China wants to make trade deal 'very badly'

Saturday, 28 Sep, 2019

China's move on United States pork and soybeans made Trump do an unexpected announcement on the postponement of the October 15 tariff increase on Chinese products that is in its $250 billion of yearly imports.

On Wall Street, the Dow Jones Industrial Average fell 79.59 points, or 0.3%, to 26,891.12.

"Investors have been "trade war" bearish for so long that any sliver of optimism is cheered", said Stephen Innes, Asia Pacific market strategist at AxiTrader.

The Toronto Stock Exchange S&P/TSX composite index rose 0.04% to 16,790.40 on Thursday. Traders took gains prior to buying and selling halts future 7 days for the Nationwide Working day getaway next an prolonged rise in charges, in particular for tech stocks.

Li Qiang, chief analyst at Shanghai JC Intelligence Co Ltd said this could become 6 million tons after new tariff waivers get issued by Beijing. India's Sensex added 1.1% to 39,009.11.

World share markets dipped on Friday, with concerns about US political developments after a whistleblower complaint against President Donald Trump denting optimism about an easing of U.S. It will eliminate or reduce tariffs on $7.2 billion of USA food and agricultural products, helping US beef, corn, pork and other farmers, the USTR said in a statement. At an event on the sidelines of the annual UN General Assembly in New York, US Deputy Secretary of State John Sullivan highlighted alleged abuses against ethnic Uighurs and other Muslims in China, and said the UN and its member states have "a singular responsibility to speak up when survivor after survivor recounts the horrors of state repression".

The U.S. Trade Representative's office characterized the agreement signed by Trump and Abe as "early achievements" from their negotiations on market access for agriculture, industrial goods and digital trade.

That prompted Japanese automakers to appeal to their government to do more to support the industry.

But Abe, speaking later at a news conference, said he and Trump agreed that a year-old understanding not to impose auto tariffs remained in force.

Trump sought a bilateral agreement with Japan, the world's third-largest economy, after pulling the US out of the Trans-Pacific Partnership, a Pacific-rim trade pact.

Meanwhile, earlier political worries eased as investors largely shrugging off the Democrats' decision to begin an impeachment inquiry into Trump. In the longer term, the US agreed to remove existing tariffs on the sector, according to a statement issued by the Japanese government.

Brent crude futures settled up 35 cents at $62.74 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 8 cents to settle at $56.41 a barrel. Brent crude, utilised to cost worldwide oils, climbed 17 cents to $61.60 for each barrel in London. The contract declined 69 cents the previous session.

Elsewhere, crude prices were little changed from Wednesday's decline after an unexpected rise in USA inventory and a swift recovery in Saudi Arabia's output following the September 14 attacks on its oil infrastructure.

Facebook Inc slipped 1.47% as a person familiar with the matter told Reuters that the U.S. Justice Department will open an antitrust investigation of the social media company.