Wall Street boosted by optimism over US-China trade talks
Wall Street boosted by optimism over US-China trade talks
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09 January, 2019, 18:57
Leading shares indices across Asia and Europe rose as brief but positive statements appeared to encourage investors.
Chinese and American officials began talks Monday aimed at ending a bruising trade battle between the world's two biggest economies as Beijing complained over the sighting of a USA warship in what it said are Chinese waters.
U.S. Undersecretary for Trade and Foreign Agricultural Affairs Ted McKinney, center, who is part of U.S. trade delegation leaves from a hotel for a second day of meetings with Chinese officials in Beijing, China, Jan. 8, 2019.
The Trump administration's calculus regarding how much to stress either increased purchases of United States goods, on the one hand, or structural reforms reflects a divide within the White House.
"The trade situation is definitely bullish; you have a good demand construction if we can wrap up this trade deal", said Bob Yawger, director of futures at Mizuho in NY.
The two sides announced no details, but Asian stock markets rose on news of the decision to extend negotiations that originally were planned for two days.
He is expected to meet chief U.S. Trade Representative Robert Lighthizer later this month.
"The extension of the talks indicate that both sides take this very seriously", Lu said.
The US delegation included representatives from the departments of energy, agriculture, treasury and commerce.
The American delegation is led by a deputy US trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.
"The two sides will release messages at the same time on Thursday morning Beijing time", Hu said. There the two agreed to a temporary relief from any tariffs increases and China agreed to put focused effort into trade negotiations over a 90-day period.
Share prices have surged in Europe and Asia on Wednesday on hopes for progress in resolving the tariffs battle between the USA and China as talks appeared to have been extended in Beijing.
Vice commerce minister Wang Shouwen heads the vice ministerial level talks for China, though Vice Premier Liu He, a top economic adviser to Xi, made an appearance at a meeting on Monday.
"I think there's a very good chance that we will get a reasonable settlement that China can live with, that we can live with and that addresses all of the key issues", Mr Ross said in an interview with CNBC.
Without a resolution, punitive U.S. duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.
In what was widely seen as a goodwill gesture, China on Tuesday issued long-awaited approvals for the import of five genetically modified crops, which could boost its purchases of USA grains as farmers decide which crops to plant in the spring.
On Monday, Chinese importers made another large purchase of United States soybeans, their third in the past month.
More than 38 million Americans who rely on food stamps could see them reduced should the shutdown continue into next month. It also had a mandatory employment verification system to ensure all USA employees are authorized to work in the country.
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