In this file:

 

·         China and the US inch their way to a deal

·         China says it has agreed with the US to cancel existing trade tariffs in phases

·         Futures jump as China signals progress in trade talks

 

 

China and the US inch their way to a deal

Beijing announces that both sides have ‘agreed’ to ‘roll back additional tariffs in stages’ to solve ‘phase one’ impasse

 

By Gordon Watts, Asia Times 

Nov 7, 2019

 

Deal or No Deal was a popular game show more than a decade ago. Contestants could walk away with US$1 million or just a few cents.

 

At times, it was gripping television, a bit like the ongoing trade talks between the United States and China.

 

The only difference is that the TV version lasted around 40 minutes. The real-life episodes in Washington and Beijing have dragged on for nearly 18 months as the trade war rumbles on.

 

Deal or No Deal was a popular game show more than a decade ago. Contestants could walk away with US$1 million or just a few cents.

 

At times, it was gripping television, a bit like the ongoing trade talks between the United States and China.

 

The only difference is that the TV version lasted around 40 minutes. The real-life episodes in Washington and Beijing have dragged on for nearly 18 months as the trade war rumbles on.

 

“We’ll work with other countries to reduce trade barriers, to establish stable and reliable partnerships and a free and convenient business environment,” Xie Jianmin, a Ministry of Agricultural and Rural Affairs official who oversees international cooperation, told the media last month.

 

But he also made it clear that Beijing would dictate the “opening up” process. Months could yet turn into years in a move to protect the nation’s agricultural sector.

 

Others were blunter in their assessment of the $50 billion-motherlode outlined by the White House.

 

“[This amount] entering China might be hard for the domestic market to digest,” one unnamed Chinese official told the CNBC network.

 

Adding to the problem is part of the $15 billion contracts signed between Paris and Beijing during French President Emmanuel Macron’s trip to Shanghai this week.

 

Included in the package are substantial French farming exports to China such as poultry, beef and pork. Brazil has also increased agricultural shipments to its BRICS partner to make up for the US shortfall.

 

Still, a massive increase in agri-food exports is not the only challenge in signing off a modest phase one Sino-American agreement. Xi’s government is also pressing Washington to quickly lift sky-high tariffs imposed on Chinese imports entering the States...

 

more, including links

https://www.asiatimes.com/2019/11/article/china-and-the-us-inch-their-way-to-a-deal/

 

 

China says it has agreed with the US to cancel existing trade tariffs in phases

 

·         Gao Feng, a spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster.

·         One important condition for a limited trade agreement, Feng insisted, was that the U.S. and China must remove the same amount of charges at the same time.

·         Fresh hopes for a “phase one” trade agreement prompted U.S. stock index futures to rally Thursday morning.

 

Sam Meredith, CNBC

Nov 7 2019

 

China’s Commerce Ministry said Thursday that Beijing had agreed with Washington to lift existing trade tariffs between the two nations in phases.

 

Gao Feng, a spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster.

 

The ministry spokesperson said that both sides were closer to a so-called phase one trade agreement after constructive negotiations over the past two weeks.

 

One important condition for a limited trade agreement, Feng insisted, was that the U.S. and China must remove the same amount of charges at the same time.

 

Fresh hopes for a phase one trade accord prompted U.S. stock index futures to rally Thursday morning, with Dow futures poised to open up more than 120 points.

 

Market participants had expected the two economic giants to sign a deal later this month, after both Washington and Beijing spoke of progress in talks late last week.

 

However, Reuters reported on Wednesday that a meeting between President Donald Trump and Chinese President Xi Jinping could be postponed until December — delaying a chance for the two leaders to sign an interim trade deal.

 

The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

 

The Trump administration has been putting increasing pressure on Beijing to curb massive subsidies to state-owned companies and stop the forced transfer of American technology to Chinese firms.

 

But, analysts are skeptical that a phase one trade deal will effectively tackle these issues...

 

more, including links

https://www.cnbc.com/2019/11/07/china-says-it-has-agreed-with-the-us-to-cancel-existing-tariffs-in-different-phases.html

 

 

Futures jump as China signals progress in trade talks

 

Arjun Panchadar, Reuters

via Nasdaq - Nov 7, 2019

 

(Reuters) - U.S. stock index futures jumped on Thursday as signs of a U.S.-China trade truce and a fresh batch of earnings reports looked set to restart a rally that has led Wall Street to record highs.

 

The benchmark S&P 500 index is eyeing its fifth straight week of increases, while the tech-heavy Nasdaq is set to log six weeks of gains.

 

China said on Thursday that it had agreed with the United States to remove tariffs in phases, while the state-owned Xinhua News Agency said Beijing was also considering removing restrictions on poultry imports.

 

Trade-sensitive industrials 3M Co MMM.N and Caterpillar Inc CAT.N rose nearly 1% in premarket trading. Chipmakers with sizeable exposure to China, including Intel Corp INTC.O, Micron Technology MU.O and Nvidia Corp NVDA.O, were up between 1.7% and 2%.

 

Also supporting tech stocks was...

 

more

https://www.nasdaq.com/articles/futures-jump-as-china-signals-progress-in-trade-talks-2019-11-07