Stocks Surge on US Decision to Postpone China Tariff Hike
02 March, 2019, 07:57 | Author: Erin Carter
President Trump is delaying the scheduled March 1 imposition of 25-percent tariffs on some $200 billion worth of Chinese goods, pending the results of trade talks with China.
The president tweeted on Sunday that progress had been made on a host of divisive areas including intellectual property protection, technology transfer, agriculture, services and currency.
The United States had been due to increase tariffs on more than $200 billion in Chinese goods on March 1, but Trump said he would now delay the punitive duties following the "very productive talks".
If the sides make further headway in negotiations, Trump said he and Xi planned to meet at his Mar-a-Lago resort in Florida to conclude an agreement, though he didn't offer any details on the timing of the meeting or how long he expects the tariff extension to last.
Negotiators cautioned, however, that a final deal was still uncertain.
Trump has made cutting a trade deal with China a priority.
Trump said Sunday there could be "very big news" in the next two weeks, and he planned to meet with Xi at the USA leader's Mar-a-Lago resort in Florida if more progress is made.
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The goods, which have been under a 10-percent tariff order since September, include tires, rubber chemicals, manufactured rubber goods and synthetic and natural rubber. Asked if he would consider dropping criminal charges against Huawei as part of a deal, Trump said Friday that he would discuss the issue with the attorney general and USA attorneys. "Once you move from putting together outlines to filling out the details, that is where things would naturally become more challenging".
"As a result of these. very productive talks, I will be delaying the US increase in tariffs now scheduled for March 1. A very good weekend for U.S. & China!" he added. S & P 500 e-mini futures ticked higher after Trump's tweets on trade, suggesting Wall Street would open on positive footing on Monday morning.
"It's not surprising that this week has been more challenging", said an industry source familiar with the talks.
Another Chinese state-owned newspaper, the Global Times, said the talks "solved most of the problems of both sides" and negotiators were "already preparing the text of an agreement". We know they want to reduce the trade deficit, the president wants to stop intellectual property theft and forced tech transfers. That sparked a back-and-forth with Lighthizer, who argued that MoUs were binding contracts, before saying they would abandon the term altogether going forward. Now there have been trade talks to avoid this.
"I have strong hopes that the two largest economies will be able to bridge their differences and reach a constructive agreement", said Carla A. Hills, chairman and CEO of Hills & Company, International Consultants, a Washington-based advisory firm on trade and investment.
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Mr Yeddyurappa also faced disapproval from his own party colleague and minister of state for external affairs V.K. The mega video conference this afternoon is being held amid heightened tension between India and Pakistan.
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Univision also said the team's technical equipment was taken away. "They think the interview is theirs, not ours". The United States no longer recognizes Maduro as the president of Venezuela. "It's time to do more", Pence said.
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We must not, and I will not, frustrate what was the largest democratic exercise in this country's history", she said. She will be the first Saudi woman to head a diplomatic mission in any form, the Saudi Press Agency reported .