Stocks jump as China's president eases trade fight fears

Stocks jump as China's president eases trade fight fears

Earlier in the day, Trump tweeted about the "STUPID TRADE" with China, saying that when a Chinese-made vehicle is sent to the USA, the tariff is only 2.5 per cent, while American cars exported to China are slapped with a 25 per cent tariff.

"European markets are in a more optimistic mood today, with the focus shifting towards a more constructive end to the US-China standoff", analyst Joshua Mahony at trading group IG said yesterday.

Xi did not directly mention the trade dispute with the US and did not say anything that is likely to escalate trade tension with the USA, which is probably why markets reacted well.

Trump's aggressiveness may worry Chinese leaders, but his "America first" policy has offered them the chance to seize a more prominent spot on the world stage.

Other lawmakers on congressional agriculture committees said Tuesday they're skeptical that the White House can fix any economic harm for farmers arising from a trade dispute with China by giving them temporary aid through the Agriculture Department. For trade talks to take place under the current environment is "even more impossible".

The additional tariffs are being considered "in light of China's unfair retaliation" against earlier USA trade actions, which included a proposed $50 billion worth of tariffs on Chinese goods, Reuters quoted Trump as saying in a White House statement.

China runs multibillion-dollar monthly surpluses with Europe and the US, which helps to offset deficits with Japan, South Korea and developing countries that supply industrial components and raw materials.

The US president welcomed the speech and said he saw an end to the dispute, which has roiled markets since the start of March.

"If you look at President Xi's speech, it was conciliatory and that feels like a de-escalation", said Art Hogan, chief market strategist at B. Riley FBR.

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"China's door of opening up will not be closed and will only open wider", Xi said at the Boao Forum for Asia on the southern island of Hainan. -China tariffs will escalate into a full-scale trade war that would threaten global growth.

Trump praised Xi's "kind words on tariffs and automobile barriers" on Tuesday. "We will make great progress together!"

China has protested those moves, calling it US meddling in an Asian conflict, and renewed warnings to Washington to stay away.

The soybean tariff is part of a carefully-targeted strategy by Chinese President Xi Jinping to strike at the heart of Trump's base, Ek says, while minimizing risks to the Chinese economy. " 'Give me what the actual tariff rate into China is going to be".

American farmers could lose up to 70 percent of their Chinese export volume and a large chunk of their future business, said North Asia Director of the U.S. Soybean Export Council Paul Burke. A day before Xi's speech, Trump tweeted about the injustice of China's 25 percent tariffs on foreign cars. The global trade balance often slips into deficit for one month early each year as factories restock following the Lunar New Year holiday.

The Dow Jones Industrial Average rose 428.9 points, or 1.79 per cent, to 24,408, the S&P 500 gained 43.71 points, or 1.67 per cent, to 2,656.87 and the Nasdaq Composite added 143.96 points, or 2.07 per cent, to 7,094.30.

Sprint Corp shares jumped 17.1 per cent after reports that the company had restarted merger talks with T-Mobile US Inc.

One option could be to use the department's authority under the Commodity Credit Corporation, a federal entity that funds farm subsidies, to buy surplus US crops, Steve Censky, deputy secretary of the USDA, said Monday.

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