Stocks surge on US decision to postpone China tariff hike

28 February, 2019, 06:41 | Author: Kevin Carter
  • American businesses in China see gloomy year

Trump said Sunday that negotiators had made "substantial progress" on core structural issues, including intellectual-property protection and compulsory technology licensing requirements for US businesses in China.

Tit-for-tat tariffs between the world's two largest economic powers have disrupted worldwide trade and slowed the global economy since the trade war started seven months ago.

"China's forced technology transfers and IP theft practices are unfair and must be addressed", said Representative Earl Blumenauer of OR, the new Democratic chairman of the House Ways and Means trade subcommittee.

Sabri Ben-Achour: We know what the USA wants. So the Chinese are clever to offer to buy enough United States commodities to cut that very visible imbalance. -Chinese relations came as the president prepared for a summit with with North Korean leader Kim Jong Un this week in Hanoi, Vietnam.

The problem is, as Bloomberg lays out, that Trump's eagerness to cut a deal, declare victory and put the issue behind him makes it much less likely that China will give ground on the major issues that bother the US government.

But many questions remain about the prospects for a deal that would unwind the tariffs already slapped by both sides on billions of dollars of each other's goods. He also sounded a note of caution, when he said a deal "could happen fairly soon, or it might not happen at all".

That helps explain Chinese state media's applause for Trump's concession on his planned tariff increase, a move that is viewed as averting an increasingly damaging commercial conflict.

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The comments appear to reflect support for President Donald Trump and other U.S. officials including Trade Representative Robert Lighthizer who want changes in industrial policy Beijing's trading partners say violate its free-trade obligations. "China solemnly shows it is willing to adopt a co-operative approach to resolve economic and trade frictions". Washington wants an enforcement mechanism built into the deal.

"Assuming both sides make additional progress, we will be planning a summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement".

But the US threat of tariff increases comes just as China is trying to support its cooling economy, so could offer Trump leverage in the talks.

In his February 5 State of the Union address, Trump said a China trade deal "must include real, structural change to end unfair trade practices, reduce our chronic trade deficit, and protect American jobs".

"If not, then it would have been a tremendous waste".

But Perdue noted the United States would not be "bought off" and that purchases themselves were not enough. However, his initial three-month delay on higher tariffs in December, and especially his latest decision to extend the talks, demonstrate his desire for a face-saving way to step back from the abyss. Relationship between our two Countries is very strong.

- Donald J. Trump (@realDonaldTrump) February 24, 2019....productive talks, I will be delaying the US increase in tariffs now scheduled for March 1. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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