Publicado: Jue, Diciembre 05, 2019
Financiera | Por Marilu Caballero

US, China move closer to trade deal despite harsh rhetoric

US, China move closer to trade deal despite harsh rhetoric

The report says that U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a "Phase One" deal despite tensions persisting over Hong Kong and Xinjiang as seen earlier today.

The people, who asked not to be identified, said that US President Donald Trump's comments Tuesday downplaying the urgency of a deal shouldn't be understood to mean the talks were stalling, as he was speaking off the cuff.

China has warned that United States legislation calling for a tougher response to Beijing's treatment of its Uighur Muslim minority will affect bilateral cooperation, clouding prospects for a near-term deal to end a trade war. Outstanding issues in the talks include how to guarantee China's purchases of USA agricultural goods and exactly which duties to roll back, they added.

Another Chinese official, who also declined to be identified, said it may take a very long time for Washington and Beijing to reach a deal if they can not find a way to strike a deal while "the iron is hot".

"I would say that nobody needs North Atlantic Treaty Organisation more than France", Trump said. China's stance is very clear.

"This agreement and these negotiations must be based on equality and mutual respect", she told reporters at a regular press briefing in Beijing.

US stocks sold off for a third consecutive session on Tuesday, while Asian shares extended losses as hopes for a quick preliminary agreement between the world's two biggest economies were dashed. The Japanese yen and Swiss franc, seen as safe havens stood during market storms were making gains, up 0.17% and 0.13% respectively.

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Investors are closely watching for any signs of progress on a phase-one deal as worries increase that Trump may slap more tariffs on China later this month.

The U.S. House of Representatives' passage of a bill proposing a stronger response to a crackdown on Muslims in China's west also added yet another layer of tension, drawing swift condemnation from Beijing on Wednesday.

China's foreign ministry on Wednesday warned against enacting the Uighur rights bill saying "for all wrong actions and words. the proper price must be paid".

Bloomberg reported yesterday, however, that Washington and Beijing are "moving closer" to agreeing on how much tariffs would be rolled back in an initial trade deal despite the Hong Kong and Xinjiang issues, citing people familiar with the talks.

AK Steel Holding rose 6.9%, U.S. Steel about 3.8%, and Steel Dynamics went up 1.4%. A report from Chinese state media earlier had indicated the government would soon publish a list of "unreliable entities" if the Xinjiang bill passes that could lead to sanctions against USA companies.

Trade talks are not expected to be impacted by two measures recently initiated by Congress.

Dimming hopes of a trade deal further, U.S. Commerce Secretary Wilbur Ross rejected any deadlines on a trade deal with Beijing and launched a fresh attack on telecoms giant Huawei.

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