Donald Trump delays China tariffs hike amid 'productive talks'

Donald Trump delays China tariffs hike amid 'productive talks'

Donald Trump delays China tariffs hike amid 'productive talks'

The U.S. has accused China of failing to meet past commitments to reform its economic policies.

The discussions began with a photo opportunity where U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He faced each other silently across a table in the Eisenhower Executive Office Building next door to the White House.

The conflict has threatened to disrupt global trade and drag on weakening economic growth. He surely recognizes this, despite his aggressive position towards China past year.

Some 43 percent of 150 companies that responded to a questionnaire last week want to keep Trump's punitive tariffs of 10 percent on $200 billion of Chinese goods in place while negotiations go ahead, Stratford said. Share prices already had risen in recent weeks on expectations Trump would postpone the tariff hike. Trump tweeted on Sunday that he would be delaying an increase in tariffs on Chinese goods, promising a Mar-a-Lago summit with China's President Xi Jinping. Lighthizer has always been a hardliner when it comes to confronting China's trade practices.

"I'm glad to see progress, and I'm glad to see the (U.S.) government sort out their issues before it gets to a big thing", Grubba, founder and CEO of Choo Choo Shoes, told Xinhua.

The conflict has unnerved investors and clouded the outlook for the global economy, putting pressure on Mr Trump and Mr Xi to reach a deal.

Trump and Xi called a 90-day truce previous year to allow time for a deal to be negotiated.

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The Trump administration wants China to roll back plans for government-led creation of global leaders in robotics and other technology that its trading partners say violate Beijing's free-trade obligations and some American officials worry they might erode USA industrial leadership.

The world's two biggest economies have been locked in a conflict over U.S. allegations that China steals technology and forces foreign companies to hand over trade secrets in an aggressive push to challenge American technological dominance. The Shanghai Composite surged 5.6 percent on Monday.

US stock futures climbed in Asian trading Monday following the news, while the offshore yuan extended gains and the yen - which typically weakens when investors' appetite for risk grows - edged lower. Even in the interim, China could purchase more shipments as a show of good faith.

"We are hopeful that a long-term trade deal is reached at the upcoming Mar-a-Lago meeting that removes tariffs, which are costing USA businesses and consumers every day", Mond told Xinhua.

It's going to be pretty hard for Trump to achieve so many conflicting policy goals at once.

More broadly, stepping back from the brink could also take away one of the largest downside risks to the oil market in 2019.

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