ibusinesslines.com November 14, 2018

Financial Markets and EM's rally on Trump trade breakthrough hopes

04 November 2018, 10:57 | Kelvin Horton

Asian stocks rally on hope of US-China trade deal

Трамп США еще могут заключить сделку с Китаем

US President Donald Trump on Thursday said he'd just had "very good" talks with his Chinese counterpart Xi Jinping on the growing trade conflict between the two economic giants.

"Xi said both he and Trump have good visions for a healthy, stable development of the China-US relations, as well as expanding economic and trade cooperation, and they should make efforts to realize the wishes", Xinhua said. Beijing also emphasized that bilateral trade is in principle beneficial for both parties. Trump complained for a long time about the trade deficit that the United States has with China and, among other things, wants the People's Republic to import more American goods. If the policy talks go well, then we'll have a much better situation. Beijing would be unwilling to risk jeopardising its improving relations with Pyongyang and as a result had "very few tools to work with", he said.

Trump has claimed that negotiations with China to end the trade war between the two nations are going well. "We're not on the cusp of a deal".

The ruling party needs to nurture conditions to "let the private economy create vitality", said Xi in a speech Thursday to a group of entrepreneurs, according to the official Xinhua News Agency.

Trump also offered to host a "Western-style" dinner for Xi on December 1, after the G20 leaders' meeting, an invitation that Beijing had tentatively accepted, people familiar with the matter told the South China Morning Post.

On Wednesday, US Secretary of State Mike Pompeo said China was probably Washington's biggest long term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce " and respect worldwide law. "But it will be a good deal for the United States". At a campaign rally in Columbia, Missouri, he added: "They want to make a deal".

Communist leaders promised for the first time in 2013 to give market forces the "decisive role" in allocating resources, but reform advocates say they have focused on building up state industry while doing little for entrepreneurs. He also accused China of unfair commercial practices.

"There's no massive movement to deal with China", he said.

The United States has imposed tariffs on $250-B worth of Chinese goods so far, while China has retaliated with $110-B worth of tariffs on U.S. goods.

Washington and Beijing have been locked in a trade war since July, slapping tariffs of up to 25 per cent on imports of each other's products. So talking about ending the battle could help Trump boost the market, which the president has made a key barometer of his success. And I said, 'You're not ready yet.

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