It’s good to talk, but US-China tensions are far from over

03 November, 2018, 03:57 | Author: Sally Reid

These include outright cybertheft and forcing USA companies to hand over trade secrets as the price of admission to the Chinese market.

Reports earlier Friday said that President Trump had asked officials to prepare a draft of a trade agreement with the world's second largest economy, prompting the Dow to rise.

"Positive comments from President Trump over US-China trade tension are cheering the market in the short term", said Tai Hui, chief market strategist for Asia Pacific at JP Morgan Asset Management.

The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said.

WASHINGTON-The White House's top economic adviser said on November 1 that if China does not come up with a satisfactory offer to meet US trade demands, then President Donald Trump will continue to aggressively pursue his agenda.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the U.S. filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner.

In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind. "But it will be a good deal for the United States". He gave no indication whether they made progress on settling an escalating tariff war over Beijing's technology policy. Oil prices recovered after Thursday's plunge of more than two percent on oversupply worries, with United States sanctions on Iran due within days but other major producers ready to pick up the slack.

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The Trump administration this year has already imposed tariffs on $250 billion in trade with China and is threatening to impose tariffs on all remaining imports from China, which last year were worth $505 billion.

While Beijing is open to striking a deal that narrows the trade deficit, officials have resisted Mr Trump's other demands - including an end to subsidies for strategic industries, a stop to forced technology transfer and more competition for state-owned enterprises.

Washington and Beijing have been locked in a trade war since July, slapping tariffs of up to 25 per cent on imports of each other's products.

The commodity has lost around 15 per cent from four-year highs at the start of last month as Russian Federation and Opec said they would bolster output.

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said.

The Trump administration presented Chinese officials with a list of more than 140 demands during the first round of trade talks in May.

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