China Trade War Not Ending Soon

01 November, 2018, 23:38 | Author: Corey Lynch
  • Global stocks pare gains as investors remain cautiousMore

Speaking weeks before a highly anticipated face-to-face meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Argentina, Cui Tiankai said the US-China relationship, which will mark its 40th anniversary next January, "has made great strides, while also it has had its share of setbacks". The list would apply to the imports from the Asian nation that aren't already covered by previous rounds of tariffs - which may be $257 billion using last year's import figures, according to two of the people.

The study notes, "despite the fact that more than 70% of us companies consider the suspension of investment in China and moving some or all production overseas, only half of Chinese companies support this approach", reports UKRINFORM.

Technology companies sank again after Bloomberg News reported that the planning new tariffs if the two sides don't make progress in trade talks next month. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback.

The newspaper noted that U.S. businesses had been hoping there would be sufficient progress at the G20 meeting between Trump and Xi to at least bring about a suspension of the planned escalation of the tariff hike on the $200 billion worth of Chinese goods, many of them consumer goods and components for United States products, set for January 1.

Tariff "wave" the stock market gains away.

The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29.

In New York, the Dow Jones industrial average was down 245.39 to 24,442.92.

MSCI's gauge of stocks across the globe gained 1 percent.

The Dow is down 276.30 points, or 1.1 percent.

In an interview with the Wall Street Journal last week, China's ambassador to the US Cui Tiankai said Beijing wanted more discussions before it would make a specific offer.

The trade war started with Trump's steel and aluminum tariffs, quickly escalating to include tariffs on USA farm products, most notably soybeans and pork. The S&P 500 Index fell as much as 2.1 percent before paring the drop and ending the day down 0.7 percent. The euro fell to $1.1354 from $1.1372. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating. Brent crude, used to price global oils, fell 0.4% to $77.34 a barrel in London. Any reminders of that just leads to more pessimism.

The price of US crude oil fell 0.8% to $67.04 a barrel in NY. Copper was little changed at $2.74 a pound.The dollar rose to 112.35 yen from 111.85 yen.



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