Though President Donald Trump struck an upbeat tone on progress in talks on Thursday, a new round of USA tariffs covering about $156 billion of Chinese imports is set to kick in just over a week away on December 15. Friday's announcement appeared to remove that step, industry sources said.
The law "doesn't make it better, but we'll see what happens", Trump said before departing for the London NATO summit. And his administration separately said it is considering new levies on a range of French goods in retaliation for a new digital tax. Trump tweeted Friday, taking aim at the decision by the financial body's board to approve a five-year plan to help China boost its private sector and foster fiscal reforms the day before.
The Dow Jones fell 300 points after Trump's comments. The pan-European STOXX 600 index increased by 0.4 percent more than an hour into trading, with banks, technology firms and retail companies leading the gains.
The tariff waivers were based on applications by individual firms for United States soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country's cabinet. U.S. President Donald Trump said he plans for 10% tariffs on an additional $300 billion in Chinese imports, after an earlier imposed tariffs on $200 billion in Chinese imports.
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China's soybean processors are snapping up Brazilian cargoes for shipment in the fourth quarter, curbing purchases of US crops for delivery in North America's peak marketing season as the trade war between Washington and Beijing intensifies.
President Donald Trump is sending shock waves from Wall Street to Washington and foreign capitals by dialing up his trade war around the world - after spending the past two months retreating from its various fronts.
However, he agreed with Wilson, arguing that it was also likely to be "a move of necessity", with the swine fever epidemic meaning that China has a pronounced undersupply of pork and proteins that needs addressing.
The nation's demand for pork is set to rise still higher with the Lunar New Year holiday just two months away, which is also the peak consumer spending period.
China reported its slowest economic growth in 27 years in October as the trade tensions with the United States hit its manufacturing sector.
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Both sides are maintaining close communication, Mr Gao Feng, spokesman at the ministry, told reporters.
On Nov 7, Mr Gao said China and the U.S. must simultaneously cancel some existing tariffs on each others' goods for both sides to reach a phase one trade deal, but how much tariffs should be cancelled could be negotiated.
AK Steel Holding rose 6.9%, U.S. Steel about 3.8%, and Steel Dynamics went up 1.4%.
Kudlow was similarly vague about whether the new tariffs will take place as scheduled in less than two weeks, saying that he would not "make any predictions".
Waiting until the election in November 2020 to sign a trade agreement "takes off the table something that they [Beijing] may think gives them some leverage", Ross told CNBC's "Squawk on the Street". It is also just before a fresh round of USA sanctions are due to kick in on December 15, which observers fear could jolt the negotiations.
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