Asia markets rise after US and China agree to trade truce

Asia markets rise after US and China agree to trade truce

Asia markets rise after US and China agree to trade truce

Trump said: "What I'll be doing is holding back on tariffs".

China has targeted $110 billion worth of U.S. imports for tariffs.

At the same time, US farmers have been hurt by reduced Chinese imports of soybeans and other products.

"President Trump's agreement yesterday with President Xi of China is the single most important step that could be taken to stop the flow of deadly fentanyl, a synthetic opioid, from China into the United States".

The U.S. side, he added, is ready to increase cooperation with China through consultations and actively seek mutually beneficial solutions to their problems.

Beyond the trade deficit that occupies much of Trump's attention, the USA has a long list of grievances it wants to address with Beijing in any upcoming negotiations.

"It's great the two sides took advantage of this opportunity to call a truce", said Andy Rothman, investment strategist at Matthews Asia. "This changes the tone and direction of the bilateral conversation". It was the first face-to-face meeting between the two leaders since Trump's China visit in November past year. Trump also canceled a Saturday news conference, citing respect for the Bush family following the death of former President George H.W. Bush.

At the dinner, Trump said his ties to Xi were "a very primary reason" for considering a deal possible.

The communique was in harmony with "many of the United States' biggest objectives", especially in backing reform of the World Trade Organization, according to a senior administration official who briefed reporters on the condition of anonymity. Washington accuses China of deploying predatory tactics in its tech drive, including stealing trade secrets and forcing American firms to hand over technology in exchange for access to the Chinese market.

Details: The United States was set to hike tariffs on $200 billion of Chinese goods from 10% on 25% on January 1.

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If no deal is reached within 90 days, both parties agreed that the 10 percent tariffs will be raised to 25 percent, the White House said.

The trade conflict, which has rattled financial markets and upended global supply chains, began this year when Trump imposed tariffs on $253 billion of imported Chinese steel, industrial products and consumer goods, including handbags, furniture and appliances.

Zhang also noted that it remains unclear whether Washington and Beijing would be able to "come up with an agreement in 90 days".

Under the CPTPP - a pact from which Trump withdrew the United States last year - Japan's 38.5 percent tariff on beef imports will be lowered in stages to 9 percent over 16 years. "But now, China is on the verge of becoming a world superpower and challenging the US position and economy".

In Buenos Aires, they did reach such an accord.

Similarly, Japan and the European Union are speeding up domestic procedures for the early enforcement of an FTA, making American farmers and ranchers less competitive than their European counterparts in terms of access to the world's third-largest economy.

"This trades one trade uncertainty for another", Diane Swonk, chief economist at Grant Thornton, tweeted. China will also schedule all forms of Fentanyl and start the adjustments of related regulations.

China reiterated its stance on Taiwan affairs, and the US has expressed its support for the one-China policy.

Xi appears to have offered up non-trade measures to build goodwill in the relationship at a time of multiple converging tensions, from the South China Sea to Taiwan.

China's refusal to approve the deal upended the global expansion plans of a premier American company and showcased Beijing's ability to make the US feel financial pain in ways other than tariffs. It is unclear whether the transaction could be revived even with China's acquiescence. But they say the deal must do more to protect USA workers from low-wage Mexican competition. Such a move would force lawmakers to approve the NAFTA replacement he reached September 30 with Canada and Mexico - or have no North American trade bloc at all.

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