Stocks and oil jump after the USA and China reach trade truce

06 December, 2018, 05:03 | Author: Shannon Aguilar
  • CHINE NOUVELLE  SIPA  Newscom

Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions on trade and other issues.

This face-to-face meeting has been the first between the two leaders since the trade war erupted earlier this year after Trump complained that China wasn't doing anything to cut its large surplus.

Xi avoids further immediate pressure on China's slowing economy, while Trump - scarred by last month's midterm elections that saw the Democrats regain control of the House of Representatives - can ease damage to agricultural U.S. states that export to China, particularly soybean producers.

"With Trump himself having personally negotiated the latest deal, this one has a much greater chance of leading to a lasting truce", he wrote in a research note. Shares are advancing in Asia following the meeting between Presidents Donald Trump and Xi Jinping. China even supposedly agreed to bring its tariffs on USA cars more in line with its duties on automobile imports from other countries.

But the White House also said the existing 10 percent tariffs on $200 billion worth of Chinese goods would be lifted to 25 percent if no deal was reached within 90 days, once again setting the clock ticking.

The US leader called his deal with Xi as "incredible".

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US officials for years have been pressing the Chinese government to take a tougher stance against fentanyl, which is 50 times more powerful than heroin.

These include China stopping a host of trade barriers, intellectual property theft and other actions that Washington say make fair trade impossible.

The US president did not send any subsequent tweets Sunday explaining which auto tariffs would be removed, and which would be reduced. "It will have an incredibly positive impact on farming, meaning agriculture, industrial products, computers, every type of product". Most U.S. supply of the drug is manufactured in China. In its turn, Beijing responded with tariffs on $110 billion of USA goods. According to a statement from the White House, both nations will attempt to come to a conclusion within the next 90 days, however, if no agreement is reached, then the 10 percent tariffs will be raised to 25 percent.

Beijing has offered limited details regarding the truce deal made during the Trump-Xi meeting in Buenos Aires, a move to downplay China's compromises in the negotiation and to save face in front of its own people.

"We don't yet have a specific agreement on that", Kudlow said, apparently contradicting Trump's tweet on the matter.

Xi and his team were likely pushing hard for an end to the tariffs that some analysts have said are partly responsible for slowing China's economic growth and leading global businesses to consider pulling manufacturing out of the country.

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