Publicado: Sáb, Noviembre 09, 2019
Financiera | Por Marilu Caballero

China, US: Signs of Progress Toward an Interim Trade Deal Emerge

China, US: Signs of Progress Toward an Interim Trade Deal Emerge

U.S. locations for a meeting between Trump and Chinese President Xi Jinping (習近平) that had been proposed by the White House, including Iowa and Alaska, have been ruled out, a person familiar with the matter said.

In a new sign of progress that lifted market sentiment, Beijing and Washington agreed to roll back tariffs on each other's goods as part of the first phase of a trade deal, officials from both sides said yesterday.

The Chinese commerce ministry had boosted optimism that 18 months of intensifying protectionism might be coming to an end when it said the two countries had agreed to cancel the tariffs in phases.

Trump had originally indicated that he could sign a phase 1 deal with Chinese President Xi Jinping at mid-November's Asia-Pacific Economic Cooperation summit in Chile, since canceled.

But US negotiators did not publicly endorse the report and Reuters later reported that the plan faced "fierce" internal opposition.

US stocks dipped after Trump's comments, made to reporters before he left the White House, and the dollar to fell against the yen.

In what could be another gesture to boost optimism, China's state news agency Xinhua reported late on Thursday that the Chinese customs and Ministry of Agriculture are considering removing restrictions on US poultry imports.

Trump said China agreed to buy up to $50 billion of American farm goods. The setting - including whether a meeting happens in the US or elsewhere - will signal the expectations on each side. "If there's a phase 1 trade deal, there are going to be tariff agreements and concessions", he said, according to Bloomberg.

Trump announced a "Phase 1" agreement in October but the two sides still are negotiating the details.

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In what could be another gesture to boost optimism, China's state news agency Xinhua reported late yesterday that the Chinese customs and Ministry of Agriculture are considering removing restrictions on USA poultry imports.

The statements come amid rising hopes that the two countries will sign a pact that declares an end to a trade fight that has disrupted the global economy.

One possible location is London, where the two leaders could meet after a North Atlantic Treaty Organisation summit that Trump is due to attend from December 3-4, the official said.

Stocks soared Thursday after the Chinese government said Beijing and the Trump administration had agreed to remove some tariffs as part of any deal.

"The trade deal is the predominant driver", for markets at the moment said Lars Kreckel, global equity strategist at Legal & General Investment Management, noting that this morning dip in market was a just knee-jerk reaction to the latest news on the U.S.

India's share, though minor, was still substantial at $755 million, said the report called "Trade and trade diversion effects of United States tariffs on China".

More hard technology transfer issues, subsidies and cybersecurity rules would be left to future negotiations.

Nobody inside the White House would go on the record to affirm the division, and the United States Trade Representative's office has not remarked on whether there will be levy rollbacks.

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