Published: Tue, October 15, 2019
Global News | By Blake Casey

China wants more talks before signing 'phase one' deal

China wants more talks before signing 'phase one' deal

China wants Trump to also scrap a planned tariff hike in December in addition to the hike scheduled for this week, the report added. The U.S. president further sowed distrust in August when he claimed that Chinese officials had called and requested to restart trade talks.

The Financial Times said little had been given away by Beijing, but China had been successful in holding off tariff increases on 250-billion dollars worth of Chinese goods.

Friday's truce "just kicks the can down the road, which is good enough for both sides for now", said Scott Kennedy, a China trade expert at Center for Strategic and International Studies.

"However, it doesn't bring the two sides any closer to a "big" deal - perhaps even the opposite", he added.

But officials on both sides have said more work is needed to finalise the accord, and Trump acknowledged the agreement could still collapse.

-China trade talks, and markets rallied in relief over a de-escalation in tensions between the world's two biggest economies. Along with the 11th straight decrease in imports from the USA, the bilateral trade surplus contracted for the first time since February.

Iran vows response to attack on tanker off Saudi coast
A spokesman for the company initially suggested that the missiles may have come from the direction of Saudi Arabia. Cabinet spokesman Ali Rabiei said, meanwhile, that Iran was investigating the case but "avoiding hastiness".

The trade deal Trump announced, which indefinitely suspends tariffs that were supposed to kick in October 15, would only lessen the "trade drag" on the global economy by 0.1% of GDP, Oxford Economics wrote in a note just after the White House press conference, headlined "Itsy-Itsy-bitsy-teeny-weeny handshake deal with China". In late 2017, Trump's administration was on the cusp of enacting sweeping tax cuts meant to turbocharge business investment and boost USA growth, Europe had shaken off its post-crisis doldrums and China was slowing but resilient.

In a research note sent out on Monday, Darin Friedrichs, senior Asia commodity analyst at brokerage INTL FCStone in Shanghai, said that China has made no reference to a deal, mentioning to it instead as progress in negotiations.

Shares of Dow component Boeing Co.

The aviation company said Dennis Muilenburg will continue as CEO, president and a board member, while David Calhoun, the current independent lead director, will become non-executive chairman. Despite fresh rate cuts still expected from the Fed, US stocks may struggle here as we approach earnings season. Exports to the United States were off 10.7% at $312 billion.

September had marked a major escalation in the trade row, with Washington imposing 15% tariffs on more than $125 billion in Chinese imports from Sept. 1, and Beijing hitting back with retaliatory levies. These included forcing US firms into joint ventures rather than allowing them to have wholly foreign-owned enterprises in China; making them reveal their core intellectual property to their Chinese partner, without that partner having to reveal their own IP; demanding that the products of joint ventures be branded in the Chinese partner's name; IP being shared by government authorities with competitor companies; and many other business practices not found in other countries. Markets in Japan were closed for a holiday.

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