Trump upbeat over partial trade deal with China

1791134_web1_1791134-2f101d5733e24b518f2abd092115ba01

1791134_web1_1791134-2f101d5733e24b518f2abd092115ba01

The United States is suspending a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China agreed to buy $40 billion to $50 billion in US farm products as the world's two biggest economies reached a cease-fire in their 15-month trade war.

"There was a lot of friction between the United States and China, and now it's a lovefest". Economists warn a final settlement might take years to negotiate.

China has agreed to buy $40 billion to $50 billion in USA farm products as part of the deal.

It would also strengthen Chinese protections for American intellectual property and give financial services companies more access to China's market, the president said. In return, Washington suspended the tariff hikes on Chinese goods scheduled for next week.

Treasury Secretary Steven Mnuchin told reporters Washington will not impose the tariff increase on US$250 billion in Chinese goods, which were set to rise to 30 per cent from 25 per cent on Tuesday next week. Trump launched a tariff campaign early previous year as part of a strategy to end China's decades-long unfair trade practices.

The economic pain appears to have softened Trump's appetite for a fight.

Currency and foreign exchange were other big issues over which the two countries had reached an agreement, he said.

The president previously said he wanted to strike one, big deal with China, though on Friday he said it makes sense to handle such a major pact in sections.

Trump said some IP issues would be left for later phases of the talks. "And I think Phase 1 should happen quickly", Trump said.

Without giving further details, he said an agreement could be reached soon, with U.S. companies sharing their know-how in exchange for access to Chinese markets. "But there is a significant amount of work to do".

"It's beyond a trade deal", Trump said. This would limit both countries from devaluing their currencies in order to gain an unfair competitive trade advantage.

Since 2018, the USA has slapped tariffs on more than $360 billion worth of Chinese imports.

You know the drill, investors bought stocks on the news, driving the indexes sharply higher in the USA, in a move that carried over to the Asian session. Oil prices increased by 2.3% buoyed import prices.

Previous apparent breakthroughs have faced opposition in Beijing and seen a resumption of the trade war.

The S&P 500 and Dow Jones indexes looked set to break a three-week losing streak on optimism that the world's top two economies could cool off their row before more USA tariffs kick in next week. "For businesses, this will mean less damage, not greater certainty".

If Friday's negotiations and Oval Office meeting go well, Trump and Liu could also begin laying the groundwork for a meeting between Trump and Chinese President Xi Jinping at next month's APEC summit in the Santiago, Chile.

In August, the Treasury Department formally designated China a currency manipulator for the first time since 1994, at the direction of Trump.

"We will not sign an agreement unless we get, and can tell the president, that this is on paper".

"We've come to a very substantial phase one deal", Trump said, noting that it would soon be written and signed by both parties.

Notícias recomendadas

  • Trump's energy secretary subpoenaed for documents in impeachment probe

    Trump's energy secretary subpoenaed for documents in impeachment probe

    Trump lambastes the investigation daily and now contends it is illegitimate because the full House has not voted on it. Or put another way, Ukraine now appears to be saying and doing what Donald Trump wanted Ukraine to say and do.
    Apple (NASDAQ:AAPL) Getting Neutral Media Coverage, Report Finds

    Apple (NASDAQ:AAPL) Getting Neutral Media Coverage, Report Finds

    Town & Country Bank & Trust CO dba First Bankers Trust CO increased its stake in shares of Apple by 1.9% during the third quarter. Following the completion of the transaction, the director now owns 1,150,783 shares in the company, valued at $232,101,423.27.
    Matthew Fitzpatrick fighting to keep streak alive in Italian Open

    Matthew Fitzpatrick fighting to keep streak alive in Italian Open

    Home hope Francesco Molinari , bidding for his third Italian Open title, hit a level-par 71, along with England's Paul Casey . Just felt much more comfortable with my irons once I was out there.
  • Cristiano Ronaldo leads Portugal to victory with 700th goal

    Cristiano Ronaldo scored his 699th career goal with a cheeky chip for Portugal against Luxembourg in UEFA Euro Qualifiers. Ronaldo had his first real chance of the second half but his ambitious overhead kick was easily dealt with by Moris.
    Southgate admits England 'not good enough' in Czech Republic defeat

    Southgate admits England 'not good enough' in Czech Republic defeat

    We had chances, good chances to win the game. "But we conceded too many poor chances and we gave the ball away too many times". And after the match, Southgate was blunt with his appraisal of his team's performance.
    Top aide to U.S. Secretary of State Pompeo resigns

    Top aide to U.S. Secretary of State Pompeo resigns

    Secretary of State Mike Pompeo has resigned, according to the Washington Post , which said an announcement was expected as soon as Friday.
  • Hurts ready for showdown between No. 6 Oklahoma, No. 11 Texas

    Hurts ready for showdown between No. 6 Oklahoma, No. 11 Texas

    The Longhorns are 44-18 with the under in their last 62 Big 12 games and 12-3 with the under in their last 15 games on grass. Of course, one rough Saturday could be all it takes to knock Oklahoma from College Football Playoff discussions.
    Travel agency swoops for Thomas Cook's United Kingdom  retail estate

    Travel agency swoops for Thomas Cook's United Kingdom retail estate

    At the moment, Hays Travel has no branches in the Borders, its nearest ones being in Hexham and Morpeth in Northumberland. As of now, the Thomas Cook shop located in the prestigious shopping area of James Street is closed.
    Liam Hemsworth spotted on date with Maddison Brown after Miley Cyrus split

    Liam Hemsworth spotted on date with Maddison Brown after Miley Cyrus split

    All was not to be well though as just eight months later, the two had split up again. She also starred as Nicole Kidman's daughter in the 2015 thriller Strangerland .
  • NASA conducts spacewalk as world's 1st spacewalker dies

    Russian space agency Roscosmos made the announcement on its website on Friday, without providing a cause for his death. Stanley Kubrick's 1968 film 2001: A Space Odyssey included recordings of Leonov's breathing in space.
    Xiaomi developing 120Hz display, 5X telephoto camera for smartphones

    Xiaomi developing 120Hz display, 5X telephoto camera for smartphones

    Last month, Xiaomi introduced the Mi Mix Alpha smartphone with the first-of-its-kind 4D surround display and 108MP rear camera. However, there haven't been any other details about the features or pricing about the smartphone.
    Scott Cam takes on career ambassador role

    Scott Cam takes on career ambassador role

    The Gold Logie winner's role will be to highlight how practical and technical training can lead to high-paying jobs. Labor's education and training spokeswoman Tanya Plibersek is not rapt with the high profile hire.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.