China trade truce prompts a sigh of relief across markets
China trade truce prompts a sigh of relief across markets
Trump meets Chinese leader at G20 summit amid trade war
05 December, 2018, 09:12
"China has agreed to start purchasing agricultural product from our farmers immediately".
The president met with Chinese President Xi Jinping for dinner on Saturday during the G-20 summit in Argentina and agreed to suspend the proposed tariffs in exchange for China's agreement to purchase unspecified amounts of agricultural products from the United States. Shares are advancing in Asia following the meeting between Presidents Donald Trump and Xi Jinping.
Asian and European stock markets jumped on Monday, with Hong Kong and Shanghai closing sharply higher and the yuan strengthening after months of trade-war turbulence.
In July, Trump said he was willing to slap tariffs on every single Chinese import if China did not agree to an acceptable trade deal.
"I think the Chinese are hoping that political and economic factors will converge to convince the Trump administration to lower the bar somewhat so that China can meet some of the requirements", Glaser said.
Trump and Xi agreed to keep their trade war from escalating with a promise to halt the imposition of new tariffs for 90 days, an outcome gives both sides enough to boast of a win without resolving the fundamental differences between them.
Both farmers and the auto industry have been struck in the trade war, as the U.S. and China hit each other with escalating tariffs. "The resumption of talks between the USA and China is encouraging for our industry, as we are dependent on complex global supply chains for our marketplaces around the world. Farmers, I LOVE YOU!"
China has agreed to "reduce and remove" tariffs below the 40 percent level that Beijing is now charging on U.S. -made vehicles, U.S. President Donald Trump said, as a trade war truce between the two countries gathers pace, cheering markets. China raised its tariff on auto imports from the US from 15 percent to 40 percent in retaliation for Trump administration tariffs on imports from China.
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After the meeting between Trump and Xi however, the White House said the deal could be back on. "A solution for North Korea is a great thing for China and ALL!" he asserted.
Trump, at his political rallies and news conferences, often praises the increase in US military spending during his almost two years in the White House. The Office of the US Trade Representative did not immediately return a request for comment, neither did representatives for China's commerce ministry.
Chinese state media on Monday cautiously welcomed the trade war truce on Monday, without mentioning the US January 1 deadline. China gets a delay on additional tariffs, while the USA gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy. "It goes down, certainly - if it happens, it goes down as one of the largest deals ever made", Mr. Trump told reporters aboard Air Force One as he returned from Argentina.
Unrelated directly to trade, China has agreed to crack down on the production and distribution of Fentanyl.
The two sides also agreed to begin discussions on how to resolve issues of concern, including intellectual property protection, non-tariff trade barriers and cyber theft. Tariffs remain in place, but the 90 days pause would allow both of them to see if there is any genuine room for compromise. "If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent", the statement said.
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Chinese news outlets also claimed both sides plan to eliminate all tariffs, which doesn't appear in the USA statement . Chinese carmaker shares pared gains, while shares of auto dealerships in China and Hong Kong rallied on Trump's tweet.
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