Oil falls on jitters over US-China trade talks progress

11 Novembre, 2019, 15:09 | Auteur: Auguste Feret

Their supply chain is all broken, like an egg, they want to make a deal, perhaps they have to make a deal.

"I don't see it lasting", Bangkok-based Innes said of Trump's negativity towards scaling back tariffs.

Officials from both countries said on Thursday China and the U.S. had agreed to roll back tariffs already in place on each others' goods in a "phase one" deal to end a damaging trade war.

"The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it's not a great deal, I won't make it", he said.

Despite protests entering their sixth month, stocks in Hong Kong had rebounded about 9 percent from August, fuelled by market liquidity and optimism that the U.S. and China could reach a first-phase deal to roll back tariffs before the end of the year. "I haven't agreed to anything".

Asian markets turned lower on Monday as another record close on Wall Street was overshadowed by uncertainty over the China-US trade talks, while Hong Kong was also hit by fresh protests in which at least one person was shot.

In currencies, the Japanese yen gained on the dollar to 109 while the Australian dollar, a liquid gauge for risk, was off slightly at US$0.6856.

"I haven't agreed to anything", Trump said, after saying that China would like to get "somewhat of a rollback, not a complete rollback, 'cause they know I won't do it". It will be in our country, ' he said.

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'It's not a flat denial, ' Hu tweeted.

Experts inside and outside the U.S. government warn that the "phase one" trade pact could still fall apart. "So now we need concrete evidence (of) a timeline on reaching and finalizing the deal", Danske's Christensen said. Last week, United States and Chinese officials confirmed that they had made substantial progress on a deal and had reached a "consensus of principles", with Trump telling reporters that he would like to see the deal demonstratively signed somewhere in the USA, possibly in Iowa, by himself and Chinese President Xi Jinping.

On Saturday, in reference to news reports, Trump said: "The level of tariff lift is incorrect".

The USTR has not responded to queries about tariff rollbacks. "Our country is doing better than it's ever done".

Trump has used tariffs on billions of dollars of Chinese goods as his primary weapon in the protracted trade war, which is aimed at forcing major changes in China's trade and industrial policies. "China trade talks that will continue to dictate the daily swings in sentiment this week", Jeffrey Halley of Oanda said in a commentary. Trump also wants China to vastly increase its purchases of USA farm products.

Trump and Chinese President Xi Jinping have looked for a venue to sign the first piece of the trade deal. More hard technology transfer issues, subsidies and cyber security rules would be left to future negotiations.

If an interim deal is finished and signed, it is widely expected to include a USA pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

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