual property is "top of mind" in the negotiations with Beijing.
"As for whether the Chinese economy is good or not, I have already explained this".
"China's position in the China-US trade friction and its solutions to the friction is open, it's transparent", Mr Lu said at a regular press briefing.
Lu also said Vice President Wang Qishan would attend the annual World Economic Forum in Davos, Switzerland in late January, but added that he had not yet heard of any arrangements for a meeting with Trump there.
A spokeswoman for the United States trade representative's office, which is leading the U.S. negotiating team, said talks would continue on Wednesday and "a statement will likely follow then".
Leaked photographs posted on the South China Morning Post's website showed U.S. officials applauding Liu's appearance, including the U.S. delegation leader, Deputy U.S. Trade Representative Jeffrey Gerrish.
"These issues are much more hard to solve immediately but are, frankly, much more compelling to USA companies", said Jake Parker, vice president for China operations of the U.S.
Investors are hoping that this really does signal progress.
Tu Xinquan, a Chinese trade expert at Beijing's University of International Business and Economics, told Reuters before talks began that the meetings would likely focus on technical issues and leave major disagreements to more senior officials.
Since the end of October previous year, chartering a Very large Crude Carrier from the Louisiana Offshore Oil Port has fallen by some 40 percent to US$5 million, Reuters Eikon data suggests.
Chinese officials have suggested Beijing might alter its industrial plans but reject pressure to abandon what they consider a path to prosperity and global influence. Analysts say it is unlikely that China would concede to allow outside monitoring of enforcement.