Could US-China trade talks collapse? | USA

11 May, 2019, 02:42 | Author: Frank Williams
  • Chinese Vice Premier Liu He will travel to the US for trade talks on May 9 and 10 2019

"This evening, (United States Trade Representative Robert Lighthizer) and (Treasury Secretary Steven Mnuchin) met with President Trump to discuss the ongoing trade negotiations with China".

"US chipmaker Microchip Technology's first-quarter guidance that missed estimates over projections of lackluster semiconductor sales in the second half of the year coupled with Intel CEO Bob Swan's latest comments doubting profitability of the market are expected to burden the Korean semiconductor sector", Seo added. Also unclear is what would happen to the USA tariffs on Chinese imports.

The proposed USA measures are due to come into force at 00:01 EDT (05:00 GMT) early on Friday, and will see rates on a vast array of Chinese-made electrics, machinery, vehicle parts and furniture jump from 10% to 25%.

Tariffs will not apply to cargoes that have left China before the 12:01 a.m. Friday start time for the higher rates, U.S. Customs and Border Protection said on Thursday, giving a grace period to shippers with goods en route. "But for now. come Friday there will be tariffs in place", he said. His tweet said that China might be trying to renegotiate the trade deal with the hope that it can negotiate better with the Democrats in 2020, with "hope" in capital letters.

The US-China trade war has been a great source of uncertainty for financial markets over the past year.

Trump over the weekend upended months of cheery reports by the U.S. that progress was being reached in intense trade negotiations between the world's two largest economies.

Washington has demanded far-reaching and profound changes to the Chinese economy, such as submitting state enterprises to market principles, reducing massive subsidies and ending the alleged theft of U.S. technology.

"We hope the USA can meet China halfway, take care of each others' concerns, and resolve existing problems through cooperation and consultations", he said.

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China could make some concessions to prolong talks even after tariffs and retaliation.

Benchmark U.S. crude fell 38 cents to $61.74 a barrel in electronic trading on the New York Mercantile Exchange.

The country's share markets have taken a battering due to the renewed trade tensions, however.

The broad-based S&P 500 added less than 0.1 per cent at 2,885.16, while the tech-rich Nasdaq Composite Index also gained 0.1 per cent to 7,973.35.

Exports unexpectedly declined in April, with some analysts attributing the drop to slumping shipments to the United States. If not, the cost of flooring products imported from China will increase by more than 10% starting Friday.

Each side has hinted that the other has more to lose.

The US Commerce Department said on Thursday the politically sensitive goods trade deficit with China fell 16.2% to US$20.7 billion, the lowest level since March 2014, also as imports from the world's No. 2 economy fell 6.1%. "Once again, the two countries, and indeed, the entire world's economy will be forced into a crisis mode that will likely inflict enormous losses on many individual companies and many thousands of workers and farmers in both countries".

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