Donald Trump says China sending 'strong signals' of trade cooperation

Shanghai skyline at night. Source Shutterstock
Shanghai skyline at night. Source Shutterstock

07 December, 2018

Canadian officials announced Wednesday that Meng Wanzhou, Huawei's chief financial officer and the daughter of the company's founder, was detained in Vancouver last Saturday on suspicion of trying to evade US sanctions on Iran.

Fears of a hotter trade war had sent financial markets tumbling in October and November.

But details of what exactly the two sides have agreed to have been vague and White House aides have struggled to explain what the two countries actually agreed on.

"There was a rally in the expectation that something had happened, the problem is that something turned out to be nothing".

Sharp declines in US Treasury yields added to the downbeat mood as investors fretted about the state of the global economy and even the possibility of a US recession.

America has probably already missed its best chance to sell soybeans to China, according to Cargill, one of the world's biggest agriculture commodity traders. Italy's government is seeking to spend and borrow more, which could elevate interest rates and stifle growth.

The FTSE 100 index was down 81 points or 1.2 per cent to 6,941 in mid-morning trade after shares in the United States and Asia plunged overnight. -China detente. Chinese pork producer WH Group Ltd., owner of USA -based Smithfield Foods Inc., soared 12 percent.

China implemented a 25% retaliatory tariff on USA pork products on April 1, which remains.

He also said that China's vice premier, Liu He, had told him there would be changes made "immediately" to show the Chinese were serious about a new agreement.

Analysts agree a series of demoralizing tweets by Trump indicating no significant progress had been made in ending his trade war against China helped ignite the massive sell-offs yesterday.

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His "tariff man" declaration also contradicts assertions made by the White House that Trump preferred a deal to tariffs. "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so", he added.

The U.S. president a day earlier had said the ceasefire could be extended but warned tariffs would be back on the table if the talks failed and that he would only accept a "real deal" with China.

Investors are now grappling with the potential for a protracted conflict, as the president signaled the negotiations could be more contentious than expected. The Chinese have not acknowledged a 90-day deadline for the talks or said that they plan to "immediately" increase purchases of U.S. farm goods. Their meeting last weekend at an economic conference in Argentina produced a 90-day truce, a suspension of further increases in USA tariffs on Chinese goods and a pledge by Beijing to buy more US goods. Here's a complete translation of the notice, titled "Ministry of Commerce spokesman answers reporter's questions on U.S".

Trump, however, has threatened to slap tariffs on auto imports from Europe and other countries, citing USA trade deficits with those nations.

Kudlow acknowledged there was no "specific agreement" on auto tariffs.

"Free trade has made the success story of BMW in the United States possible", the company said in a statement Tuesday, adding that 70 percent of the cars made in Spartanburg a year ago were exported to more than 120 countries. "So this time around, as I said, I'm hopeful, we're covering more ground than we'll see".

"Officials now face the hard task of fleshing out a deal that is acceptable to the Chinese but also involves significant enough concessions not to be torpedoed by the China hawks in the Trump administration", Capital Economics said in a note this week.

"It's impossible for China to cancel its industry policies or major industry and technology development plans", said economist Cui Fan of the University of International Business and Economics in Beijing.

Mr Trump said his team of trade advisers, led by China trade hawk and U.S. trade representative Robert Lighthizer, would determine whether a "REAL deal" with China was possible.

"We wouldn't be surprised if no agreement can be reached within 90 days, with the higher tariff rate coming into force only a few months later than originally planned".

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