Dow Closes Above 25000 As China Trade War Fears Fade

Over the weekend, the two sides pledged to keep talking about how China could import more energy and agricultural commodities from the United States so as to narrow the $335 billion annual US goods and services trade deficit with China, although details and a firm timeline were thin.

Observers said the U.S. president was busy defending him and blaming others since many - including manufacturing experts and at least one Republican lawmaker - believed he might have ceded too much and too soon to the Chinese while making trade negotiations with them, said one Vox report.

Responding to statements by leading Democrat Charles Schumer that the US-China agreement did not mention the protection of intellectual property, Trump said in a tweet: "I ask Senator Chuck Schumer, why didn't President Obama and the Democrats do something about trade with China, including theft of intellectual property etc?" The company has suffered since the United States prevented it from purchasing US components.

"The president and Secretary Mnuchin, what they are doing sends a risky signal to businesses around the world that the United States is willing to forgive sanction violations or reduce penalties", Schumer said.

United States indices opened on the front foot, with the Dow Jones Industrial index leading the charge with a 300 point gain in early trade as investors' fears about a trade battle between the USA and China faded.

Beijing refused to knuckle under to a USA demand to slash the US trade gap by a specific amount: $200 billion, a figure seen by most economists as wildly unrealistic anyway. "The deal does nothing to reduce the United States trade deficit, grow American jobs, or boost domestic manufacturing". In another tweet, he added, "China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products - would be one of the best things to happen to our farmers in many years!" Trump wrote on Twitter on Monday. The Shenzhen, China-based company, which employs about 75,000 people, depends on US components, such as chips from Qualcomm Inc.

Questions also remained over the administration's handling of ZTE.

President Donald Trump said his administration is reconsidering penalties on Chinese telecommunications maker ZTE Corp.as a personal favor to the country's president, Xi Jinping. According to multiple reports, the USA is now working on a deal with China to potentially prevent ZTE from going out of business. The meeting between the U.S. and Chinese delegations agreed that China would increase its imports of USA agricultural and energy products. Apparently, China has offered to remove tariffs that now impact United States farming products. China hasn't said how much it's willing to reduce the USA trade gap.

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Speaking at a daily briefing, Chinese Foreign Ministry spokesman Lu Kang said both countries had clearly recognized that reaching a consensus was good for all.

The Dow Jones Industrial index moved higher in afternoon trade Monday, adding 314 points to trade above 25,000 for the first time since March.

In this April 30, 2018, file.

Shares of AK Steel (AKS.N) fell 5.1 percent and U.S. Steel (X.N) was down 3.8 percent following the weekend trade announcement. "Instead, it stood firm and continually expressed its willingness to talk", the English-language newspaper said in an editorial. Those tactics include outright cyber theft of trade secrets and demands that American companies hand over some of their technology in exchange for access to the Chinese market. "The Secretary discussed options for the President's consideration on the matter".

But Jacob Parker, vice president of China operations at the U.S.

Both sides, however, have said there are no guarantees trade tensions are over.

"We were never supportive of tariffs, so any actions that can be taken to stop those from being implemented are positive from our view", Parker told Reuters.

(Copyright © 2015. All Rights Reserved.)
 
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