Global stocks, yields ease losses on skepticism of Trump's China threats

07 Mai, 2019, 02:24 | Auteur: Auguste Feret
  • Yuan Sinks U.S. Stock Futures Tumble on Trade War Markets WrapMore

The decline is largely attributable to Mr Trump's tweets, as both the major US share market indices and Australian share market futures ended last week substantially higher ahead of the US President's social media intervention on Sunday.

Asked whether the top Chinese envoy, Vice Premier Liu He, would go to Washington as planned, Geng said only that a "Chinese team" was preparing to travel.

"There has been widespread expectations in recent days that an accord could be reached by Friday", it said. Given that farm debt is on the rise, with Trump's tariffs on steel pushing the cost of equipment higher, and tariffs from China sending farm income lower, American farmers may be wondering where is the art in this deal.

"Stock markets surged earlier this year as investors assumed that a trade deal between United States and China would be [agreed] soon", Norman Chan Tak-lam, the chief executive of Hong Kong Monetary Authority, said.

"For 10 months, China has been paying tariffs to the United States of 25 per cent on 50 billion dollars of High Tech, and 10 per cent on 200 billion dollars of other goods", Trump said in a series of tweets on Sunday.

Trump claimed tariffs paid by China were "partially responsible for our great economic results".

A subsequent threat to raise tariffs on the September list of products to 25 per cent from 10 per cent in March was suspended, pending trade talks.

"Trump has taken the proverbial sledgehammer to the walnut this morning and the only two words likely to be on the minds of traders and investors this week are "trade talks", Jeffrey Halley, a senior market analyst at OANDA, said.

Trump wrote on Sunday, "The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!"

The Wall Street Journal report said that Trump's tweet had taken Beijing by surprise.

Chinese news outlets have been told not to independently report on Trump's tweets, and instead adhere to any report from the official Xinhua news agency, said a source with direct knowledge of the matter. As of Monday, a Chinese spokesman said that a trade delegation would still make the trip, although exactly who would show up was unclear.

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Pressure tactic or genuine roadblock?

Trump's latest move will raise duties on more than 5,000 products made by Chinese producers, ranging from chemicals to textiles and consumer goods.

"The President is, I think, issuing a warning here, that, you know, we bent over backwards earlier, we suspended the 25 per cent tariff to 10 and then we've left it there", he said.

Trump signaled that he was losing patience with Beijing on Sunday, having halted a promised increase in tariffs when he thought a deal was close at hand.

President Trump's recent tweets threatening to escalate his trade war with China sent soybean and corn futures plummeting Monday, in the latest hardship for USA farmers.

"We will probably know over the next four weeks".

Mr Trump tweeted: "325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%".

The US has imposed tariffs on Dollars 250 billion of Chinese goods, having accused the country of unfair trade practices.

Beijing hit back with duties on Dollars 110 billion of United States goods, blaming the United States for starting "the largest trade war in economic history".

"Investors will remain bearish on the yuan, as they reprice in trade war risks because the new developments are a reversal of previous positive progress", Ken Cheung, senior foreign-exchange strategist at Mizuho Bank.

Fears about a further escalation caused a slump in world stock markets towards the end of a year ago. Here are the answers to key questions about the rumbling dispute between the world's two largest economies.



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