China trade vow after Trump talks helps settle financial markets

by Ben Pena December 7, 2018, 0:21
China trade vow after Trump talks helps settle financial markets

He and Chinese President Xi Jinping, during a Saturday night dinner in Argentina following a G-20 summit, agreed to a trade truce and a 90-day effort to come to terms.

While Asian equities dropped yesterday in the wake of the biggest slide in stocks on Wall Street since the mid-October downdraft, United States futures advanced after the statement from China echoed Trump's optimism over trade talks.

The global economy was already showing signs of a slowdown when President Donald Trump reminded the world of his love of tariffs and sent a chill through financial markets. USA markets were closed on Wednesday to observe former President George H.W. Bush's death, but the effect of Wall Street's turmoil the previous day was felt in Europe and Asia with the benchmark Shanghai stock index closing down 0.6 percent.

The tit-for-tat trade war with China has been proving costly for the US with signs that some automakers might be ready to move some production and jobs out of the country.

Mr Xi and Mr Trump had "deep exchanges in a friendly and candid atmosphere", setting the direction for an appropriate resolution to the problems between the two countries, Mr Wang said, in a statement carried on the foreign ministry's website. "But if not remember. Ultimately, I believe, we will be making a deal - either now or into the future", Trump tweeted on December 4.

"The economics and trade teams of both sides will actively push forward negotiations within 90 days in accordance with a clear timetable and roadmap", it said, in the first public acknowledgement by the Chinese government of the 90-day timeline.

China didn't announce a commitment to cut tariffs on American cars, a policy Trump disclosed on Twitter. We are right now taking in $billions in Tariffs.

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China expressed confidence on Wednesday that it can reach a trade deal with the U.S., a sentiment echoed by Mr Trump a day after he warned of more tariffs if the two sides could not resolve their differences.

One Chinese official told Reuters officials were "waiting for the leaders to return" before publicizing details.

Perhaps mindful and anxious about the effects of a market lull on the US economy - which will impact his expected re-election bid - Trump sounded more optimistic on Wednesday morning.

Trump sowed more confusion as he opened the door to lengthier negotiations with China, suggesting that they could extend beyond a 90-day deadline to reach a deal to avoid a massive tariff increase.

He rattled markets on Tuesday, declaring himself "a Tariff Man", signaling he would impose more levies on Chinese exports if the two countries did not reach a trade agreement. But when Trump announced broad new US tariffs on Chinese made goods, the Beijing government raised duties specifically on American made automobiles and parts. She now faces a bond hearing Friday, pending possible extradition to the United States to face criminal charges.

The White House has alleged that China pledged to purchase a "very substantial" amount of agricultural, energy, industrial and other products from the United States, to help narrow the current trade deficit.

"China's discussed these things with the US many times down through the years and the results have not been very good", he said. Additionally, China was said to be beginning to buy products from U.S. farmers "immediately". -China agreement in Buenos Aires as an historic breakthrough that would ease trade tensions and potentially reduce tariffs.

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