China demands United States to roll back tariffs in phase one trade deal

04 Décembre, 2019, 16:50 | Auteur: Anatole Charbonneau
  • Chinese investors monitor stock prices at a brokerage house in Beijing Thursday Nov. 28 2019

President Donald Trump has made it quite clear that he'll increase US tariffs on Chinese goods if a trade deal isn't reached by December 15, but that shouldn't interfere with shoppers' prices this holiday season, Commerce Secretary Wilbur Ross said Monday.

The paper was making reference to its report that cited an unnamed expert who said the Washington shouldn't push Beijing to commit on specific agricultural purchase amounts in the first phase of the trade deal.

"If the bilateral trade talks make good headway and make progress quickly, the two sides can expect to reach a trade deal before the coming Chinese New Year at the end of January 2020".

Meanwhile, China's official manufacturing purchasing managers' index jumped unexpectedly last month, signaling a recovery in activity amid government support and a stabilizing global economy.

Conway told reporters that phase one deal was still being written up.

Hong Kong rose 0.4% and Shanghai edged up 0.1%, while Sydney and Seoul each finished 0.2% stronger. The Pound-to-Dollar exchange rate was quoted at 1.2923 at the time of writing, 0.10% higher on the day.

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"Recent manufacturing PMI data does appear to be showing signs of an improvement, not only in the USA, but across the rest of the world", said Michael Hewson at CMC Markets UK.

The Communist Party newspaper Global Times ran several articles Monday that emphasized there would be no deal without a promise to phase out the tariffs imposed by Washington.

"I'm doing very well on a deal with China, if I want to make it", he said.

"It is now becoming more apparent why the talks have dragged on so long".

We also reported that one of the only routes to volatility being injected back into markets was a flaring up in trade tensions, particularly on the back of any negative developments.

But AxiTrader's Stephen Innes said that while the headline figure "might provide some initial price support, it might not be a huge swing factor since Russian Federation at this time seems set against (a cut) in favour of stricter compliance".

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