I Haven't Agreed to China Tariff Rollback

I Haven't Agreed to China Tariff Rollback

The conflicting reports come as President Trump preps for meetings with his Chinese counterpart in the coming weeks to continue hammering out a resolution to a months-long trade spat, which has seen the two powers impose billions in levies on each other's goods. US officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month. The White House declined to comment to Business Insider.

France and China also issued a "Beijing call" seeking increased global cooperation in fighting climate change and protecting biodiversity while deploring the us pullout from the climate treaty.

If an interim deal is finished and signed, it is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

In a sign of the anxiety, the pan-region Euro Stoxx 50 futures and German DAX futures eased 0.35% each in early European trading while London's FTSE futures slipped 0.24%. The Dow Jones Industrial Average was up almost 200 points in late-afternoon trading.

Stocks rallied, with Hong Kong's Hang Seng Index climbing 0.6%.

Seoul's Kospi sank 0.3% to 2,137.23 and Sydney's S&P-ASX 200 was off 2 points at 6,724.10.

China's trade surplus with the US was $26.42 billion in October; Exports to the USA are now down 11.3 per cent in dollar terms in the year to date from the same period in 2018.

To boost credit, the People's Bank of China cut the interest rate on its one-year medium-term lending facility (MLF) loans on Tuesday for the first time since early 2016.

As investors wound back their buying in safe assets, the 10-year U.S. Treasuries yields jumped to 1.9730% on Thursdsay to a three-month peak, and last stood at 1.9069%.

Reports that a global trade war could be waning sent stocks soaring Thursday.

"Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations". They have yet to announce progress on major disputes about China's trade surplus and technology policy. That has disrupted supply chains, threatening to chill worldwide economic growth. "As ever, the caveat here is the unpredictable nature of the White House".

US President Donald Trump told reporters that China was pushing for the removal of some tariffs as part of an agreement, but he said a "complete rollback" was off the table.

U.S. Commerce Secretary Wilbur Ross said this week any "Phase 1" agreement would be general and cover trade in specific areas such as soybeans and liquefied natural gas. The contract rose 80 cents on Thursday to close at $57.15.

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