The United States has taken a direct hit at China, hinting at a possible trade deal with Taiwan. U.S. Secretary of State Antony Blinken has said that the United States will soon start discussing a trade deal with Taiwan.

U.S. hints at possible trade deal with Taiwan

Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday officially agreed to allow the United Kingdom to start the process of joining the pact, Japan's economy minister said. 
 
Japanese Economy Minister Yasutoshi Nishimura told reporters he welcomed the start of Britain's joining process after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact. 
 
"I think there's a big meaning to this from a strategic viewpoint of strengthening economic relations between Japan and the United Kingdom," Nishimura said. 
 
The United Kingdom's admission into CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the European Union, he added. 
 
"The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world," the 11 member countries said in a statement. 
 
Britain made a formal request to join the trade deal in February as it sought to open new avenues for post-Brexit trade and influence. 
 
The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. Unlike the EU, it does not aim to create a single market or a customs union, and it does not seek wider political integration. 
 
The United Kingdom and Japan signed off on a trade agreement in October last year, marking its first major post-Brexit deal on trade. 
 
(With inputs from agencies)

Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday officially agreed to allow the United Kingdom to start the process of joining the pact, Japan's economy minister said.

Member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Wednesday officially agreed to allow the United Kingdom to start the process of joining the pact, Japan's economy minister said. Japanese Economy Minister Yasutoshi Nishimura told reporters he welcomed the start of Britain's joining process after hosting an online meeting of ministers from the 11 countries that make up the trans-Pacific trade pact. "I think there's a big meaning to this from a strategic viewpoint of strengthening economic relations between Japan and the United Kingdom," Nishimura said. The United Kingdom's admission into CPTPP would bring the nominal gross domestic product of the zone covered by the pact almost on par with that of the European Union, he added. "The commencement of an accession process with the United Kingdom and the potential expansion of the CPTPP will send a strong signal to our trading partners around the world," the 11 member countries said in a statement. Britain made a formal request to join the trade deal in February as it sought to open new avenues for post-Brexit trade and influence. The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia. Unlike the EU, it does not aim to create a single market or a customs union, and it does not seek wider political integration. The United Kingdom and Japan signed off on a trade agreement in October last year, marking its first major post-Brexit deal on trade. (With inputs from agencies)

Trans-Pacific trade deal members agree for UK to start joining process

China and New Zealand signed a deal on Tuesday upgrading a free trade pact to give exports from the Pacific nation greater access to the world’s second-largest economy.

The pact comes as Beijing seeks to establish itself as a strong advocate of multilateralism after a bruising trade war with the United States, at a time when the coronavirus has forced the closure of many international borders.

New Zealand Prime Minister Jacinda Ardern confirmed the signing of the expanded deal.

“China remains one of our most important trade partners...For this to take place during the global economic crisis bought about by COVID-19 makes it particularly important,” she told a news conference.

The pact widens an existing trade deal with China to ensure it remains fit for purpose for another decade, Trade Minister Damien O’Connor said in a statement.

It provides for tariffs to be either removed or cut on many of New Zealand’s mostly commodities-based exports, ranging from dairy to timber and seafood, while compliance costs will also be reduced.

China's multilateral push

“The upgrade shows the two sides’ firm determination to support multilateralism and free trade,” Zhao Lijian, a spokesman of China’s foreign ministry, told a news briefing in Beijing on Tuesday.

The previous day, speaking at a virtual meeting of the World Economic Forum, President Xi Jinping had criticised isolationism and “Cold War” thinking and called for barriers to trade, investment and technological exchange to be removed.

In recent months, Beijing has signed an investment pact with the European Union and joined the world’s largest free trade bloc in the 15-country Regional Comprehensive Economic Partnership (RCEP), which includes New Zealand.

China has also expressed interest in joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement, the successor to a pact from which Washington withdrew.

China’s new deal with Wellington also opens up sectors such as aviation, education and finance. In exchange, New Zealand will increase visa quotas for Chinese language teachers and tour guides, the official Xinhua news agency said.

New Zealand was the first developed nation to sign a free trade pact with China in 2008, and has long been touted by Beijing as an exemplar of Western engagement.

China is now New Zealand’s largest trading partner, with annual two-way trade of more than NZ$32 billion ($21.58 billion).

But ties have been tested under Ardern’s government as New Zealand criticised China’s influence on small Pacific islands and raised human rights concerns about Muslim Uighurs.

Ardern also backed Taiwan’s participation at the World Health Organization (WHO) despite a warning from Beijing.

The wider trade pact also comes as Beijing’s ties with neighbouring Australia worsened after Canberra called for an independent investigation into the origins of the coronavirus pandemic, which was first reported in central China.

Australia has appealed to the World Trade Organization to review China’s decision to impose hefty tariffs on imports of its barley.

New Zealand, which will host the regional Asia Pacific Economic Cooperation summit this year, has said it would be willing to help negotiate a truce between China and Australia.

China and New Zealand signed a deal on Tuesday upgrading a free trade pact to give exports from the Pacific nation greater access to the world’s second-largest economy.

China and New Zealand signed a deal on Tuesday upgrading a free trade pact to give exports from the Pacific nation greater access to the world’s second-largest economy. The pact comes as Beijing seeks to establish itself as a strong advocate of multilateralism after a bruising trade war with the United States, at a time when the coronavirus has forced the closure of many international borders. New Zealand Prime Minister Jacinda Ardern confirmed the signing of the expanded deal. “China remains one of our most important trade partners...For this to take place during the global economic crisis bought about by COVID-19 makes it particularly important,” she told a news conference. The pact widens an existing trade deal with China to ensure it remains fit for purpose for another decade, Trade Minister Damien O’Connor said in a statement. It provides for tariffs to be either removed or cut on many of New Zealand’s mostly commodities-based exports, ranging from dairy to timber and seafood, while compliance costs will also be reduced. China's multilateral push “The upgrade shows the two sides’ firm determination to support multilateralism and free trade,” Zhao Lijian, a spokesman of China’s foreign ministry, told a news briefing in Beijing on Tuesday. The previous day, speaking at a virtual meeting of the World Economic Forum, President Xi Jinping had criticised isolationism and “Cold War” thinking and called for barriers to trade, investment and technological exchange to be removed. In recent months, Beijing has signed an investment pact with the European Union and joined the world’s largest free trade bloc in the 15-country Regional Comprehensive Economic Partnership (RCEP), which includes New Zealand. China has also expressed interest in joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement, the successor to a pact from which Washington withdrew. China’s new deal with Wellington also opens up sectors such as aviation, education and finance. In exchange, New Zealand will increase visa quotas for Chinese language teachers and tour guides, the official Xinhua news agency said. New Zealand was the first developed nation to sign a free trade pact with China in 2008, and has long been touted by Beijing as an exemplar of Western engagement. China is now New Zealand’s largest trading partner, with annual two-way trade of more than NZ$32 billion ($21.58 billion). But ties have been tested under Ardern’s government as New Zealand criticised China’s influence on small Pacific islands and raised human rights concerns about Muslim Uighurs. Ardern also backed Taiwan’s participation at the World Health Organization (WHO) despite a warning from Beijing. The wider trade pact also comes as Beijing’s ties with neighbouring Australia worsened after Canberra called for an independent investigation into the origins of the coronavirus pandemic, which was first reported in central China. Australia has appealed to the World Trade Organization to review China’s decision to impose hefty tariffs on imports of its barley. New Zealand, which will host the regional Asia Pacific Economic Cooperation summit this year, has said it would be willing to help negotiate a truce between China and Australia.

China, New Zealand ink trade deal as Beijing calls for reduced global barriers

British Prime Minister Boris Johnson hailed what he called "the biggest trade deal yet" with the European Union on Thursday (December 24), saying Britain had taken back control of its laws, borders, and fishing waters.

Brexit trade deal sealed: EU and UK clinch narrow accord

After 11 months of haggling, the UK and EU signed a trade deal for the post-Brexit world. Boris Johnson hailed the deal as the best UK could get. Who stands to gain from this new arrangement? Palki Sharma Upadhyay tells you more.

Gravitas:  UK, EU clinch historic post-Brexit trade deal

Britain and the European Union agreed terms of a trade deal on Thursday after months of knife-edge negotiations and seven days before transitional arrangements come to an end.

Fineprint: UK clinches Brexit agreement with EU ahead of deadline

As Brexit's negotiation continues in Brussels, the European Union's chief Brexit negotiator Michel Barnier has hinted towards a possibility of a trade deal.

World Business Watch: What will happen in case of a no-deal Brexit?

European Union's chief Brexit negotiator hints towards possibility of a trade deal

The U.K. government has asked the supermarkets to hold goods. Retail chains have also warned of possible shortage of fresh food and delay in the delivery if Britain leaves the E.U. (European Union) without a trade deal.

U.K. warns against food shortage as the food trade deal is about to end

Brexit saga continues, this time its a tough week as talks over a trade deal entered their final days with serious differences yet to be resolved. United Kingdom’s Foreign Minister Dominic Raab on Sunday claimed that the upcoming week would be “very significant” for Brexit. Both sides are trying to reach a trade deal with five weeks to go before their current relationship ends.

World Business Watch: UK's very significant week for Brexit, talks over trade deal to enter final days

Britain said Thursday it had agreed a provisional trade deal with Norway, Switzerland and two other non-EU partners to ensure continuity after its Brexit divorce from the European Union.

The UK government said its arrangement with the European Free Trade Association — which also includes Iceland and Liechtenstein — would keep "the vast majority" of their trade tariff-free on January 1.

The EFTA countries are outside the EU. Three of them pay to ensure access to the bloc's single market under an overarching partnership called the European Economic Area (EEA). Switzerland has its own patchwork of deals with the EU.

<a href="https://www.wionews.com/world/eu-is-ready-to-negotiate-but-uk-says-its-meaningless-to-resume-talks-336494">Also read|&nbsp;EU is ready to negotiate. But UK says it's meaningless to resume talks</a>

Britain, after this year, will lie outside the single market but is engaged in tough talks with Brussels for a new trading partnership.

"We have agreed with the EEA-EFTA states that we will put in place a continuity deal to ensure that trade flows continue at the end of the year," a source at the UK's Department for International Trade told AFP.&nbsp;

"This is a temporary arrangement whilst we finalise the more ambitious FTA we are negotiating," the source said, claiming "excellent progress" towards a free trade agreement with the EFTA bloc next year.

<a href="https://www.wionews.com/world/uk-house-of-lords-rejects-brexit-bill-big-blow-to-boris-johnsons-government-336801">Also read|&nbsp;UK House of Lords rejects Brexit bill; big blow to Boris Johnson’s government</a>

Norway on Wednesday confirmed a temporary trade pact with Britain to take effect on January 1, after the two countries last month agreed a side deal on fishing rights.

Fisheries were one of the main stumbling blocks holding up a UK-EU deal as talks resumed on Thursday. If no deal is done, Britain and the EU will revert to more onerous trading terms governed by the World Trade Organization.

Britain said Thursday it had agreed a provisional trade deal with Norway, Switzerland and two other non-EU partners to ensure continuity after its Brexit divorce from the European Union.

Britain said Thursday it had agreed a provisional trade deal with Norway, Switzerland and two other non-EU partners to ensure continuity after its Brexit divorce from the European Union. The UK government said its arrangement with the European Free Trade Association — which also includes Iceland and Liechtenstein — would keep "the vast majority" of their trade tariff-free on January 1. The EFTA countries are outside the EU. Three of them pay to ensure access to the bloc's single market under an overarching partnership called the European Economic Area (EEA). Switzerland has its own patchwork of deals with the EU. Also read| EU is ready to negotiate. But UK says it's meaningless to resume talks Britain, after this year, will lie outside the single market but is engaged in tough talks with Brussels for a new trading partnership. "We have agreed with the EEA-EFTA states that we will put in place a continuity deal to ensure that trade flows continue at the end of the year," a source at the UK's Department for International Trade told AFP. "This is a temporary arrangement whilst we finalise the more ambitious FTA we are negotiating," the source said, claiming "excellent progress" towards a free trade agreement with the EFTA bloc next year. Also read| UK House of Lords rejects Brexit bill; big blow to Boris Johnson’s government Norway on Wednesday confirmed a temporary trade pact with Britain to take effect on January 1, after the two countries last month agreed a side deal on fishing rights. Fisheries were one of the main stumbling blocks holding up a UK-EU deal as talks resumed on Thursday. If no deal is done, Britain and the EU will revert to more onerous trading terms governed by the World Trade Organization.

UK seals temporary Brexit trade deal with EFTA nations

A group of Republican lawmakers seeking to counter national security and economic threats from China is calling for the United States to open trade talks with Taiwan, a plan which is "very much" on the radar screen of the Trump administration, according to the congressman who leads the group.

Representative Michael McCaul, who chairs the China task force launched by House of Representatives Republicans earlier this year, said such negotiations would be "an important foreign policy statement to make," and help hold China accountable for its handling of the coronavirus outbreak, which has drawn fire from President Donald Trump.

"It is very much on their radar screen," McCaul told Reuters, when asked if the Trump administration and its top trade negotiator, Robert Lighthizer, would pursue a deal. "I don`t think that Lighthizer has 100% approved it, but...it is one of the options on the table for them and I think a recommendation coming from the task force would carry a lot of weight."

The proposal is one of 400 recommendations outlined in a report set to be released later on Wednesday by the task force.

The report will also recommend bolstering U.S. medical supply chains, sanctioning Chinese telecoms companies engaged in economic or industrial espionage, and evaluating whether the Beijing`s repression of its Uigher Muslim minority amounts to genocide.

Taiwan has long sought a free trade agreement with the United States, its most important supporter on the international stage, but Washington has complained about barriers to access for U.S. pork and beef.

Last month, Taiwan paved the way for an eventual deal by announcing an easing of restrictions on the import of U.S. beef and pork that is expected to go into effect on Jan. 1.

Taiwan-U.S. trade last year was worth $85.5 billion, with the United States running a $23.1 billion deficit. Taiwan was the United States` 14th biggest export market in 2019.

The United States, like most countries, has no official relations with Taiwan, which is claimed by Beijing as sovereign Chinese territory. China has been stepping up its military activities near the island. 
&nbsp;

A group of Republican lawmakers seeking to counter national security and economic threats from China is calling for the United States to open trade talks with Taiwan, a plan which is "very much" on the radar screen of the Trump administration, according to the congressman who leads the group.

A group of Republican lawmakers seeking to counter national security and economic threats from China is calling for the United States to open trade talks with Taiwan, a plan which is "very much" on the radar screen of the Trump administration, according to the congressman who leads the group. Representative Michael McCaul, who chairs the China task force launched by House of Representatives Republicans earlier this year, said such negotiations would be "an important foreign policy statement to make," and help hold China accountable for its handling of the coronavirus outbreak, which has drawn fire from President Donald Trump. "It is very much on their radar screen," McCaul told Reuters, when asked if the Trump administration and its top trade negotiator, Robert Lighthizer, would pursue a deal. "I don`t think that Lighthizer has 100% approved it, but...it is one of the options on the table for them and I think a recommendation coming from the task force would carry a lot of weight." The proposal is one of 400 recommendations outlined in a report set to be released later on Wednesday by the task force. The report will also recommend bolstering U.S. medical supply chains, sanctioning Chinese telecoms companies engaged in economic or industrial espionage, and evaluating whether the Beijing`s repression of its Uigher Muslim minority amounts to genocide. Taiwan has long sought a free trade agreement with the United States, its most important supporter on the international stage, but Washington has complained about barriers to access for U.S. pork and beef. Last month, Taiwan paved the way for an eventual deal by announcing an easing of restrictions on the import of U.S. beef and pork that is expected to go into effect on Jan. 1. Taiwan-U.S. trade last year was worth $85.5 billion, with the United States running a $23.1 billion deficit. Taiwan was the United States` 14th biggest export market in 2019. The United States, like most countries, has no official relations with Taiwan, which is claimed by Beijing as sovereign Chinese territory. China has been stepping up its military activities near the island.

Taiwan trade deal on Trump administration's radar, lawmaker says

Japanese Foreign Minister Toshimitsu Motegi will visit Britain this week for what he said will be difficult talks with British Trade Minister Liz Truss, in the hope of finding middle ground and concluding a post-Brexit trade deal.

"It is indispensable to swiftly form a framework for trade and investment between Japan and Britain that will replace the Japan-EU EPA to ensure the smooth continuation of bilateral businesses," Motegi told reporters on Tuesday, referring to an economic partnership agreement with the EU.

The two countries hope to clinch a deal before Britain’s transition out of the European Union concludes at the year end, to avoid any gaps in bilateral trade arrangements.

<a href="https://www.wionews.com/world/japan-shifts-gear-to-counter-chinese-north-korea-aggression-317933">Also read:&nbsp;Japan shifts gear to counter Chinese, North Korea aggression</a>

Motegi`s Aug. 5-7 visit to Britain will be the first overseas trip for any Japanese government minister since the global spread of the novel coronavirus, he said.

"Difficult negotiations such as this, where national interest is at stake, cannot be conducted over the telephone," he told a regular news conference.

"We will negotiate face-to-face. I`m afraid negotiations will last many hours, but I would like to find middle ground and reach an agreement."

Japanese Foreign Minister Toshimitsu Motegi will visit Britain this week for what he said will be difficult talks with British Trade Minister Liz Truss, in the hope of finding middle ground and concluding a post-Brexit trade deal.

Japanese Foreign Minister Toshimitsu Motegi will visit Britain this week for what he said will be difficult talks with British Trade Minister Liz Truss, in the hope of finding middle ground and concluding a post-Brexit trade deal. "It is indispensable to swiftly form a framework for trade and investment between Japan and Britain that will replace the Japan-EU EPA to ensure the smooth continuation of bilateral businesses," Motegi told reporters on Tuesday, referring to an economic partnership agreement with the EU. The two countries hope to clinch a deal before Britain’s transition out of the European Union concludes at the year end, to avoid any gaps in bilateral trade arrangements. Also read: Japan shifts gear to counter Chinese, North Korea aggression Motegi`s Aug. 5-7 visit to Britain will be the first overseas trip for any Japanese government minister since the global spread of the novel coronavirus, he said. "Difficult negotiations such as this, where national interest is at stake, cannot be conducted over the telephone," he told a regular news conference. "We will negotiate face-to-face. I`m afraid negotiations will last many hours, but I would like to find middle ground and reach an agreement."

Japanese minister to visit Britain for 'difficult' talks on trade deal

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday.

India has started trade talks with the European Union (EU) and is open to dialogue with the United Kingdom for a free trade agreement, Reuters reported quoting the trade minister on Saturday. Piyush Goyal said that Asia's third-largest economy is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free trade agreement between the countries. He said that he is also in dialogue with the European Union's trade commissioner for a deal that could start with a preferential trade agreement. The ultimate goal here too would be to have a free trade agreement, he noted. India currently has no trade deal with the EU. Trade talks between the two regions stalled in 2013.

India in talks with EU for trade deal, open to pact with UK: Piyush Goyal

Britain has no deadline to strike a trade deal with the United States, trade minister Liz Truss said on Wednesday, criticising the US&nbsp;administration for talking a good game on free trade while restricting import access.

Britain left the European Union earlier this year and is now in the process of negotiating bilateral trade deals with major partners like the United States - something the government has cited as a major benefit of leaving the EU.

Also read:&nbsp;<a href="https://www.wionews.com/world/beware-second-wave-of-coronavirus-medics-warn-britain-308318" hreflang="en">Beware second wave of coronavirus, medics warn Britain</a>

"We're not going to rush into a deal and there is no deadline. We will be tough in pressing our interests," Truss told a parliamentary committee.&nbsp;

"The US&nbsp;talk a good game about free trade and low tariffs. But the reality is that many UK products have been kept unfairly out of their markets," she added.

Earlier, a spokesman for Prime Minister Boris Johnson said talks were continuing at a good pace and that the current round was due to end this week. Truss said she expected a couple of chapters of the deal to be finalised during the next round, but did not specify which.

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Nevertheless, she struck a combative tone, citing US&nbsp;tariffs on British steel, the threat of further tariffs on cars and US-centric procurement schemes which restrict access to government contracts. She said a US&nbsp;ban on lamb exports amounted to protectionism.&nbsp;

"Let me be clear. I am not going to strike a trade deal with the US, unless all these points are dealt with," she said. "No deal is better than a bad deal."

Britain has no deadline to strike a trade deal with the United States, trade minister Liz Truss said on Wednesday, criticising the US administration for talking a good game on free trade while restricting import access.

Britain has no deadline to strike a trade deal with the United States, trade minister Liz Truss said on Wednesday, criticising the US administration for talking a good game on free trade while restricting import access. Britain left the European Union earlier this year and is now in the process of negotiating bilateral trade deals with major partners like the United States - something the government has cited as a major benefit of leaving the EU. Also read: Beware second wave of coronavirus, medics warn Britain "We're not going to rush into a deal and there is no deadline. We will be tough in pressing our interests," Truss told a parliamentary committee. "The US talk a good game about free trade and low tariffs. But the reality is that many UK products have been kept unfairly out of their markets," she added. Earlier, a spokesman for Prime Minister Boris Johnson said talks were continuing at a good pace and that the current round was due to end this week. Truss said she expected a couple of chapters of the deal to be finalised during the next round, but did not specify which. Also read: Pubs, restaurants and hotels to reopen from July 4 as England eases social distancing Nevertheless, she struck a combative tone, citing US tariffs on British steel, the threat of further tariffs on cars and US-centric procurement schemes which restrict access to government contracts. She said a US ban on lamb exports amounted to protectionism. "Let me be clear. I am not going to strike a trade deal with the US, unless all these points are dealt with," she said. "No deal is better than a bad deal."

UK says no deadline for US trade deal, talks tough on terms

As the world is turning against China, and the US President Donald Trump is leaving no stone unturned in blaming China for spreading the novel coronavirus in the world, China has decided to "enhance peace and stability" in the world.

One of the most powerful countries of the world has decided to&nbsp;join a global pact to regulate arms sales that has been rejected by the United States.

The Communist Party's top legislative body has voted to join UN Arms Trade Treaty. The treaty aims to regulate the flow of weapons in conflict zones.

<a href="https://www.wionews.com/world/trump-held-off-xinjiang-sanctions-due-to-us-china-trade-talks-307586">Also read:&nbsp;Trump held off Xinjiang sanctions due to US-China trade talks</a>

The decision has been taken after Donald Trump, last year, announced that he plans to pull US out of the agreement.

China, however, believes that this decision is "another important measure for China to support multilateralism," said&nbsp;Chinese foreign ministry spokesman Zhao Lijian.

China has claimed that the country only exports such products to sovereign states.&nbsp;

As China hopes to make "continuous effort to maintain and enhance peace and stability in the world and region", it has "always strictly controlled the export of military products".

The treaty requires member countries to keep records of international transfers of weapons and to prohibit cross-border shipments that could be used in human rights violations or attacks on civilians.

However, the US government has not been an active member of the treaty since the end of the Obama administration.

(With inputs from agencies)

As the world is turning against China, and the US President Donald Trump is leaving no stone unturned in blaming China for spreading the novel coronavirus in the world, China has decided to "enhance peace and stability" in the world.

As the world is turning against China, and the US President Donald Trump is leaving no stone unturned in blaming China for spreading the novel coronavirus in the world, China has decided to "enhance peace and stability" in the world. One of the most powerful countries of the world has decided to join a global pact to regulate arms sales that has been rejected by the United States. The Communist Party's top legislative body has voted to join UN Arms Trade Treaty. The treaty aims to regulate the flow of weapons in conflict zones. Also read: Trump held off Xinjiang sanctions due to US-China trade talks The decision has been taken after Donald Trump, last year, announced that he plans to pull US out of the agreement. China, however, believes that this decision is "another important measure for China to support multilateralism," said Chinese foreign ministry spokesman Zhao Lijian. China has claimed that the country only exports such products to sovereign states. As China hopes to make "continuous effort to maintain and enhance peace and stability in the world and region", it has "always strictly controlled the export of military products". The treaty requires member countries to keep records of international transfers of weapons and to prohibit cross-border shipments that could be used in human rights violations or attacks on civilians. However, the US government has not been an active member of the treaty since the end of the Obama administration. (With inputs from agencies)

China joins pact to regulate weapons after Trump decides to quit

British Prime Minister Boris Johnson is willing to accept European Union tariffs on some UK goods in an attempt to win a trade deal and break the deadlock in talks with the EU, the Daily Mail reported.

Britain's chief negotiator, David Frost, had made a new offer, the newspaper said, citing sources.

According to the offer, the UK would accept tariffs on a small number of goods in return for the European Union dropping its demand that Britain continue to follow EU rules.

EU and British negotiators said on Friday they had made very little progress in their latest round of talks about a Brexit free trade agreement, with just weeks left to extend a year-end deadline to reach a deal.

A threat made earlier to walk away from trade talks this month if no progress were made has been relaxed due to the impact of the coronavirus outbreak, the Daily Mail said.

"We are not up for a long negotiation over the next months well into the autumn where nobody knows what is going to happen. October is too late for us to conclude this", a UK source was quoted by the paper as saying.

The idea of imposing tariffs was not immediately welcomed by Brussels, according to the Daily Mail.

Britain left the EU in January. Their relationship is now governed by a transition arrangement that keeps previous rules in place while they negotiate new terms.

British Prime Minister Boris Johnson is willing to accept European Union tariffs on some UK goods in an attempt to win a trade deal and break the deadlock in talks with the EU, the Daily Mail reported.

British Prime Minister Boris Johnson is willing to accept European Union tariffs on some UK goods in an attempt to win a trade deal and break the deadlock in talks with the EU, the Daily Mail reported. Britain's chief negotiator, David Frost, had made a new offer, the newspaper said, citing sources. According to the offer, the UK would accept tariffs on a small number of goods in return for the European Union dropping its demand that Britain continue to follow EU rules. EU and British negotiators said on Friday they had made very little progress in their latest round of talks about a Brexit free trade agreement, with just weeks left to extend a year-end deadline to reach a deal. A threat made earlier to walk away from trade talks this month if no progress were made has been relaxed due to the impact of the coronavirus outbreak, the Daily Mail said. "We are not up for a long negotiation over the next months well into the autumn where nobody knows what is going to happen. October is too late for us to conclude this", a UK source was quoted by the paper as saying. The idea of imposing tariffs was not immediately welcomed by Brussels, according to the Daily Mail. Britain left the EU in January. Their relationship is now governed by a transition arrangement that keeps previous rules in place while they negotiate new terms.

British PM offers to accept EU tariffs on some goods to win trade deal

US&nbsp;President Donald Trump has little choice but to stick with his Phase 1 China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration's deliberations say.&nbsp;

The US-China trade negotiations took more than two years, heaped tariffs on $370 billion of Chinese products, whipsawed financial markets and dimmed global growth prospects well before the coronavirus outbreak crushed them.

In recent weeks, suggestions that Trump may cancel the deal have emanated from the White House almost daily, and businesses, investors, and China trade watchers are hanging on to every word and tweet.

But on Friday, when Trump said the United States would start dismantling trade and travel privileges for Hong Kong, he did not mention the deal. Stock markets heaved a sigh of relief, with the S&amp;P 500 reversing losses.&nbsp;

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Talking tough on China and criticizing the Obama administration's more measured approach is a key part of Trump's re-election strategy. Sticking with the pact may mean accepting that China is likely to fall short of purchase commitments for US&nbsp;agricultural goods, manufactured products, energy and services - goals that many said were unrealistic&nbsp;even before the pandemic.

Canceling the deal, though, would reignite the nearly two-year US-China trade war at a time US&nbsp;unemployment is at its worst since the 1930s Great Depression.

The next US&nbsp;step would likely be reviving previously planned but canceled tariffs on some $165 billion worth of Chinese consumer goods, including Apple cellphones and computers, toys and clothing - all ultimately paid by US&nbsp;companies and passed on to consumers. Beijing would retaliate with tariffs on US&nbsp;goods, fueling more market turmoil and delaying recovery.

"He's stuck with a lemon. He gets an empty agreement if he sticks with it, and he gets more actions that create an economic drag and more volatility if he abandons it," said one person briefed on the administration's trade deliberations.

US&nbsp;goods exports&nbsp;to China in the first quarter were down $4 billion from the trade war-damaged levels a year earlier, according to US&nbsp;Census Bureau data.

The Peterson Institute of International Economics estimates&nbsp;that during the first quarter, China made only about 40% of the purchases it needed to stay on target for a first-year increase of $77 billion over 2017 levels, implying an extremely steep climb in the second half.

Leaving the deal now would not buy a lasting political bounce for Trump in manufacturing-heavy swing states with five months to go before the presidential election, analysts say.

Complex relationship

Trump blames China for failing to contain the coronavirus and has repeatedly said the deal, including its pledges to boost US&nbsp;exports to China by $200 billion over two years, no longer means as much to him with US&nbsp;coronavirus deaths now over 100,000 and job losses piling up.

Trump said on Friday that China was "absolutely smothering Hong Kong’s freedom," but refrained from harsh sanctions that could put the trade deal in jeopardy, taking milder steps to revoke the territory's separate travel and customs benefits from China.&nbsp;

Claire Reade, a former US&nbsp;trade negotiator, said Trump's "peripheral steps" would not deter Beijing from proceeding with the security law, as it regards Hong Kong as a core national security issue.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/journalists-covering-us-protests-face-the-ire-of-police-demonstrators-302331" hreflang="en">Journalists covering US protests face the ire of police, demonstrators</a>

"Probably the most significant thing from the trade perspective is that the Phase 1 trade deal is – for now anyway - unaffected," said Reade, senior counsel with Arnold and Porter law firm in Washington.&nbsp;

White House Economic Adviser Larry Kudlow criticized Beijing last week, but on trade told CNBC: "It’s a complex relationship. The China Phase 1 trade deal does continue to go on for the moment and we may be making progress there."&nbsp;

US&nbsp;Trade Representative Robert Lighthizer has recently cited&nbsp;"continuing progress" in the deal, after China welcomed US&nbsp;blueberries, barley, beef and dairy products. He has touted the deal's dispute settlement mechanism, which provides for regular consultations on compliance with Beijing's commitments on intellectual property protections, financial services, agriculture standards and purchases.&nbsp;

US-China flashpoints on Hong Kong, Taiwan and other issues did not derail negotiations that resulted in new concessions from China, said Jamieson Greer, who served as Lighthizer's chief of staff until April.

"Some of these security and human rights challenges have certainly complicated the atmosphere, but the trade agreement can still provide a set of rules governing important aspects of the trade relationship," said Greer, now an international trade partner at the King and Spalding law firm.

Another person familiar with USTR thinking said the agency "needs to make Phase 1 look good. They want to show that progress is being made. The president looks at the China relationship much more broadly."

US President Donald Trump has little choice but to stick with his Phase 1 China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.

US President Donald Trump has little choice but to stick with his Phase 1 China trade deal despite his anger at Beijing over the coronavirus pandemic, new Hong Kong security rules, and dwindling hopes China can meet U.S. goods purchase targets, people familiar with his administration's deliberations say. The US-China trade negotiations took more than two years, heaped tariffs on $370 billion of Chinese products, whipsawed financial markets and dimmed global growth prospects well before the coronavirus outbreak crushed them. In recent weeks, suggestions that Trump may cancel the deal have emanated from the White House almost daily, and businesses, investors, and China trade watchers are hanging on to every word and tweet. But on Friday, when Trump said the United States would start dismantling trade and travel privileges for Hong Kong, he did not mention the deal. Stock markets heaved a sigh of relief, with the S&P 500 reversing losses. Also read: White supremacists or Antifa or _ ? Multiple theories float on who caused violence in US Talking tough on China and criticizing the Obama administration's more measured approach is a key part of Trump's re-election strategy. Sticking with the pact may mean accepting that China is likely to fall short of purchase commitments for US agricultural goods, manufactured products, energy and services - goals that many said were unrealistic even before the pandemic. Canceling the deal, though, would reignite the nearly two-year US-China trade war at a time US unemployment is at its worst since the 1930s Great Depression. The next US step would likely be reviving previously planned but canceled tariffs on some $165 billion worth of Chinese consumer goods, including Apple cellphones and computers, toys and clothing - all ultimately paid by US companies and passed on to consumers. Beijing would retaliate with tariffs on US goods, fueling more market turmoil and delaying recovery. "He's stuck with a lemon. He gets an empty agreement if he sticks with it, and he gets more actions that create an economic drag and more volatility if he abandons it," said one person briefed on the administration's trade deliberations. US goods exports to China in the first quarter were down $4 billion from the trade war-damaged levels a year earlier, according to US Census Bureau data. The Peterson Institute of International Economics estimates that during the first quarter, China made only about 40% of the purchases it needed to stay on target for a first-year increase of $77 billion over 2017 levels, implying an extremely steep climb in the second half. Leaving the deal now would not buy a lasting political bounce for Trump in manufacturing-heavy swing states with five months to go before the presidential election, analysts say. Complex relationship Trump blames China for failing to contain the coronavirus and has repeatedly said the deal, including its pledges to boost US exports to China by $200 billion over two years, no longer means as much to him with US coronavirus deaths now over 100,000 and job losses piling up. Trump said on Friday that China was "absolutely smothering Hong Kong’s freedom," but refrained from harsh sanctions that could put the trade deal in jeopardy, taking milder steps to revoke the territory's separate travel and customs benefits from China. Claire Reade, a former US trade negotiator, said Trump's "peripheral steps" would not deter Beijing from proceeding with the security law, as it regards Hong Kong as a core national security issue. Also read: Journalists covering US protests face the ire of police, demonstrators "Probably the most significant thing from the trade perspective is that the Phase 1 trade deal is – for now anyway - unaffected," said Reade, senior counsel with Arnold and Porter law firm in Washington. White House Economic Adviser Larry Kudlow criticized Beijing last week, but on trade told CNBC: "It’s a complex relationship. The China Phase 1 trade deal does continue to go on for the moment and we may be making progress there." US Trade Representative Robert Lighthizer has recently cited "continuing progress" in the deal, after China welcomed US blueberries, barley, beef and dairy products. He has touted the deal's dispute settlement mechanism, which provides for regular consultations on compliance with Beijing's commitments on intellectual property protections, financial services, agriculture standards and purchases. US-China flashpoints on Hong Kong, Taiwan and other issues did not derail negotiations that resulted in new concessions from China, said Jamieson Greer, who served as Lighthizer's chief of staff until April. "Some of these security and human rights challenges have certainly complicated the atmosphere, but the trade agreement can still provide a set of rules governing important aspects of the trade relationship," said Greer, now an international trade partner at the King and Spalding law firm. Another person familiar with USTR thinking said the agency "needs to make Phase 1 look good. They want to show that progress is being made. The president looks at the China relationship much more broadly."

'Lemon' or not, Trump is stuck with Phase 1 China trade deal

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) revealed a $12 billion investment plan in Arizona on Friday. The chip manufacturing company claimed that it will be generating over 1,600 jobs in the US.

TSMC is the biggest contract chipmaker. It is also a major supplier to U.S. tech giants such as Apple Inc and Qualcomm Inc, as well as Chinese firms like Huawei Technologies, which has not been America's favourite right now

However,&nbsp;Keith Krach, the U.S. undersecretary for economic growth, energy and the environment, claimed that&nbsp;no assurance has been provided that TSMC will be granted a license to allow it to sell US technology to China's Huawei.

<a href="https://www.wionews.com/world/taiwans-tsmc-plans-to-build-chip-plant-in-arizona-amid-us-china-rivalry-298838">Also read:&nbsp;Taiwan's TSMC plans to build chip plant in Arizona amid US-China rivalry</a>

"I think roughly around 10-12% of TMSC`s business is China, and I think that is in essence almost primarily Huawei," Krach said. "So they will be restricted unless they're granted a license, and there is no assurances on that and we don't anticipate that."

The conflict happened as American President Donald Trump threatened to cut all ties with China accusing the Chinese government of hiding information about&nbsp;coronavirus. Following this accusation and suspecting Huawei of hacking the US research data, the American government blacklisted Chinese technology company&nbsp;Huawei.

"In terms of incentives, I know there is a number of things the U.S. Congress is looking at. I think there are some really good possibilities coming down the road," Krach said, while talking about the incentives being provided to TMSC.

He also urged people and political leaders to join forces in bringing back the manufacturing units back to the US.

China and the US have been at crossroads for the past few months as the US government has accused China of not only withholding information about coronavirus, but also of stealing US research on COVID-19.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) revealed a $12 billion investment plan in Arizona on Friday. The chip manufacturing company claimed that it will be generating over 1,600 jobs in the US.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) revealed a $12 billion investment plan in Arizona on Friday. The chip manufacturing company claimed that it will be generating over 1,600 jobs in the US. TSMC is the biggest contract chipmaker. It is also a major supplier to U.S. tech giants such as Apple Inc and Qualcomm Inc, as well as Chinese firms like Huawei Technologies, which has not been America's favourite right now However, Keith Krach, the U.S. undersecretary for economic growth, energy and the environment, claimed that no assurance has been provided that TSMC will be granted a license to allow it to sell US technology to China's Huawei. Also read: Taiwan's TSMC plans to build chip plant in Arizona amid US-China rivalry "I think roughly around 10-12% of TMSC`s business is China, and I think that is in essence almost primarily Huawei," Krach said. "So they will be restricted unless they're granted a license, and there is no assurances on that and we don't anticipate that." The conflict happened as American President Donald Trump threatened to cut all ties with China accusing the Chinese government of hiding information about coronavirus. Following this accusation and suspecting Huawei of hacking the US research data, the American government blacklisted Chinese technology company Huawei. "In terms of incentives, I know there is a number of things the U.S. Congress is looking at. I think there are some really good possibilities coming down the road," Krach said, while talking about the incentives being provided to TMSC. He also urged people and political leaders to join forces in bringing back the manufacturing units back to the US. China and the US have been at crossroads for the past few months as the US government has accused China of not only withholding information about coronavirus, but also of stealing US research on COVID-19.

No assurance given to TSMC to sell to Huawei: US top official

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US&nbsp;President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry.

But Prime Minister Narendra Modi is trying to pull all the stops for the US&nbsp;president's Feb. 24-25 visit, aimed at rebuilding bonds between the world's largest democracies.

In 2019, Trump suspended India's special trade designation that dated back to 1970s, after Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions.

Also read: <a href="https://www.wionews.com/india-news/us-drops-india-from-developing-nations-list-barring-trade-benefits-280252">US drops India from developing nations list barring trade benefits</a>

Trump's trip to India has raised hopes that he would restore some of the country's US&nbsp;trade preferences, in exchange for tariff reductions and other concessions.

The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods.

India has offered to allow imports of US&nbsp;chicken legs, turkey and produce such as blueberries and cherries, Indian government sources said and has offered to cut tariffs on chicken legs from 100 per cent&nbsp;to 25 per cent. US&nbsp;negotiators want that tariff cut to 10 per cent.

The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent&nbsp;tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants.

New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India.

Trump will be feted in Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015.

Also read: <a href="https://www.wionews.com/india-news/latest-india-news-indo-us-trade-deal-likely-during-donald-trumps-india-visit-sources-278891">Indo-US trade deal likely during Donald Trump's India visit</a>

Enough for Lighthizer

But it is far from clear whether India's offers will be enough to satisfy US&nbsp;Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Indian Commerce Minister Piyush Goyal.

The US&nbsp;dairy industry remained sceptical on Thursday that a viable deal is at hand.

"We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee.

Dykes said the US&nbsp;dairy industry was looking for access in viable commercial quantities.

A USTR spokesman and India's trade ministry did not respond to requests for comment.

Privacy law complications

An Indian parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies.

It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US&nbsp;companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook.

The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time.

"The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US&nbsp;administration's thinking.

Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters.

Two US&nbsp;sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on Feb. 1 surprised US&nbsp;negotiators.

The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say. India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry. But Prime Minister Narendra Modi is trying to pull all the stops for the US president's Feb. 24-25 visit, aimed at rebuilding bonds between the world's largest democracies. In 2019, Trump suspended India's special trade designation that dated back to 1970s, after Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions. Also read: US drops India from developing nations list barring trade benefits Trump's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions. The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods. India has offered to allow imports of US chicken legs, turkey and produce such as blueberries and cherries, Indian government sources said and has offered to cut tariffs on chicken legs from 100 per cent to 25 per cent. US negotiators want that tariff cut to 10 per cent. The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants. New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India. Trump will be feted in Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015. Also read: Indo-US trade deal likely during Donald Trump's India visit Enough for Lighthizer But it is far from clear whether India's offers will be enough to satisfy US Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Indian Commerce Minister Piyush Goyal. The US dairy industry remained sceptical on Thursday that a viable deal is at hand. "We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee. Dykes said the US dairy industry was looking for access in viable commercial quantities. A USTR spokesman and India's trade ministry did not respond to requests for comment. Privacy law complications An Indian parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies. It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook. The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time. "The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US administration's thinking. Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters. Two US sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on Feb. 1 surprised US negotiators. The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

India offers US dairy, chicken access in bid for elusive trade deal with Trump

India's Foreign Secretary Harsh Shringla has now said that the Ahemdabad event will have few parallels to last year's Howdy Modi event. The Indian Foreign Secretary also said that both the heads of states will exchange views on global and regional dimensions. The preparations to welcome US President Donald Trump are in full swing. As the US president is likely to visit Taj Mahal in Agra, the Uttar Pradesh government is leaving no stone unturned to beautify the area for his visit.

What US hopes to achieve after Trump's visit to India?

WION Dispatch: Indian Foreign Secretary briefs Trump's India visit

No trade deal during two days visit of Trump to India. Around seven million people are expected between the airport and the event. Trump is saving trade deal for later.

Trump India visit: Trump focussed more on road show than trade

The United States on Friday (February 7) offered $100m aid to China and other countries who are fighting coronavirus. The number of deaths due to China's coronavirus epidemic jumped to 722, surpassing the toll from the SARS outbreak on the mainland and Hong Kong almost two decades ago.

Coronavirus Outbreak: US offers $100m aid to China

The United States wants India to buy at least another $5-6 billion worth of American poultry and farm goods if New Delhi wants to win reinstatement of a key US&nbsp;trade concession, four sources familiar with the talks told Reuters.

US&nbsp;President Donald Trump cited trade barriers last year when removing India from its Generalized System of Preferences (GSP) programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens US&nbsp;products.

Ahead of a Trump visit to New Delhi to meet Prime Minister Narendra Modi next month, negotiators on both sides are hammering out terms for a trade deal that would include New Delhi rolling back higher tariffs on some farm goods such as almonds, walnuts and apples, one of the sources said.

Both governments had hoped to work out a limited trade deal last year, but struggled to reach an agreement.

Also read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/us-china-trade-deal-what-were-the-key-issues-and-are-they-resolved-275073">US-China trade deal - What were the key issues and are they resolved?</a>

India's commerce ministry and the US&nbsp;Embassy in New Delhi did not respond to a request for comment. The office of the US&nbsp;Trade Representative did not immediately respond outside regular business hours.

While India has offered a partial relief on medical device price caps that have hurt American pharma giants and a rollback in tariffs on some US&nbsp;goods, Trump's team wants a sweetener of $5-6 billion in additional trade for US&nbsp;goods to restore GSP privileges, three of the sources said.

That demand was conveyed by the United States to India in late December, said two sources.

Also read: <a href="https://www.wionews.com/business-economy/indian-markets-scale-a-new-high-after-us-china-phase-one-trade-deal-274665">US-China trade deal - Hits and misses for India</a>

As part of the negotiation, the US&nbsp;wants India to increase imports of frozen poultry products, the first source said. The US&nbsp;has already been pushing India to cut the high import taxes on poultry products.

"The deal has to be agriculture-focused, the US&nbsp;is putting a number on everything (if India wants GSP back)," said one of the sources.

The sources asked not to be named due to the sensitivity of the discussions.

Other than the agriculture sector, the United States could be swayed if some of that additional revenue goes to its energy sector, said one of the sources.

Indian oil minister Dharmendra Pradhan this week said India was looking forward to extending its energy cooperation with the United States and other countries but didn't disclose any planned deals.

Trump is likely to visit India in late February, in what would be his first visit to the South Asian nation since he took office three years ago.

The United States wants India to buy at least another $5-6 billion worth of American poultry and farm goods if New Delhi wants to win reinstatement of a key US trade concession, four sources familiar with the talks told Reuters.

The United States wants India to buy at least another $5-6 billion worth of American poultry and farm goods if New Delhi wants to win reinstatement of a key US trade concession, four sources familiar with the talks told Reuters. US President Donald Trump cited trade barriers last year when removing India from its Generalized System of Preferences (GSP) programme that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens US products. Ahead of a Trump visit to New Delhi to meet Prime Minister Narendra Modi next month, negotiators on both sides are hammering out terms for a trade deal that would include New Delhi rolling back higher tariffs on some farm goods such as almonds, walnuts and apples, one of the sources said. Both governments had hoped to work out a limited trade deal last year, but struggled to reach an agreement. Also read: US-China trade deal - What were the key issues and are they resolved? India's commerce ministry and the US Embassy in New Delhi did not respond to a request for comment. The office of the US Trade Representative did not immediately respond outside regular business hours. While India has offered a partial relief on medical device price caps that have hurt American pharma giants and a rollback in tariffs on some US goods, Trump's team wants a sweetener of $5-6 billion in additional trade for US goods to restore GSP privileges, three of the sources said. That demand was conveyed by the United States to India in late December, said two sources. Also read: US-China trade deal - Hits and misses for India As part of the negotiation, the US wants India to increase imports of frozen poultry products, the first source said. The US has already been pushing India to cut the high import taxes on poultry products. "The deal has to be agriculture-focused, the US is putting a number on everything (if India wants GSP back)," said one of the sources. The sources asked not to be named due to the sensitivity of the discussions. Other than the agriculture sector, the United States could be swayed if some of that additional revenue goes to its energy sector, said one of the sources. Indian oil minister Dharmendra Pradhan this week said India was looking forward to extending its energy cooperation with the United States and other countries but didn't disclose any planned deals. Trump is likely to visit India in late February, in what would be his first visit to the South Asian nation since he took office three years ago.

US pushes India to buy $5-6 billion more farm goods to seal trade deal: Report

The <a href="https://www.wionews.com/world/us-mexico-canada-deal-most-important-trade-pact-ever-trump-168842">US Senate</a> approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel.

Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency.

The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years.

Also Read:&nbsp;<a href="https://www.wionews.com/world/usmca-united-states-mexico-and-canada-finalize-new-trade-agreement-267552">United States, Mexico, Canada sign deal finalizing USMCA trade pact</a>

However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. 
Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market.

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="61ac745d-d1d2-4838-8094-dbcdb6e7d35b" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T183634.573_0.jpg" /> 
[ (Traders work on the floor at the&nbsp;New&nbsp;York Stock Exchange (Courtesy: Reuters) ]

"We had the US-China trade deal yesterday - signed and sealed. And now you got the <a href="https://www.wionews.com/business-economy/mexican-businesses-want-clarity-on-details-of-usmca-trade-deal-267698">US-Mexico</a> trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago.

The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&amp;P 500 touched a record high.

Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output.

However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal.

UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China. Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel. Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency. The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years. Also Read: United States, Mexico, Canada sign deal finalizing USMCA trade pact However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market. [ (Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] "We had the US-China trade deal yesterday - signed and sealed. And now you got the US-Mexico trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago. The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&P 500 touched a record high. Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output. However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal. UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

Oil ends higher as trade deals progress; spurs energy demand hopes

US&nbsp;President Donald Trump and Chinese Vice Premier Liu He signed a <a href="https://www.wionews.com/opinions-blogs/us-china-trade-deal-what-were-the-key-issues-and-are-they-resolved-275073">Phase 1&nbsp;deal</a>&nbsp;that will roll back some tariffs and see China boost purchases of US&nbsp;goods and services, defusing a prolonged conflict between the world's two largest economies.

Liu said in remarks at the White House that the <a href="https://www.wionews.com/business-economy/nifty-sensex-settle-near-record-highs-after-us-china-trade-deal-274867">United States and China</a> need to step up cooperation and that the&nbsp;deal&nbsp;benefits both countries and the world. The&nbsp;deal&nbsp;capped an 18-month dispute that had roiled&nbsp;markets.

The centrepiece of the&nbsp;deal&nbsp;is a pledge by China to purchase at least an additional $200 billion worth of US&nbsp; farm products and other goods and services over two years, over a baseline of $186 billion in purchases in 2017.

Key world equity indexes&nbsp;climbed to&nbsp;new&nbsp;records on Wednesday on hopes a US-China&nbsp;trade&nbsp;deal&nbsp;will <a href="https://www.wionews.com/opinions-blogs/us-china-trade-pact-fails-to-resolve-three-fundamental-issues-274848">reduce harmful tensions</a>, but&nbsp;oil&nbsp;prices slid on doubts the pact will spur world growth and boost crude&nbsp;demand.

<img alt="Stock Exchange" data-entity-type="file" data-entity-uuid="745cf3ce-50b4-48b1-8998-5f886a9a8990" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T183634.573.jpg" /> 
[&nbsp;Traders work on the floor at the&nbsp;New&nbsp;York Stock Exchange (Courtesy: Reuters) ]

MSCI's all-world stock index and the three major indexes on Wall Street set record intraday highs. The MSCI benchmark, along with the Dow and S&amp;P 500, also posted record closing highs, while the Dow closed above the 29,000 mark for the first time.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-will-increase-imports-from-us-according-to-market-principles-official-275252">China will increase imports from US according to 'market principles': Official</a>

The&nbsp;deal&nbsp;is unlikely to significantly change the growth outlook, but it should allow companies to make the capital investments they have not, which is positive, said Marvin Loh, senior&nbsp;global&nbsp;macro strategist at State Street&nbsp;Global&nbsp;Markets.

"What's most important to investors is a potential de-escalation and signs that de-escalation will continue this year, which is the outlook period for a lot of investors," he said.

"If we can somehow take this out as one of the bigger risks that we had all last year, it does give some confidence to the market. Not necessarily from an economic but from a risk parameter perspective," Loh said.

MSCI's gauge of&nbsp;stocks&nbsp;across the globe gained 0.07%. Earlier in Europe, the pan-regional STOXX 600 index closed up 0.1% while MSCI's broadest measure of Asia-Pacific&nbsp;markets&nbsp;outside Japan closed down 0.35%. Japan's Nikkei lost 0.45%.

On Wall Street, the Dow Jones Industrial Average rose 90.55 points, or 0.31%, to 29,030.22. The S&amp;P 500 &nbsp;gained 6.14 points, or 0.19%, to 3,289.29 and the Nasdaq Composite added 7.37 points, or 0.08%, to 9,258.70.

Emerging market&nbsp;stocks&nbsp;lost 0.53%.

Oil&nbsp;prices slipped on concerns the&nbsp;trade&nbsp;agreement may not provide much of a&nbsp;demand&nbsp;boost because the United States intends to keep tariffs on Chinese goods until a Phase 2&nbsp;deal&nbsp;is reached.

Prices were also under pressure from a report by the Organization of Petroleum Exporting Countries. OPEC expects lower&nbsp;demand&nbsp;for its&nbsp;oil&nbsp;in 2020 even as&nbsp;global&nbsp;demand&nbsp;rises, as rival producers grab market share and the United States looks set for another output record.

Brent crude fell 49 cents to settle at $64.00 a barrel. US&nbsp;West Texas Intermediate crude futures settled down 42 cents at $57.81 a barrel.

The dollar pared losses but remained lower against the euro and the yen after the signing of a&nbsp;trade&nbsp;deal&nbsp;that may prove a mild negative for the greenback as it removes uncertainty.

The dollar index, tracking the unit against six major peers, fell 0.14%, with the euro up 0.18% to $1.1147.

US&nbsp;Treasury yields declined as investors repositioned around&nbsp;new&nbsp;data showing producer prices barely rose in December.

A rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to stand pat on interest rates this year.

Benchmark 10-year notes last rose 9/32 in price to push its yield lower to 1.7864%.

In Europe, investors flocked to&nbsp;new&nbsp;fundraisings by Italy and Belgium a day after Spain saw record&nbsp;demand.

The 10-year German bond yield fell 3 basis points to -0.201%, not too far from the more than six-month highs of -0.157% touched at the start of January.

US&nbsp;gold futures settled up 0.6% at $1,554 an ounce.

US President Donald Trump and Chinese Vice Premier Liu He signed a Phase 1 deal that will roll back some tariffs and see China boost purchases of US goods and services, defusing a prolonged conflict between the world's two largest economies.

US President Donald Trump and Chinese Vice Premier Liu He signed a Phase 1 deal that will roll back some tariffs and see China boost purchases of US goods and services, defusing a prolonged conflict between the world's two largest economies. Liu said in remarks at the White House that the United States and China need to step up cooperation and that the deal benefits both countries and the world. The deal capped an 18-month dispute that had roiled markets. The centrepiece of the deal is a pledge by China to purchase at least an additional $200 billion worth of US farm products and other goods and services over two years, over a baseline of $186 billion in purchases in 2017. Key world equity indexes climbed to new records on Wednesday on hopes a US-China trade deal will reduce harmful tensions, but oil prices slid on doubts the pact will spur world growth and boost crude demand. [ Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] MSCI's all-world stock index and the three major indexes on Wall Street set record intraday highs. The MSCI benchmark, along with the Dow and S&P 500, also posted record closing highs, while the Dow closed above the 29,000 mark for the first time. Also Read: China will increase imports from US according to 'market principles': Official The deal is unlikely to significantly change the growth outlook, but it should allow companies to make the capital investments they have not, which is positive, said Marvin Loh, senior global macro strategist at State Street Global Markets. "What's most important to investors is a potential de-escalation and signs that de-escalation will continue this year, which is the outlook period for a lot of investors," he said. "If we can somehow take this out as one of the bigger risks that we had all last year, it does give some confidence to the market. Not necessarily from an economic but from a risk parameter perspective," Loh said. MSCI's gauge of stocks across the globe gained 0.07%. Earlier in Europe, the pan-regional STOXX 600 index closed up 0.1% while MSCI's broadest measure of Asia-Pacific markets outside Japan closed down 0.35%. Japan's Nikkei lost 0.45%. On Wall Street, the Dow Jones Industrial Average rose 90.55 points, or 0.31%, to 29,030.22. The S&P 500 gained 6.14 points, or 0.19%, to 3,289.29 and the Nasdaq Composite added 7.37 points, or 0.08%, to 9,258.70. Emerging market stocks lost 0.53%. Oil prices slipped on concerns the trade agreement may not provide much of a demand boost because the United States intends to keep tariffs on Chinese goods until a Phase 2 deal is reached. Prices were also under pressure from a report by the Organization of Petroleum Exporting Countries. OPEC expects lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. Brent crude fell 49 cents to settle at $64.00 a barrel. US West Texas Intermediate crude futures settled down 42 cents at $57.81 a barrel. The dollar pared losses but remained lower against the euro and the yen after the signing of a trade deal that may prove a mild negative for the greenback as it removes uncertainty. The dollar index, tracking the unit against six major peers, fell 0.14%, with the euro up 0.18% to $1.1147. US Treasury yields declined as investors repositioned around new data showing producer prices barely rose in December. A rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to stand pat on interest rates this year. Benchmark 10-year notes last rose 9/32 in price to push its yield lower to 1.7864%. In Europe, investors flocked to new fundraisings by Italy and Belgium a day after Spain saw record demand. The 10-year German bond yield fell 3 basis points to -0.201%, not too far from the more than six-month highs of -0.157% touched at the start of January. US gold futures settled up 0.6% at $1,554 an ounce.

US stocks climb to new peak after trade deal

The European Union will check to see whether a major <a href="https://www.wionews.com/business-economy/indian-markets-scale-a-new-high-after-us-china-phase-one-trade-deal-274665">deal struck by the United States and China</a> complies with global trade rules, the EU's trade chief said on Thursday.

On Wednesday, Washington and Beijing scaled back their <a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">18-month trade row</a> that has hit global economic growth by signing an initial agreement under which China will boost its buying of US&nbsp;goods and services.

"The devil is in the detail," EU Trade Commissioner Phil Hogan told a conference in London, speaking by video link from Washington where he is meeting US&nbsp;officials this week. He added the details were, so far, "a bit sketchy".

"They have stepped outside the usual framework for doing deals ... and they are dealing directly on a bilateral basis and we will have to assess whether it is WTO compliant."

In pics: <a href="https://www.wionews.com/photos/us-china-trade-deal-biggest-winners-losers-in-phase-1-274683">US-China trade deal - Biggest winners &amp; losers in phase 1</a>

Hogan said "structural reforms" in China the EU and the United States wanted were not addressed in the agreement and the EU wanted to see what was on the table in the second phase of negotiations between the United States and China.

He also said the United States and the EU urgently needed to resolve a dispute over aircraft subsidies. Only Beijing and the Chinese aerospace industry, he said, would ultimately benefit from a tit-for-tat transatlantic tariff dispute.

Asked about a US-French row over a digital tax which has seen Washington threaten to impose duties of up to 100% on French goods, Hogan said he thought eventually a way of implementing a global tax on technology giants such as Amazon and Google would be found.

"At the end of the day I think everybody accepts, including the United States, that there will be a global tax to deal with technology companies," he said, adding that it might take until 2021 or 2022 for talks to deepen.

On long-delayed reform of the World Trade Organization, Hogan said he expected the United States to move forward only in 2021 after the presidential election in November this year.

He also reiterated comments by EU Commission President Ursula von der Leyen last week who said it will be impossible for Britain to negotiate all aspects of its future relationship with the EU by the end of 2020, the deadline set by Prime Minister Boris Johnson, and both sides would have to prioritise.

"We need to wake up to this reality that gamesmanship and brinkmanship are not going to work on this occasion," Hogan said at the CSIS think tank in Washington.

The European Union will check to see whether a major deal struck by the United States and China complies with global trade rules, the EU's trade chief said on Thursday.

The European Union will check to see whether a major deal struck by the United States and China complies with global trade rules, the EU's trade chief said on Thursday. On Wednesday, Washington and Beijing scaled back their 18-month trade row that has hit global economic growth by signing an initial agreement under which China will boost its buying of US goods and services. "The devil is in the detail," EU Trade Commissioner Phil Hogan told a conference in London, speaking by video link from Washington where he is meeting US officials this week. He added the details were, so far, "a bit sketchy". "They have stepped outside the usual framework for doing deals ... and they are dealing directly on a bilateral basis and we will have to assess whether it is WTO compliant." In pics: US-China trade deal - Biggest winners & losers in phase 1 Hogan said "structural reforms" in China the EU and the United States wanted were not addressed in the agreement and the EU wanted to see what was on the table in the second phase of negotiations between the United States and China. He also said the United States and the EU urgently needed to resolve a dispute over aircraft subsidies. Only Beijing and the Chinese aerospace industry, he said, would ultimately benefit from a tit-for-tat transatlantic tariff dispute. Asked about a US-French row over a digital tax which has seen Washington threaten to impose duties of up to 100% on French goods, Hogan said he thought eventually a way of implementing a global tax on technology giants such as Amazon and Google would be found. "At the end of the day I think everybody accepts, including the United States, that there will be a global tax to deal with technology companies," he said, adding that it might take until 2021 or 2022 for talks to deepen. On long-delayed reform of the World Trade Organization, Hogan said he expected the United States to move forward only in 2021 after the presidential election in November this year. He also reiterated comments by EU Commission President Ursula von der Leyen last week who said it will be impossible for Britain to negotiate all aspects of its future relationship with the EU by the end of 2020, the deadline set by Prime Minister Boris Johnson, and both sides would have to prioritise. "We need to wake up to this reality that gamesmanship and brinkmanship are not going to work on this occasion," Hogan said at the CSIS think tank in Washington.

'Devil is in the detail': EU says will check US-China deal

As the papers of the trade deal are to be signed, different industrial sectors are hoping high for some good news for lower tariffs. The boat manufacturing industry in the United States is anticipating lower tariffs, leading to the growth of the boat industry. #US #USBoatIndustry #BoatIndustry #WION #WIONNews

WION Wallet: US boat industry sales 11 year high in 2018

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. 
 
Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. 
 
The <a href="https://www.wionews.com/business-economy/equity-indices-close-in-the-green-adani-ports-gains-by-31-per-cent-271482">BSE S&amp;P Sensex</a> closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. 
 
Except for <a href="https://www.wionews.com/business-economy/indian-shares-slip-on-year-end-profit-booking-nifty-set-for-13-jump-in-2019-271230">Nifty IT</a> which wound up 0.03 per cent lower, all sectoral indices at the <a href="https://www.wionews.com/business-economy/equities-begin-2020-on-a-positive-note-led-by-metal-stocks-271361">National Stock Exchange</a> were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. 
 
Among stocks, auto major <a href="https://www.wionews.com/business-economy/market-closing-sensex-ends-17-points-lower-nifty-at-12256-271060">Tata Motors</a> gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. 
 
But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and <a href="https://www.wionews.com/business-economy/sensex-rallies-by-413-points-to-scale-new-high-nifty-closes-at-12165-268755">Hindalco</a> by 2.4 per cent. 
 
Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen &amp; Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. 
 
However, <a href="https://www.wionews.com/business-economy/sensex-falls-by-298-points-psu-banks-underperform-270367">Eicher Motors</a> fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. 
 
Meanwhile, <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian shares</a> were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. 
 
In China, the <a href="https://www.wionews.com/business-economy/sensex-falls-181-points-to-close-at-4146126-nifty-at-1221455-270010">Shanghai Composite Index</a> was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. 
 
US President Donald Trump said on Tuesday that phase one of the <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade deal</a> with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. The BSE S&P Sensex closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. Except for Nifty IT which wound up 0.03 per cent lower, all sectoral indices at the National Stock Exchange were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. Among stocks, auto major Tata Motors gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and Hindalco by 2.4 per cent. Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen & Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. However, Eicher Motors fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. Meanwhile, Asian shares were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. In China, the Shanghai Composite Index was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. US President Donald Trump said on Tuesday that phase one of the trade deal with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Sensex gains by 321 points as Nifty closes on high record, Tata Motors on top winner

White House adviser Peter Navarro has said that China Phase 1 trade deal is likely to be signed in the next week but he also mentioned to wait for the confirmation from President Donald Trump or the US Trade Representative. #USChina #US #China #TradeDeal

White House adviser says US-China trade deal soon

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