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Global stocks rebound amid waning trade war fears

28 March, 2018, 00:48 | Author: Priscilla Morrison
  • China, US in talks to avert trade war

China has a 25 percent tariff on USA cars and has talked recently of lowering it, while Trump has often complained that the us import tariff on passenger vehicles is only 2.5 percent.

Last Thursday and Friday, the Dow lost more than a total of 1,100 points amid increasing signs of a looming trade war between the two major trading partners. The S&P 500 index climbed 70 points, or 2.7 percent, and the Nasdaq gained 228 points, or 3.3 percent. Optimistic messages from both Washington and Beijing apparently eased investor fears.

THE QUOTE: "Risk sentiment improved as USA and China remain huddled in talks over tariffs, downplaying recent concerns over a tit-for-tat trade war", Jingyi Pan of IG said in a commentary. That announcement followed a news report indicating that USA officials have submitted a list of market-opening requests. "China has always obeyed the rules of global trade, and we have always advocated equality and mutual benefit, and settle the differences through dialogue".

"The tariffs on China are a response to long-standing complaints that Beijing unfairly requires USA companies to share their technology as a cost of doing business in that country", NPR's Scott Horsley reported.

Neither officials from China confirmed the reports nor North Korea's state-run media reported about the sudden delegation visit to China.




China's steel industry on Tuesday urged Beijing to ensure any increase in steel products seeking a market in the wake of USA tariffs did not affect its domestic industry, following the announcement of a European Union import probe.

While China last week announced its possible retaliatory plans against United States tariffs, the country's premier Li Keqiang reiterated on Monday pledges to open its market to American businesses. "China is certain that it can safeguard its own interests".

The U.S. wants to see concrete steps toward reducing its trade deficit with China by $100 billion over the next year. China said it reserved the right to file a dispute at a later date, according to the filings.

USA officials said they're determined to press China to lower tariffs on cars and open up its financial services sector.

CGTN's Mike Walter talks with David Nelson, chief strategist with Belpointe Asset Management, about the trade negotiations between China and the U.S.

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