Wall Street rallies amid US-China trade progress

27 February, 2019, 08:29 | Author: Gerard Cortez
  • Trump delays tariff increase as talks progress

Hopes are rising that Washington and Beijing will reach a deal to end a long-running trade war after US President Donald Trump declared sufficient progress had been made between the two sides.

Chinese staffers adjust US and Chinese flags before the opening session of trade negotiations between USA and Chinese trade representatives at the Diaoyutai State Guesthouse in Beijing, Thursday, Feb. 14, 2019. Trump proudly claimed that was a "tariff man" previous year, but the prospect of hiking tariffs from 10 to 25 percent on $200 billion worth of Chinese goods appears to be too much even for him to stomach.

Trump administration officials have pointed to China's industrial subsidies, numerous regulations, business licensing procedures, product standards reviews and other practices as non-tariff barriers to trade.

Describing the trade progress as "good news" for both businesses and families, Josh Selig, president of Little Airplane Productions, a New York City-based TV production firm, also expressed optimism about future U.S.

The move by USA fund managers into Chinese equities comes as investors have been moving steadily back into emerging markets after many abandoned the category amid the global stock market turmoil in the last quarter of 2018.

"Trump has clearly put his negotiators on notice that he wants a deal", said Eswar Prasad, a trade professor at Cornell University and former head of the International Monetary Fund's China department.

"So all the time traders have information flowing to them saying that things are going positively between China and the United States, everyone wants to see a deal come out of this", said Otto, who is also a global market commentator at GTS, a leading electronic market maker across global financial instruments.

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Negotiators of the two sides have achieved substantial progress on specific issues in the Feb. 21-24 talks in Washington, the seventh round since February past year, covering technology transfer, protection of intellectual property rights, non-tariff barriers, service industry, agriculture and exchange rates, according to the Chinese delegation.

President Trump is doing what was once thought impossible by closing in on a deal with China on trade and for now, he has postponed increasing tariffs while the final terms of the agreement are hammered out.

The president did not set a new date for imposing the higher tariffs should the talks not yield results.

"This is good news for business and it's good news for families". -China high level talks that took place in Washington.

Trump raised duties in response to complaints China steals or pressures companies to hand over technology.

Should Trump feel compelled to cut a deal, even if it means having to forgo some of the major sticking points on the list of US priorities, that could pave the way for more oil and gas exports to China.

"That figure is nearly twice what it was a year ago", Beebe said.

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