Published: Mon, November 11, 2019
Markets | By Otis Pena

Oil Stalls Close to Six-Week High on Slippery Trade-War Signals

Oil Stalls Close to Six-Week High on Slippery Trade-War Signals

With so much (or should I say so little in terms of significance) already anticipated in this "Phase One" deal, I would argue that the risk from hereon skews much more towards the downside as talks have the potential to break down.

On Friday, Mr Trump, in comments that hit stock prices and the dollar, said he had not agreed to a tariff rollback.

Trump on Friday dismissed a Chinese official's assertion that his administration has agreed to roll back some of the higher tariffs it's imposed on Chinese goods. President Trump hopes to resolve outstanding gripes with Beijing's trade practices, including forced technology transfers and intellectual property theft, while securing more Chinese purchases of U.S. agricultural goods. President Donald Trump dashed expectations over the weekend that a trade deal had been reached.

"I haven't agreed to anything", he told reporters then.

China expert Derek Scissors, of the conservative American Enterprise Institute in Washington, said Beijing is playing one faction against the other to get a better deal. -China trade talks and worsening violence in Hong Kong damped sentiment across financial markets.

"Frankly, they want to make a deal a lot more than I do", Trump said, adding that the initial agreement will be signed "in our country", possibly in Iowa.

The Chinese economy grew at a 6 percent pace in the third quarter, its slowest since record-keeping began in 1993, as the trade war, which has seen the US slap tariffs on more than $350 billion of the country's goods, has helped contribute to the slowdown.

Predicted Liverpool lineup against Manchester City
Kompany has now outlined what made the title victory stand out in City's domestic treble winning season. His work rate throughout was superb, as was his assist for Mane's goal.

The U.S. position is similar to that of China's, although Trump's approach is more skewed to political considerations than classical economic ones.

The tariffs imposed in September covered clothes, toys and shoes, raising prices for many widely used consumer goods. There's an expectation that new tariffs scheduled for December 15 won't take effect as part of an initial deal, but a lot of levies remain in place.

China has pushed for the U.S. to remove tariffs, which have the potential to wreak havoc on the global economy, as part of an agreement. But the idea has met stiff opposition in some quarters of the Trump administration.

In the USA, businesses are dealing with the tariffs' higher costs and are uncertain about their global supply chains.

Long, known as being responsible for getting China into the WTO in 2001, has criticized China's handling of the trade war in the past, saying Beijing had not been thinking "deeply enough".

United States crude was 63 cents, or 1.1%, lower at US$56.61 a barrel, having risen 1.9% last week.

Like this: