Oil edges up but US-China trade tensions curb gains

10 April, 2018, 19:48 | Author: Roderick Gutierrez
  • Chinese President Xi Jinping delivers a speech at an annual meeting of the Boao Forum for Asia in Boao in China. Mr Xi promised to open the country’s economy further and lower import tariffs on products including cars Kyodo  via Reuters

USA stock market has been performing poorly recently on fears of the trade war between the world's two largest economies.

Oil markets rose by more than 1 percent on hopes that the trade dispute between the world's two-largest economies may be resolved without greater damage to the global economy.

Xi's renewed pledges to open up the auto sector come after Trump on Monday criticized China on Twitter for maintaining 25 percent auto import tariffs compared to the United States' 2.5 percent duties, calling such a relationship with China not free trade but "stupid trade".

He also pledged to strengthen the protection of intellectual property inside China, which has been a focal point of criticism from the Trump administration, and increase China's imports from other countries by lowering some tariffs. "Great future for both countries!" the president tweeted.

The U.S. leader said, without offering any direct information, that "China will take down its Trade Barriers because it is the right thing to do". Trump has said he will pass extra tariffs on China after it imposed $3 billion of tariffs on US products, such as fruits, nuts and wine. In response, China announced $50 billion worth of tariffs on American products last week, ranging from whiskey to trucks. The U.S. reported a $375 billion deficit with China past year, which Trump has blamed for the loss of American jobs and closing of plants.

"There is no way for us to address China without absorbing some pain here", the SC senator told ABC News Chief Global Affairs Correspondent and "This Week" co-anchor Martha Raddatz.

Chinese Vice Premier Liu promised at the World Economic Forum in January that China would roll out fresh market openings this year, and that it would lower auto import tariffs in an "orderly way".

The ramped-up trade dispute comes only weeks before US President Donald Trump is set to have a summit with North Korean leader Kim Jong-un before the end of May, which is expected to shape the fate of the Korean Peninsula.

"In the world's perception, the U.S.is overshadowed by an anxiety disorder and is very keen to show its anxiety", the newspaper said.

Kudlow said while he would support imposing tariffs if negotiations with China fail, nothing has happened yet.

Trump is facing mid-term elections in November, while Xi has just begun his second term as president with an option to rule for life and probably wants to expand his clout overseas.

The administration's threats toward China have made markets apprehensive. "They understand that they're doing this for the country". "This could help lower the trade deficit [the United States faces], elevate medical standards, and at the same time push domestic industries to truly innovate in science and technology", he wrote.

TRADE WORRIES: Indexes are fluctuating in recent sessions as they try to guess the outcome of the U.S.

"We don't need a trade war", says John Heisdorffer, a southeast Iowa farmer and president of the American Soybean Association. U.S. intelligence officials say that North Korea could be just a few months away from successfully mounting a warhead on a missile that could reach the American mainland.

Trump has also said the ongoing trade dispute may generate "a little pain" in the short term, including big losses on Wall Street.

In another tweet on Saturday, Trump again claimed unfair Chinese trade practices.


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