Stocks and oil jump after the United States and China reach trade truce
06 December, 2018, 00:28 | Author: Darnell Patrick
But now comes the hard work after a trade war truce was hammered out between United States President Donald Trump and China's head of state Xi Jinping at a dinner in Buenos Aires at the weekend. His reflections on the meeting suggest that, at least at the leaders' level, the US-China relationship is in a better place than it was in October, following U.S. Vice President Mike Pence's speech criticising a wide array of Chinese actions. This includes tariffs on US auto imports, which China raised from 10 to 40 per cent in July.
After President Donald Trump announced steep tariffs on all imports of steel and aluminum, China slapped retaliatory tariffs on the U.S. The Trump administration responded with more tariffs targeting Chinese goods, and China replied with more tariffs of its own.
China-made e-bikes and e-bike motors will remain subject to the 25 percent tariff imposed in August.
US officials will monitor Chinese progress on enforcing the commitments very closely, Kudlow said. It does, however, include some points not included in the U.S. statements, such as that the two sides agree to boost market access and will work toward scrapping all tariffs. "China will be getting rid of tariffs", Trump said. "It's a step in the right direction".
Beijing had reduced auto import duties from 25 percent to 15 percent in July.
"[They have] agreed to reduce and remove tariffs on cars coming into China from the US".
Kudlow added that Chinese negotiators told the United States they would move "immediately" to remove tariff and non-tariff barriers without offering specifics on what sectors would be affected, but said he believed it would be tied to automobiles.
The markets' initial positive reaction obscures the fact that a firm agreement appears far off.
It's unclear whether the tariffs on U.S. cars will be eliminated entirely or just reduced, Le said, adding that there's no information on the time frame for the changes or which types of vehicles would be affected.
In exchange, the US wants an immediate start to talks on Trump's biggest complaints about Chinese trade practices: intellectual property theft, non-tariff barriers and forced technology transfer.
China reaffirmed that the agreement held "great significance".
USA stock indexes also opened sharply higher in NY at the start of a new work week, with the widely watched Dow Jones Industrial Average of 30 key stocks ahead more than 1.5 percent.
After being spooked by the conflict, investors returned to buying following the long-awaited meeting between the two presidents. "China's reform and opening-up's broad perspective recognizes that the rest of the world does things differently", it said in its editorial.
The truce between the US and China emerged after a highly anticipated dinner December 1 involving Messrs. In the past, the US has acted as a counterweight to China's claims, Now inconsistency in Trump's stance has added to tensions in the region.
Trump agreed to postpone the raising of tariffs on goods from China worth U.S. $200 billion from 10 percent to 25 percent, which had been scheduled for January 1.
Beijing hopes to persuade Trump to abandon plans to hike tariffs on $200 billion of Chinese goods to 25 percent in January, from 10 percent at present.
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