Thursday, 24 January, 2019

Markets buoyed by optimism over US-China trade talks

U.S.-China trade talks in Beijing raise hopes that a deal may be reached What hope for markets in the US-China trade talks?
Jean Garcia | 10 January, 2019, 20:30

A statement released by China's Commerce Ministry on Thursday morning said both sides carried out "wide, deep and thorough exchanges" on trade and structural issues of mutual concern.

The talks "improved mutual understanding and laid a foundation for resolving issues of mutual concern", the ministry said.

Uncertainty over the outcome of China-U.S. trade talks cast a pall Thursday over Asian markets as both sides kept mum about what lies ahead. It is the first time that officials have met for face-to-face talks since President Trump and President Xi agreed a 90-day ceasefire in December.

Beijing has tried to defuse pressure for more sweeping change by offering concessions including purchasing more American soybeans, natural gas and other exports.

USA and Chinese officials extended trade war talks into a third day on Wednesday, with a member of the American delegation saying negotiations "went just fine".

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, Tuesday, Jan. 8, 2019. "Without some progress already made, there would not be an extension to the negotiations", he told NPR.

China and the US will move ahead with trade talks as scheduled, Ministry of Commerce Spokesman Gao Feng told reporters in Beijing at a regular weekly briefing Thursday, without giving any further details over when they would take place.

Rare penny found in 1947 could be worth more than $1 million
It was even reported , falsely, that Henry Ford would give a new auto to anyone who provided one of the rare coins to him. The Treasury switched to minting pennies out of steel. "All pennies struck in 1943 were zinc-coated steel".

People familiar with the U.S.

The office of U.S. Trade Representative Robert Lighthizer said it wants any deal to include "ongoing verification and effective enforcement" and the U.S. will decide on next steps after officials report back to Washington.

Additionally, the US and China will meet for a third day on Wednesday. Liu made a brief appearance at the talks in Beijing on Monday, boosting optimism that China was serious about making progress. Lu said he had no details and an official statement would be issued later. The S&P 500 Index has fallen about 7 percent since Trump and Xi agreed on a 90-day truce at their meeting in Argentina last month.

Without a resolution, punitive United States duty rates on $200 billion in Chinese goods are due to rise to 25 percent from 10 percent on March 2.

"The earlier escalation of the trade conflict between the US and China and souring bilateral relations appear to have given way to a more conciliatory approach since early December", he wrote in a note Thursday.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily". "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

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