Shipping forecast more tariffs against Chinese imports will also hurt American businesses and consumers
AFP FREDERIC J. BROWN
06 September, 2019, 04:40
They would be the first in-person, high-level discussions since a failed U.S.
While trade headlines have whipsawed the market all summer, Thursday's reaction was particularly pronounced as fears have risen that a continued trade war could tip the global economy into recession.
On Sunday, Washington began imposing 15 per cent tariffs on an array of Chinese imports, while China began placing duties on US crude oil.
A spokesman for the U.S. Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".
On top of that, calling Huawei blacklisting as a national security concern, US President Donald Trump had been quoted saying at the White House later on Wednesday (Sept. 4th) to the reporters, "It's a national security concern".
Talks between China and the U.S. are ongoing, but Trump's position appears to have changed again. U.S., Asian and European stock indexes all touched one-month highs on Thursday.
USA stock indexes marched broadly higher on the news of the planned talks, The Dow Jones Industrial Average surged as much as 480 points.
The yen slipped and the dollar edged lower against a basket of world currencies following the positive trade developments and upbeat U.S.jobs data.
The U.S. has also pledged to further increase tariffs on another $250 billion worth of Chinese goods to 30% from 25% starting from October 1.
The United States and China have agreed to resume face-to-face negotiations meant to end their ongoing trade war, CNN reports. Trump announced in August that he was ready to increase rates on existing tariffs from 25% to 30% on $250bn worth of Chinese goods in October, including tuna, tilapia and red swimming crab. A meeting is being planned for early October, in Washington, D.C., ending speculation that the next round of talks may be cancelled.
"This trade war has gone on far too long, and the harmful consequences for American business and consumers continues to grow", said the group, which bills itself as the world's largest retail trade association.
The Dow and the broader stock market rallied sharply on Thursday, on track to log another day of gains on Thursday after U.S. and Chinese officials said they will resume trade talks.
China's Commerce Ministry said its trade team will consult with its United States counterpart in mid-September in preparation for negotiations in early October, and both sides agreed to take actions to create favorable conditions.
Trump remained silent on Twitter about the newly agreed talks, and none of his key economic aides appeared on morning talk shows.
New tariffs on USA and Chinese imports and uncertainty about whether there would be another high-level meeting have rattled investors' nerves in recent months. While Trump's administration ratchets up the tariff pressure, China is having to add stimulus to support its slowing economy.
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