China trade talks conclude on optimistic note in Beijing

10 January, 2019, 08:53 | Author: Brooke Harris
  • What hope for markets in the US-China trade talks?

Beijing has retaliated in turn to US tariffs. Stocks rose globally after the two economic powers appeared to inch closer to an agreement, with the S&P 500 Index rising for a fourth day to the highest in nearly a month.

The dollar tumbled to its lowest level since October after the Fed expressed caution about future rate hikes, and as investors reduced safe-haven bets due to optimism about U.S.

A Chinese Foreign Ministry spokesperson rejected suggestions that Kim's visit was intended as a bargaining chip during the trade talks.

Oil prices rose by around one per cent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to United States dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well".

Envoys are meeting face-to-face for the first time since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further punitive action against each other's imports for 90 days while they negotiate over the fight sparked by American complaints Beijing steals or pressures companies to hand over technology. Trump said on Twitter, but gave no further information.

Washington wants Beijing to change plans for government-led creation of Chinese leaders in robotics and other advanced technologies.

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed.

"The minimum baseline for judging whether this week is a success is whether they can have an in-depth conversation on those areas", Kennedy said, adding that an announcement of another round of talks would be a positive outcome.

How did we get here?

Kevin Hart Continues Apology Tour For Past Homophobic Remarks On SirusXM Show
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Beijing has tried to defuse pressure from its trading partners for more sweeping changes by offering concessions on investment regulations and stepping up purchases of American soybeans, natural gas and other exports.

The U.S. push for enforceable targets in a deal underscores the challenge of reaching a lasting truce.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on USA charges related to possible violations of trade sanctions against Iran.

The talks also focused on "China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the US" according to the USTR.

If US crude futures can break through the $55 level, "you're going to see real yields probably lower".

Such a move would likely prompt further retaliation by China, which has already levied tariffs on USA goods, further rattling investors who are nervous about a significant slowdown in China's economy.

In what was widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of USA grains as farmers decide which crops to plant in the spring.

Cooling economic growth in both countries is increasing pressure to reach a settlement.

The meeting between the US delegation - led by Deputy US Trade Representative Jeffrey Gerrish and including officials from the Treasury, Commerce, Agriculture and Energy Departments - and the Chinese side ran late into Tuesday night.

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