Published: Wed, November 13, 2019
Markets | By Otis Pena

Asian stocks fall on fears US-China trade stalling

Asian stocks fall on fears US-China trade stalling

"We're the ones that are deciding whether or not we want to make a deal", Trump said during a speech at The Economic Club of NY on November 12.

Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas, had little hope Trump's speech would mark an end to uncertainty. The Trump administration says the Chinese also agreed to do more to protect intellectual property rights.

Lighthizer told reporters in September that he did not expect Trump to impose tariffs on imported Japanese autos and auto parts, after the two countries reached a deal on digital trade and tariff reduction for agricultural and industrial products.

U.S. stock markets have hit record highs in recent weeks on hopes the White House and Beijing are close to a trade deal that could go a long way toward dispelling the uncertainty dogging the global economy.

But with a planned signing ceremony between Trump and Xi Jinping seemingly pushed back to December and scant news of fresh developments, traders are becoming nervous.

Trump also attacked the Federal Reserve for not slashing a benchmark interest rate to a near-zero, a level that historically would have signaled an economy in crisis.

The First Daughter helped launch the so-called "Pledge to American Workers" initiative, which calls on USA businesses to help train future and current employees over several years.

Trump added: "That's going to be true for other countries that mistreat us too".

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"Give me some of that". I want some of that money.

"We believe that nothing will happen for now, but the threat of tariffs will be left there as leverage", a European diplomat said. "We have tremendous economic potential".

Trump, in his November 12 speech, said the administration has "taken the toughest-ever action to confront China's trade abuses", including what he described as China's manipulation of the World Trade Organization (WTO). The nation's trade surplus with the US widened in the month to $26.4 billion - heading in the opposite direction from the narrowing that Trump has called for to balance the countries' trading relationship.

The latest back-and-forth between Washington and Beijing illustrates the bumpy state of play.

US and Chinese negotiators wanted to finalize the deal in time for Trump and Chinese President Xi Jinping to sign it at the Asia Pacific Economic Cooperation summit in Chile in mid-November.

Tuesday was Trump's second appearance at the storied Economic Club of NY, which has hosted United States presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev and Chinese Premier Li Keqiang.

Ivanka Trump (from right), advisor to the president, President Donald Trump, Chief Executive of LVMH (Louis Vuitton Moet Hennessy) Bernard Arnault, CEO of Louis Vuitton Michael Burke and Alexandre Arnault prepare cut the ribbon during a visit to the new Louis Vuitton factory in Alvarado, Johnson County, Texas on October 17, 2019.

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