Ceasefire in US-China trade war gives companies brief respite
125 views · Published 8 December 2018 · 3:49 · Indexed 31 October 2026
Channel: AP Archive · 2018 · News & Politics
(3 Dec 2018) A US-Chinese ceasefire on tariffs gives jittery companies and investors a respite but is no sign the two sides have changed stances in a war over Beijing's technology ambitions that threatens to chill global economic growth. On Monday, Asian stock markets welcomed President Donald Trump's agreement to postpone US tariff hikes on Chinese goods for 90 days while the two sides negotiate. Chinese President Xi Jinping promised in exchange to buy more American exports. China's main market index was up 2.7 percent, while Tokyo rose 1.0 percent. The outcome of the weekend Xi-Trump meeting in Argentina was positive, according to Jacob Parker of US-China Business Council. "Both sides recognized that a trade war harms all parties involved," he said. There was no sign, however, of progress in their core dispute: American pressure on Beijing to roll back industry plans that Washington says are based on theft and violate Chinese market-opening obligations. Trump imposed a tariff hike of 25 percent on 50 billion US dollars of Chinese imports in July over complaints Beijing steals or pressures companies to hand over technology. Trump hit an additional 200 billion US dollars of Chinese goods with a 10 percent tariff that had been due to rise to 25 percent on Jan. 1. China retaliated by raising its own charges on US imports. Negotiators face a daunting agenda and a 90-day window to produce progress. "China is willing to open the market and expand the import according to the process of the new round of reforms and opening up to the demands of the domestic market and people," said Geng Shuang, China's foreign ministry spokesperson on Monday. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: https://twitter.com/AP_Archive Facebook: https://www.facebook.com/APArchives Instagram: https://www.instagram.com/APNews/ You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/37b8fa1e45fba5c4319ba37ab6739b07
