Published: Wed, February 27, 2019
Markets | By Otis Pena

Trump delays increase in tariffs on Chinese goods

Trump delays increase in tariffs on Chinese goods

American companies want President Donald Trump's negotiations with Beijing to win them real improvements in their access to Chinese markets, not just a smaller overall USA trade deficit, a business group said Tuesday.

Britain's FTSE 100 lost 0.9 percent in early trading to 7,121.64 after Prime Minister Theresa May returned from a seemingly unproductive meeting with European Union leaders Monday to a growing attempt by British lawmakers to stop her from taking Britain out of the EU on March 29 without a divorce deal. The benchmark Nikkei 225 index gained 0.59 per cent, or 125.58 points, at 21,551.09 in early trade, while the broader Topix index was up 0.58 per cent, or 9.32 points, at 1,618.84.

"I think the one great thing about the negotiations that have taken place between China and the United States is that they've been consistent", Mark Otto, an experienced trader at the New York Stock Exchange, told Xinhua on Monday.

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

In New York, the Dow Jones industrial average closed up 60.14 points at 26,091.95.

About 10 percent of the chamber's members favored raising tariffs rates on those $200 billion of Chinese goods from 10 percent to 25 percent after the original March 1 deadline agreed to by Trump and Xi in December.

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A broad-based rally helped Canada's main stock index close higher along with NY markets as U.S. President Donald Trump agreed to hold off on raising tariffs on Chinese goods.

The conflict has threatened to disrupt global trade and drag on weakening economic growth. Yet they also indicate that there are still some differences that need more time to be ironed out.

Lastly, how is the US going to hold China accountable?

The negotiations appear to be edging towards a comprehensive trade deal that would include six memorandums of understanding that touch upon forced technology transfers, cyber theft, intellectual property rights, services, currency, agriculture, and non-tariff barriers to trade. "Nonetheless, it helps to underpin positive investor sentiment". Hong Kong's Hang Seng index fell 0.5 percent to 28,810.62.

Washington is demanding Beijing change the way it does business with the United States, demanding more access for US companies, enforcement of intellectual property protection and an end to industrial subsidies. Shares were lower in Southeast Asia.

The Canadian dollar averaged 75.91 cents United States, unchanged from Friday. Brent crude, used to price global oils, picked up 8 cents to $67.20 per barrel in London. The euro advanced to $1.1365 from $1.1333.

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