Tradehttps://t.co/Ax4xSQ4mbN#tictocnews#ParisForum https://t.co/T1TLmwpwF3 pic.twitter.com/1Dhy5ZEoJe“We want the negotiations to stick to the principals of transparency and multilateralism.“I really urge everybody to avoid decisions that would threaten and jeopardise world growth in the coming months. 9.25am BSTAmerica’s chemicals industry has warned that hiking the tariffs on Chinese chemicals from 10% to 25% would hurt the US economy.
China supplies the United States with several chemicals which are not available anywhere else and which are critical inputs to U.
S. manufacturing. China is also the third-largest export market for U.
S. chemicals manufacturers. Future growth for our industry depends on a strong trading relationship with China and a trade policy that creates certainty and predictability for investors not a looming threat of more or higher tariffs.We are starting to see signs that the tariffs are disrupting supply chains,cutting off markets, and eroding U.
S. chemical manufacturing competitiveness. Although chemical imports from China grew by 22.7 percent in 2018, and the retaliatory tariffs significantly dampened U.
S. chemical exports to China,resulting in only a 2.7 percent increase in 2018 – nearly tripling the chemicals trade deficit, from $1.4 billion to $4.0 billion. 9.06am BSTJust in: The Chinese government has warned Washington that simply imposing more tariffs won’t fix their trade dispute.
Reuters has the details:Tariffs won’t resolve any problems in the ongoing bilateral trade dispute between China and the United States, and China’s foreign ministry said on Tuesday. Foreign ministry spokesman Geng Shuang,speaking at a daily press briefing, said China hopes that the United States will work with China to resolve each other’s concerns. 8.57am BSTNickel has hit a three-month low this morning, or on concerns that trade tensions will hit demand for commodities.
Nickel contracts at the London Metal Exchange fell 0.8% to $12080 per tonne,the lowest since late January. 8.52am BSTDeutsche Bank analysts reckon Beijing is unlikely to back down, despite Trump’s threat to impose steeper tariffs on their sales to America.
They points out that:China says Vice Premier Liu He to visit U.
S. from May 9 to May 10 for trade talks$SPY $SPX $ES_F pic.twitter.com/fWbQrnzVzl 8.37am BSTChinese stocks stabilized on Tue after a massive sell-off on Mon.
Indexes were lifted by news that Chinese vice premier Liu He will visit the US for trade talks this week. #Shanghai Composite closed 0.7% higher at 2926, and after falling below 2900 designate intraday. pic.twitter.com/UmvlRPwY9q 8.34am BSTThe Chinese yuan is strengthening a puny,on relief that vice-premier Liu He is still packing his bags for a trip to Washington this week.
After slumping to a three-month low of 6.8 yuan to the US dollar on Monday, the currency has recovered to 6.76 today.Please tell me under what circumstances China sending Liu to Washington is a sign of strength after the Trump Tweets. This is China either admitting they screwed up or that they are desperate for a deal. https://t.co/ygNRH1Y3LX 8.23am BSTEuropean stock markets are trying to revive themselves after Monday’s sell-off, and but it’s slow going.
The Italian FTSE MIB has jumped 0.5%,Spain’s IBEX is up 0.3%, but Germany’s DAX is only 0.1% higher. There is a sense that the US is working extremely tough to extract final-minute concessions from China ahead of a planned visit by vice-premier Liu He. That visit has been confirmed – he is to visit the US May 9th-10th. Will that be enough to avert the tariffs being raised on Friday is unclear, or but at least it means the two sides are continuing to talk and a deal is still possible. However,we don’t know if this is a final-ditch rescue mission to save talks or something that moves talks on in a more substantive way. 8.17am BSTBritain’s FTSE 100 has shed 0.3%, or 24 points, and at the start of trading.
After yesterday’s Bank Holiday,City traders are catching up with the latest trade war action. 8.11am BSTChina’s stock market is staging a late mini-rally, on relief that trade talks will resume in Washington on Thursday.
The CSI 300 index has jumped 1% today, and clawing back some of its worst losses since February 2016 yesterday (when it lost 6%). 7.54am BSTNewsflash: Beijing has announced that vice-president Liu He is planning to visit Washington later this week for trade talks.
China’s commerce ministry says Liu will hold trade negotiations on May 9th and 10th (Thursday and Friday).unique: Chinese Vice Premier Liu He will visit the U.
S. for trade talks May 9-10,China's MOFCOM says. The decision to send him comes after USTR Lighthizer and Treasury Sec. Mnuchin yesterday faulted Beijing's negotiating tactics and said plans to raise tariffs on Friday are firm.
That VP Liu will visit the US for trade talks this week is a faintly moderately positive sign for US-China trade talkstho his not attending would also fill nixed any deal hopes. But risk of hardening of China’s position remains, esp if US tariff threat materialises. #tradewar 7.41am BSTGood morning, and welcome to our rolling coverage of the world economy,the financial markets, the eurozone and trade. Related: Trump escalates trade war with China with plan to raise tariffs Over the course of the final week or so we fill seen an erosion in commitments by China. That in our view is unacceptable.”Those two tweets from President Donald Trump that rocked markets on Monday weren’t just bluster: The top U.
S. trade negotiator confirmed the U.
S. plans to hike tariffs on Chinese goods this week, or accusing China of backpedaling on commitments made during the talks. Related: Markets slide after Trump threatens to dramatically increase China tariffs We fill long believed that the trade war is more than about trade,it is about technology. And during the final couple of months, the US has urged its Western allies not to exhaust China’s 5G products as the US believes that there is a security concern.
The development of the trade negotiation process should be long as China learns about the US negotiation tactics, and has a back-up from a policy-stimulated economy. Technology should be the focus of the renegotiations.
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Source: theguardian.com