Five reasons why Donald Trump should not be considered as a useless president

US President Donald Trump who arrived in <a href="https://www.wionews.com/world/donald-trump-says-uk-pm-boris-johnson-very-capable-265958">London to attend the NATO </a>summit said he has "no deadline" for a trade deal with China while adding that he "could wait until after the election for the China deal".

"I have no deadline," Trump told reporters in London. "In some ways, I like the idea of waiting until after the election for the China deal."

The US president, however, was quick to add a deal would "surprise" everyone, asserting, "I don't know if I want to make it but you're going to find out pretty soon, it's going to surprise everybody."

"I'm doing very well in a deal with China, if I want to make it," Trump said at a press conference ahead of the NATO summit.

"I don't think it's 'if they want to make it', it's 'if I want to make it'. And we'll see what happens."

US and China have been locked in a trade war for the past 18 months with China recently demanding that US tariffs&nbsp;be rolled back as part of phase one of the trade deal.

Last week, President Trump had said the US was in the "final throes" of a deal aimed at defusing the trade war with China, however, the US president added that failure to get the trade deal will prompt more tariffs even as analysts fear it would result in lower sales in the Christmas season ahead.

Trump had earlier warned about 15 per cent additional tariffs on $156 billion worth of Chinese-made consumer goods scheduled to take effect on December 15. Trump had earlier agreed in October to skip raising those tariffs to 30 per cent from the 25 per cent rate.

A 15 per cent tariff on about $125 billion of goods had gone into effect on September 1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers among other products. 
&nbsp;

US President Donald Trump who arrived in London to attend the NATO summit said he has "no deadline" for a trade deal with China while adding that he "could wait until after the election for the China deal".

US President Donald Trump who arrived in London to attend the NATO summit said he has "no deadline" for a trade deal with China while adding that he "could wait until after the election for the China deal". "I have no deadline," Trump told reporters in London. "In some ways, I like the idea of waiting until after the election for the China deal." The US president, however, was quick to add a deal would "surprise" everyone, asserting, "I don't know if I want to make it but you're going to find out pretty soon, it's going to surprise everybody." "I'm doing very well in a deal with China, if I want to make it," Trump said at a press conference ahead of the NATO summit. "I don't think it's 'if they want to make it', it's 'if I want to make it'. And we'll see what happens." US and China have been locked in a trade war for the past 18 months with China recently demanding that US tariffs be rolled back as part of phase one of the trade deal. Last week, President Trump had said the US was in the "final throes" of a deal aimed at defusing the trade war with China, however, the US president added that failure to get the trade deal will prompt more tariffs even as analysts fear it would result in lower sales in the Christmas season ahead. Trump had earlier warned about 15 per cent additional tariffs on $156 billion worth of Chinese-made consumer goods scheduled to take effect on December 15. Trump had earlier agreed in October to skip raising those tariffs to 30 per cent from the 25 per cent rate. A 15 per cent tariff on about $125 billion of goods had gone into effect on September 1, including flat-panel television sets, flash memory devices, smart speakers, Bluetooth headphones, bed linens, multifunction printers among other products.

I like the idea of waiting until after election for China trade deal: Trump

Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with Washington and United States&nbsp;President Donald Trump, Bloomberg reported on Thursday, citing unnamed sources.

Chinese officials have told visitors to Beijing and others in private conversations that China will not budge on the thorniest issues, the report said.

Chinese officials are also concerned about Trump's impulsive nature and the risk that he could back out of even the interim deal both sides are seeking to sign in the coming weeks, Bloomberg said.

The United States&nbsp;and Chinese officials were&nbsp;"close to finalising" some parts of&nbsp;<a href="https://www.wionews.com/world/china-united-states-made-progress-in-trade-talks-chinese-vice-foreign-minister-257388">a trade agreement</a>&nbsp;after high-level telephone discussions on Friday, the US&nbsp;Trade Representative's office said, adding that deputy-level talks would proceed "continuously."

"They made headway on specific issues and the two sides are close to finalizing some sections of the agreement. Discussions will go on continuously at the deputy level, and the principals will have another call in the near future," a statement said.

Washington and Beijing are working to agree on the text for a "Phase 1" trade agreement announced by US&nbsp;President Donald Trump on October&nbsp;11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with Washington and United States President Donald Trump, Bloomberg reported on Thursday, citing unnamed sources.

Chinese officials have doubts about whether it is possible to reach a comprehensive long-term trade deal with Washington and United States President Donald Trump, Bloomberg reported on Thursday, citing unnamed sources. Chinese officials have told visitors to Beijing and others in private conversations that China will not budge on the thorniest issues, the report said. Chinese officials are also concerned about Trump's impulsive nature and the risk that he could back out of even the interim deal both sides are seeking to sign in the coming weeks, Bloomberg said. The United States and Chinese officials were "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative's office said, adding that deputy-level talks would proceed "continuously." "They made headway on specific issues and the two sides are close to finalizing some sections of the agreement. Discussions will go on continuously at the deputy level, and the principals will have another call in the near future," a statement said. Washington and Beijing are working to agree on the text for a "Phase 1" trade agreement announced by US President Donald Trump on October 11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

Chinese officials say they have doubts if trade deal possible with Trump: Report

Chinese President Xi Jinping has written a letter to his US counterpart Donald Trump urging him to manage differences on the basis of mutual respect and expand cooperation for mutual benefit so as to bring the Sino-US relations on the right track.

"A healthy and steady <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">China-US relationship</a> serves the interest of our two countries and the world at large. I hope the two sides will act in the principle and direction you and I have agreed to, and work to advance China-US relations based on coordination, cooperation and stability. Let us work together to manage differences on the basis of mutual respect and expand cooperation for mutual benefit, so as to bring our relations forward along the right track," Xi said in his letter to Donald Trump.

"Lately, the economic and trade teams of our two sides have stayed in communication and shown each other goodwill, which has been welcomed by our two peoples and the international community. With our two teams making progress on some parts of the agreement under consultation, it is important that we address each other's concerns properly and make positive headway in the other areas as well," he added.

Stressing that China attaches great importance to his concerns on agricultural products, Xi noted that Chinese companies involved have accelerated purchases of American agricultural products, including soybeans and pork.

The Chinese President also thanked Trump for his congratulatory message for the 70th anniversary of the founding of the People's Republic of China.

The Chinese President's letter comes at a time when the two countries are locked in a bitter trade war.

US President Donald Trump had congratulated Chinese President Xi Jinping and his countrymen on the 70th anniversary of the Communist regime in the country but with a vow to prevail in the trade war and berating Beijing for not accepting an earlier drafted deal.

"Congratulations to President Xi and the Chinese people on the 70th Anniversary of the People's Republic of China!" the President had tweeted.

Chinese President Xi Jinping has written a letter to his US counterpart Donald Trump urging him to manage differences on the basis of mutual respect and expand cooperation for mutual benefit so as to bring the Sino-US relations on the right track.

Chinese President Xi Jinping has written a letter to his US counterpart Donald Trump urging him to manage differences on the basis of mutual respect and expand cooperation for mutual benefit so as to bring the Sino-US relations on the right track. "A healthy and steady China-US relationship serves the interest of our two countries and the world at large. I hope the two sides will act in the principle and direction you and I have agreed to, and work to advance China-US relations based on coordination, cooperation and stability. Let us work together to manage differences on the basis of mutual respect and expand cooperation for mutual benefit, so as to bring our relations forward along the right track," Xi said in his letter to Donald Trump. "Lately, the economic and trade teams of our two sides have stayed in communication and shown each other goodwill, which has been welcomed by our two peoples and the international community. With our two teams making progress on some parts of the agreement under consultation, it is important that we address each other's concerns properly and make positive headway in the other areas as well," he added. Stressing that China attaches great importance to his concerns on agricultural products, Xi noted that Chinese companies involved have accelerated purchases of American agricultural products, including soybeans and pork. The Chinese President also thanked Trump for his congratulatory message for the 70th anniversary of the founding of the People's Republic of China. The Chinese President's letter comes at a time when the two countries are locked in a bitter trade war. US President Donald Trump had congratulated Chinese President Xi Jinping and his countrymen on the 70th anniversary of the Communist regime in the country but with a vow to prevail in the trade war and berating Beijing for not accepting an earlier drafted deal. "Congratulations to President Xi and the Chinese people on the 70th Anniversary of the People's Republic of China!" the President had tweeted.

Let us work together to manage differences on basis of mutual respect: Xi Jinping writes to Trump

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> on Wednesday cut its forecast for growth in world <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil demand</a> in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

In a monthly report, the Organization of the Petroleum Exporting Countries said <a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">oil</a> demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD&nbsp;less than previously estimated, and indicated the market would be in surplus.

The weaker outlook amid a <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-8-2018-tax-on-steel-aluminium-241132">US-China trade war</a>&nbsp;and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output.

Iraq said ministers would on Thursday discuss whether deeper cuts were needed.

OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent&nbsp;from 3.2 per cent&nbsp;and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said.

OPEC, Russia and other producers have since January&nbsp;1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday.

Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel.

Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown.

The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut.

Even so, stocks in July exceeded the five-year average,&nbsp;a yardstick OPEC watches closely&nbsp;by 36 million barrels.

OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices.

The policy has given a sustained boost to US&nbsp;shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year.

OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources.

It was the first increase this year. <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>, Iraq and Nigeria boosted supply.

Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD.

Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction.

August's increase, however, puts OPEC output further above the 2020 demand forecast.

The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD less than previously estimated, and indicated the market would be in surplus. The weaker outlook amid a US-China trade war and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output. Iraq said ministers would on Thursday discuss whether deeper cuts were needed. OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent from 3.2 per cent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States. "This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said. OPEC, Russia and other producers have since January 1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday. Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel. Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown. The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut. Even so, stocks in July exceeded the five-year average, a yardstick OPEC watches closely by 36 million barrels. OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices. The policy has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year. Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year. OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources. It was the first increase this year. Saudi Arabia, Iraq and Nigeria boosted supply. Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD. Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction. August's increase, however, puts OPEC output further above the 2020 demand forecast. The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC cuts 2020 oil demand forecast, urges effort to avert a new glut

Oil prices rose on Wednesday after a reported sharp drop in US&nbsp;crude stocks and <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a>&nbsp;member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US&nbsp;West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel.

Oil prices have risen more than 7 per cent this&nbsp;month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Prices rose this week after <a href="https://www.wionews.com/world/new-saudi-energy-minister-a-royal-with-decades-of-experience-in-opec-cuts-248719">Prince Abdulaziz bin Salman</a>, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained.

Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday.

He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year.

Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes.

<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">OPEC cut</a> its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown.

It indicated the market would be in surplus.

The US Energy Information Administration (EIA) also slashed its demand forecasts this week.

Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week.

OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US&nbsp;crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

"The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said.

The EIA's official numbers for US&nbsp;inventories will be released at 1430 GMT on Wednesday.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel. Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers. Prices rose this week after Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained. Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday. He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year. Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes. OPEC cut its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown. It indicated the market would be in surplus. The US Energy Information Administration (EIA) also slashed its demand forecasts this week. Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week. OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast. "The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said. The EIA's official numbers for US inventories will be released at 1430 GMT on Wednesday.

International oil prices gain after fall in US stocks

Asian markets mostly rose Wednesday with a broadly upbeat tone across trading floors ahead of major meetings at the European and US central banks, while there is also a growing sense of optimism over <a href="https://www.wionews.com/world/china-us-trade-talks-to-restart-after-g20-tariff-truce-239483">China-US trade talks</a>.

News that <a href="https://www.wionews.com/india-news/i-asked-nsa-john-bolton-to-resign-tweets-us-president-donald-trump-248901">Donald Trump</a> had fired his fervently hawkish national security adviser also lifted sentiment with analysts saying it could see the White House take a less strident approach and ease geopolitical tensions.

With the global economy sputtering, attention has turned increasingly to central banks as investors look for more stimulus.

Watch Vidoe:&nbsp;US President Donald Trump fires NSA John Bolton

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On Thursday the European Central Bank holds one of its most anticipated gatherings and hopes are for a series of fresh measures including a possible interest rate cut, fresh bond-buying quantitative easing (QE) or other loosening tools.

That is followed by the Federal Reserve's board meeting next week, where it is tipped to announce another reduction in borrowing costs as the world's top economy which has so far been the strongest globally stutters.

"With the expectation of the resumption of quantitative easing by the ECB&nbsp;and a rate cut by the Federal Reserve next week, the risk environment has solidified and tempted investors out of hiding from the bond markets and back into equities," said Jeffrey Halley, senior market analyst at OANDA.

In the afternoon trade, Hong Kong climbed 1.6 per cent as investors made the most of the upbeat mood to pick up cheap stocks after months of sometimes violent protests in the city weighed on the stock market.

Tokyo finished one per cent higher, Singapore put on more than one per cent, Seoul rose 0.8 per cent, Sydney gained 0.4 per cent and Taipei added 0.3 per cent, while Manila, Mumbai, Bangkok, and Jakarta also posted gains.

However, Shanghai was fell 0.4 per cent, with little major reaction to the news that China had listed 16 US categories of goods it would exempt from tariffs, ahead of planned top-level trade talks next month. Dealers also appeared to brush off Beijing's decision on Tuesday to lift limits on foreign investment in the country.

Wellington tumbled almost two per cent as Prime Minister Jacinda Ardern's government was rocked by its handling of sexual assault allegations against a top Labour Party staffer.

In early trade London rose 0.5 per cent, Frankfurt jumped 0.6 per cent and Paris edged up 0.3 per cent.

Trump's decision to sack John Bolton as a leading security adviser raised the possibility of an easing of tensions between the US and several nations, particularly Iran.

The controversial <a href="https://www.wionews.com/world/us-security-adviser-john-bolton-to-urge-tougher-uk-stance-on-iran-and-china-242307">Bolton</a> was closely linked to the invasion of Iraq and other past aggressive US foreign policy decisions and was seen as one of the main driving forces in Trump's muscular approach to Tehran, North Korea, and Venezuela, among others.

Stephen Innes at AxiTrader said that while the move did not necessarily mean a huge change in policy direction, "it does eliminate the most vocal advocate for US military-enforced regime change in the Trump administration".

He added that "from a geopolitical risk perspective, it does lessen war risk premiums, especially in Syria, Venezuela, and Iran and opens the door to more friendly discussion with North Korea".

However, the possibility of dialling down in the stand-off between the US and Iran led to a plunge Tuesday in the price of oil, with WTI diving almost three per cent from an intraday high and Brent shedding 2.5 per cent.

The two contracts later clawed back some of the losses on bargain-buying expectations for more output cuts by leading producers led by Saudi Arabia.

In share trading companies linked to Apple enjoyed healthy buying after the US tech giant unveiled new iPhones, including a lower-priced offering, and set launch dates for its original video offering as well as its game subscription service.

In Tokyo, Alps Alpine surged three per cent, Japan Display put on nearly three per cent and Sharp rallied more than four per cent, while LG Display in Seoul was up two per cent in Seoul. Taipei-listed Foxconn rose by 0.2 per cent.

On forex markets, the positive vibe helped the dollar up against the safe-haven yen, while higher-yielding, riskier currencies edged up against the greenback.

The pound held its recent gains as Prime Minister Boris Johnson said he was pushing to strike a divorce agreement with the European Union, having lost a series of key votes to MPs opposed to a no-deal Brexit.

Asian markets mostly rose Wednesday with a broadly upbeat tone across trading floors ahead of major meetings at the European and US central banks, while there is also a growing sense of optimism over China-US trade talks.

Asian markets mostly rose Wednesday with a broadly upbeat tone across trading floors ahead of major meetings at the European and US central banks, while there is also a growing sense of optimism over China-US trade talks. News that Donald Trump had fired his fervently hawkish national security adviser also lifted sentiment with analysts saying it could see the White House take a less strident approach and ease geopolitical tensions. With the global economy sputtering, attention has turned increasingly to central banks as investors look for more stimulus. Watch Vidoe: US President Donald Trump fires NSA John Bolton × On Thursday the European Central Bank holds one of its most anticipated gatherings and hopes are for a series of fresh measures including a possible interest rate cut, fresh bond-buying quantitative easing (QE) or other loosening tools. That is followed by the Federal Reserve's board meeting next week, where it is tipped to announce another reduction in borrowing costs as the world's top economy which has so far been the strongest globally stutters. "With the expectation of the resumption of quantitative easing by the ECB and a rate cut by the Federal Reserve next week, the risk environment has solidified and tempted investors out of hiding from the bond markets and back into equities," said Jeffrey Halley, senior market analyst at OANDA. In the afternoon trade, Hong Kong climbed 1.6 per cent as investors made the most of the upbeat mood to pick up cheap stocks after months of sometimes violent protests in the city weighed on the stock market. Tokyo finished one per cent higher, Singapore put on more than one per cent, Seoul rose 0.8 per cent, Sydney gained 0.4 per cent and Taipei added 0.3 per cent, while Manila, Mumbai, Bangkok, and Jakarta also posted gains. However, Shanghai was fell 0.4 per cent, with little major reaction to the news that China had listed 16 US categories of goods it would exempt from tariffs, ahead of planned top-level trade talks next month. Dealers also appeared to brush off Beijing's decision on Tuesday to lift limits on foreign investment in the country. Wellington tumbled almost two per cent as Prime Minister Jacinda Ardern's government was rocked by its handling of sexual assault allegations against a top Labour Party staffer. In early trade London rose 0.5 per cent, Frankfurt jumped 0.6 per cent and Paris edged up 0.3 per cent. Trump's decision to sack John Bolton as a leading security adviser raised the possibility of an easing of tensions between the US and several nations, particularly Iran. The controversial Bolton was closely linked to the invasion of Iraq and other past aggressive US foreign policy decisions and was seen as one of the main driving forces in Trump's muscular approach to Tehran, North Korea, and Venezuela, among others. Stephen Innes at AxiTrader said that while the move did not necessarily mean a huge change in policy direction, "it does eliminate the most vocal advocate for US military-enforced regime change in the Trump administration". He added that "from a geopolitical risk perspective, it does lessen war risk premiums, especially in Syria, Venezuela, and Iran and opens the door to more friendly discussion with North Korea". However, the possibility of dialling down in the stand-off between the US and Iran led to a plunge Tuesday in the price of oil, with WTI diving almost three per cent from an intraday high and Brent shedding 2.5 per cent. The two contracts later clawed back some of the losses on bargain-buying expectations for more output cuts by leading producers led by Saudi Arabia. In share trading companies linked to Apple enjoyed healthy buying after the US tech giant unveiled new iPhones, including a lower-priced offering, and set launch dates for its original video offering as well as its game subscription service. In Tokyo, Alps Alpine surged three per cent, Japan Display put on nearly three per cent and Sharp rallied more than four per cent, while LG Display in Seoul was up two per cent in Seoul. Taipei-listed Foxconn rose by 0.2 per cent. On forex markets, the positive vibe helped the dollar up against the safe-haven yen, while higher-yielding, riskier currencies edged up against the greenback. The pound held its recent gains as Prime Minister Boris Johnson said he was pushing to strike a divorce agreement with the European Union, having lost a series of key votes to MPs opposed to a no-deal Brexit.

Asian markets extend gains over optimism on China-US trade talks

White House economic adviser <a href="https://www.wionews.com/world/china-us-talks-likely-to-heat-up-in-october-meeting-kudlow-248069">Larry Kudlow </a>said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer.

"A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said.

"The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US&nbsp;Cold War competition against the Soviet Union.

But in confirming talks between the high-level US&nbsp;and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements.

The plans for the first in-person US and&nbsp;China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September.

'Back to May'

The 14-month <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">US and China trade war</a> has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets.

Since then, <a href="https://www.wionews.com/world/donald-trump-bullish-on-china-tariffs-but-aide-warns-of-long-haul-248138">US&nbsp;President Donald Trump</a> has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage.

Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October&nbsp;1 to 30 per cent&nbsp;from 25 per cent&nbsp;on $250 billion worth of Chinese goods.

"We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House.

He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments.

'Everything on table'

He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute.

"Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table&nbsp;agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said.

While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term."

"When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made."

Trump said on Twitter that China was hurting economically from the US&nbsp;tariffs but that the new round of talks was positive.

"'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs!

Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve.

White House economic adviser Larry Kudlow said on Friday the United States wants "near term" results from the US, China trade talks in September and October but cautioned that the trade conflict could take years to resolve. Speaking to reporters outside the White House, Kudlow said that although the United States and China have been negotiating on trade and intellectual property issues for 18 months, that was a short period of time in terms of what was at stake and negotiations could go on much longer. "A deal of this size and scope and central global importance, I don't think 18 months is a very long time," Kudlow said. "The stakes are so high, we have to get it right, and if that takes a decade, so be it," Kudlow added, drawing parallels to US Cold War competition against the Soviet Union. But in confirming talks between the high-level US and Chinese officials in early October, Kudlow declined to predict outcomes or a specific timeline for reaching any agreements. The plans for the first in-person US and China trade meetings since late July were set during a phone call on Thursday between Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. Trade deputies are due to meet in mid-September. 'Back to May' The 14-month US and China trade war has escalated sharply since May when talks broke down after Beijing backtracked on earlier commitments to make changes in the law to improve intellectual property protections, curb the forced transfer of US technology to Chinese firms and improve the US access to Chinese markets. Since then, US President Donald Trump has sharply increased existing tariffs on $200 billion worth of Chinese goods and imposed or scheduled new tariffs on virtually all remaining imports from China to increase his negotiating leverage. Kudlow told Bloomberg TV that he could not speculate on whether the September or October talks could delay a planned tariff increase on October 1 to 30 per cent from 25 per cent on $250 billion worth of Chinese goods. "We would like to go back to where we were last May, but I don't know if that's possible, and I don't want to predict any outcomes. This is a difficult matter," told reporters at the White House. He also said that it was important that Chinese reforms be reflected in changes to its laws and that any deal must have enforcement provisions to ensure that China lives up to its commitments. 'Everything on table' He said on Fox Business Network that the September and October talks would cover all of the core issues in the dispute. "Everything will be on the table. You can rest assured, for example, the absolute key structural issues the IP theft, the forced transfer of technology, the cyberspace, the clouds, financial services, all of that will be on the table agriculture purchases, industrial purchases, energy purchases, getting tariff and non-tariff barriers down," Kudlow said. While there were no precondition talks, Kudlow told Bloomberg TV that the Trump administration wants "to see results in the near term." "When we don't see results, we take additional actions," Kudlow said. "On the other hand, if we do see results from these upcoming meetings, then progress will be made." Trump said on Twitter that China was hurting economically from the US tariffs but that the new round of talks was positive. "'China is eating the Tariffs,'" Trump tweeted. "Billions pouring into the USA. Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs! Good Jobs Numbers, No Inflation(Fed). China having the worst year in decades. Talks happening, good for all!"

US, China trade conflict could take years to resolve: White House economic adviser Larry Kudlow

As the United States and China began a <a href="https://www.wionews.com/world/apples-data-shows-a-deepening-dependence-on-china-as-trumps-tariffs-loom-246416">new round of tariffs</a> on each other, President Trump in a tweet today said that a deal would become much tougher for the Xi government if he is reelected in the next elections in 2020.

"We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year)," the President said in a tweet, adding: "Sixteen&nbsp;months plus is a long time to be hemorrhaging jobs and companies on a long-shot."

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We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year),16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1168874291376656384?ref_src=twsrc%5Etfw">September 3, 2019</a></blockquote>
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"Think what happens to China when I win. The deal would get much tougher! In the meantime, China’s supply chain will crumble and businesses, jobs and money will be gone!, the US president predicted.

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....And then, think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China’s Supply Chain will crumble and businesses, jobs and money will be gone!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1168874292626501633?ref_src=twsrc%5Etfw">September 3, 2019</a></blockquote>
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On Sunday, the Trump administration had began collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear as the trade war escalated to a new high pressuring stock markets worldwide.

In retaliation, China started to impose additional tariffs on some of the US goods on a $75-billion target list. The extra tariffs of 5 per cent and 10 per cent were levied on 1,717 items of a total of 5,078 products originating from the United States.

For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticising US measures as protectionist.

As the United States and China began a new round of tariffs on each other, President Trump in a tweet today said that a deal would become much tougher for the Xi government if he is reelected in the next elections in 2020.

As the United States and China began a new round of tariffs on each other, President Trump in a tweet today said that a deal would become much tougher for the Xi government if he is reelected in the next elections in 2020. "We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year)," the President said in a tweet, adding: "Sixteen months plus is a long time to be hemorrhaging jobs and companies on a long-shot." We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year),16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot.... — Donald J. Trump (@realDonaldTrump) September 3, 2019 × "Think what happens to China when I win. The deal would get much tougher! In the meantime, China’s supply chain will crumble and businesses, jobs and money will be gone!, the US president predicted. ....And then, think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China’s Supply Chain will crumble and businesses, jobs and money will be gone! — Donald J. Trump (@realDonaldTrump) September 3, 2019 × On Sunday, the Trump administration had began collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear as the trade war escalated to a new high pressuring stock markets worldwide. In retaliation, China started to impose additional tariffs on some of the US goods on a $75-billion target list. The extra tariffs of 5 per cent and 10 per cent were levied on 1,717 items of a total of 5,078 products originating from the United States. For two years, the Trump administration has sought to pressure China to make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access. China has consistently denied Washington's accusations that it engages in unfair trade practices, vowing to fight back in kind and criticising US measures as protectionist.

Trade deal will be much tougher for China when I win second term: Trump

China on Tuesday denied it was to blame for <a href="https://www.wionews.com/videos/fentanyl-surpasses-heroin-as-deadliest-drug-in-us-183739">fentanyl deaths in the United States</a> after President Donald Trump accused Beijing of reneging on its promise to crack down on the opioid.

US authorities have long accused China of being the main source of the potent drug, which caused 32,000 overdose deaths in the United States last year alone.

In an apparent gesture to Washington amid the US-China trade war, Beijing announced a crackdown on fentanyl earlier this year, designating all analogues of the drug as controlled substances from May 1.

The move aimed to prevent smugglers from skirting the law by changing formulas to make drugs similar to the painkiller.

Fentanyl sellers have used parcel services to send the drug to the United States, and China had also vowed to step up customs checks.

But Trump wrote on Twitter last month that while Xi had pledged to stop exports of fentanyl, "this never happened, and many Americans continue to die!"

Liu Yuejin, vice-commissioner of China's National Narcotics Control Commission, countered on Tuesday that no case of fentanyl smuggling has been reported since the May 1 ban.

"What President Trump concluded on Twitter is groundless," Liu said.

"China has strengthened its control of fentanyl but the number of deaths linked to this substance continues to rise in the United States," Liu said, suggesting that the drug came from elsewhere. 
&nbsp;

China on Tuesday denied it was to blame for fentanyl deaths in the United States after President Donald Trump accused Beijing of reneging on its promise to crack down on the opioid.

China on Tuesday denied it was to blame for fentanyl deaths in the United States after President Donald Trump accused Beijing of reneging on its promise to crack down on the opioid. US authorities have long accused China of being the main source of the potent drug, which caused 32,000 overdose deaths in the United States last year alone. In an apparent gesture to Washington amid the US-China trade war, Beijing announced a crackdown on fentanyl earlier this year, designating all analogues of the drug as controlled substances from May 1. The move aimed to prevent smugglers from skirting the law by changing formulas to make drugs similar to the painkiller. Fentanyl sellers have used parcel services to send the drug to the United States, and China had also vowed to step up customs checks. But Trump wrote on Twitter last month that while Xi had pledged to stop exports of fentanyl, "this never happened, and many Americans continue to die!" Liu Yuejin, vice-commissioner of China's National Narcotics Control Commission, countered on Tuesday that no case of fentanyl smuggling has been reported since the May 1 ban. "What President Trump concluded on Twitter is groundless," Liu said. "China has strengthened its control of fentanyl but the number of deaths linked to this substance continues to rise in the United States," Liu said, suggesting that the drug came from elsewhere.

Trump's conclusion on fentanyl deaths in US is groundless: China

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of <a href="https://www.wionews.com/world/trump-moving-ahead-with-new-tariffs-on-chinese-products-246926">billions of dollars kicked in</a>, though Donald Trump reiterated that the two sides were still due to hold talks this month.

Hong Kong was also weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos.

Washington's latest levies on<a href="https://www.wionews.com/world/apples-data-shows-a-deepening-dependence-on-china-as-trumps-tariffs-loom-246416"> imports from China</a> took effect on Sunday and were followed by Beijing's retaliation.

The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe.

Still, Trump said negotiators would meet this month to discuss the issue. "We are talking to China, the meeting is still on," he told reporters.

However, analysts warned there was unlikely to be any end in the near term.

"After a rough August traders should buckle up for more volatility in September," said Neil Wilson, chief market analyst at Markets.com. "Trade and tariffs continue to gnaw away at investor confidence."

Tokyo and Sydney each ended 0.4 per cent lower, while Singapore shed 0.8 per cent, with Manila, Bangkok and Jakarta also down.

But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei.

Hong Kong sank 0.8 percent after a weekend that saw some of the worst violence since protests began three months ago, with the airport targeted again, and demonstrators have called for a general strike on Monday though there was little sign that had been heeded.

The unrest has dragged a range of sectors, with tourist numbers tumbling, hitting casinos and hotel chains, while real estate shares are also being sold off.

"Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia's leading financial centres," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins."

Oil prices extended Friday's steep losses owing to worries about the impact of the trade war on demand, while dealers were also concerned about reports that the Russian output cut last month fell short of an agreement with OPEC.

"A fissure is forming in OPEC+ compliance, which saw oil prices crater," said Stephen Innes, APAC Market Strategist at AxiTrader.

"On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless."

Investors will be keeping an eye on markets in Argentina later in the day after the government imposed foreign-exchange controls on exporters following a week that saw a sharp drop in the peso.

In early trade London rose 0.3 per cent, with traders bracing for a tough week in Westminster as Prime Minister Boris Johnson faces opposition from MPs across the political spectrum who have vowed legislation blocking a no-deal Brexit.

Also, EU negotiator Michel Barnier said the bloc will not change the divorce deal agreed with for PM Theresa May, fuelling expectations Britain will crash out with no agreement in place.

Paris and Frankfurt were both 0.1 per cent higher. 
&nbsp;

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month. Hong Kong was also weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos. Washington's latest levies on imports from China took effect on Sunday and were followed by Beijing's retaliation. The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe. Still, Trump said negotiators would meet this month to discuss the issue. "We are talking to China, the meeting is still on," he told reporters. However, analysts warned there was unlikely to be any end in the near term. "After a rough August traders should buckle up for more volatility in September," said Neil Wilson, chief market analyst at Markets.com. "Trade and tariffs continue to gnaw away at investor confidence." Tokyo and Sydney each ended 0.4 per cent lower, while Singapore shed 0.8 per cent, with Manila, Bangkok and Jakarta also down. But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei. Hong Kong sank 0.8 percent after a weekend that saw some of the worst violence since protests began three months ago, with the airport targeted again, and demonstrators have called for a general strike on Monday though there was little sign that had been heeded. The unrest has dragged a range of sectors, with tourist numbers tumbling, hitting casinos and hotel chains, while real estate shares are also being sold off. "Markets are fretting on the increased likelihood of direct Chinese intervention and what that would mean for the future of one of Asia's leading financial centres," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins." Oil prices extended Friday's steep losses owing to worries about the impact of the trade war on demand, while dealers were also concerned about reports that the Russian output cut last month fell short of an agreement with OPEC. "A fissure is forming in OPEC+ compliance, which saw oil prices crater," said Stephen Innes, APAC Market Strategist at AxiTrader. "On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless." Investors will be keeping an eye on markets in Argentina later in the day after the government imposed foreign-exchange controls on exporters following a week that saw a sharp drop in the peso. In early trade London rose 0.3 per cent, with traders bracing for a tough week in Westminster as Prime Minister Boris Johnson faces opposition from MPs across the political spectrum who have vowed legislation blocking a no-deal Brexit. Also, EU negotiator Michel Barnier said the bloc will not change the divorce deal agreed with for PM Theresa May, fuelling expectations Britain will crash out with no agreement in place. Paris and Frankfurt were both 0.1 per cent higher.

Asian markets down as China-US tariffs kick in

The United States hit <a href="https://www.wionews.com/opinions/will-donald-trumps-trade-war-with-china-ever-end-241455/amp">China with new import duties</a> Thursday on more than $4 billion in imported wooden cabinets and vanities, after finding manufacturers there benefit from unfair subsidies.

The Commerce Department's preliminary finding comes just a &nbsp;week after Washington announced new punitive duties on another $300 billion in Chinese goods, meaning that starting September 1 all Chinese imports will be subject to punitive tariffs.

The latest announcement is one in a series of cases Commerce has pursued against particular product lines, usually at the request of American companies claiming to be hurt by imports from China or other trading partners.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-farmers-suffer-body-blow-as-china-slams-door-on-farm-purchases-241230/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

US imports of cabinets and vanities were valued at $4.4 billion last year, while subsidies ranged from 11 to 229.2 per cent for manufacturers in China's Jiangsu, Henan, Liaoning and Guangdong provinces, Commerce said in a statement.

Based on these rates, US customs agents will begin collecting duties from importers.&nbsp;

However, the funds would be returned if the department reverses its decision later this year or if an independent trade commission finds the subsidies did not harm US industry.

The cabinet case was launched in March by a trade group called the American Kitchen Cabinet Alliance.

&nbsp;

The United States hit China with new import duties Thursday on more than $4 billion in imported wooden cabinets and vanities, after finding manufacturers there benefit from unfair subsidies.

The United States hit China with new import duties Thursday on more than $4 billion in imported wooden cabinets and vanities, after finding manufacturers there benefit from unfair subsidies. The Commerce Department's preliminary finding comes just a week after Washington announced new punitive duties on another $300 billion in Chinese goods, meaning that starting September 1 all Chinese imports will be subject to punitive tariffs. The latest announcement is one in a series of cases Commerce has pursued against particular product lines, usually at the request of American companies claiming to be hurt by imports from China or other trading partners. Watch Video: US imports of cabinets and vanities were valued at $4.4 billion last year, while subsidies ranged from 11 to 229.2 per cent for manufacturers in China's Jiangsu, Henan, Liaoning and Guangdong provinces, Commerce said in a statement. Based on these rates, US customs agents will begin collecting duties from importers. However, the funds would be returned if the department reverses its decision later this year or if an independent trade commission finds the subsidies did not harm US industry. The cabinet case was launched in March by a trade group called the American Kitchen Cabinet Alliance.

Now, US slaps duties on $4.4 billion in imported Chinese cabinets, vanities

China on Tuesday rebuffed a suggestion from<a href="https://www.wionews.com/world/thousands-of-companies-leaving-china-that-is-why-they-want-make-a-deal-trump-236190"> US President Donald Trump</a> that Beijing needs a trade deal with the United States because its economy is slowing, saying this was "totally misleading" and that both countries wanted an agreement.

Trump, in a Monday tweet, seized on slowing economic growth in China as evidence that US tariffs were having "a major effect" and warned that Washington could pile on more pressure.

Official data on Monday showed China's economic <a href="https://www.wionews.com/world/china-gdp-growth-slows-to-62-in-second-quarter-236024">growth cooled to 6.2 per cent&nbsp;</a>in the second quarter, the weakest annual pace in at least 27 years, amid trade pressure from the United States. In the first half, the economy grew 6.3 per cent compared with a year earlier.

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/china-economic-growth-slowest-in-27-years-236265/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

Chinese foreign ministry spokesman Geng Shuang said China's first-half pace was a "not bad performance" considering global economic uncertainty and slowing world growth, and in line with outside expectations.

China's stable growth was good for the world and also the US&nbsp;economy, Geng told a daily news briefing.

"As for United States' so-called 'because China's economy is slowing so China urgently hopes to reach an agreement with the US side', this is totally misleading," he added.

Both China and the United States wanted to reach a trade deal, not China alone, Geng said.

Many people in the United States strongly opposed the tariffs and the trade war, he added.

"I again call on the US side to work hard with China, meet each other halfway, and on the basis of mutual respect and treatment, strive to reach a mutually beneficial, win-win agreement. This accords with the interests of both countries and is what the international community expects."

Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade spat between the world's two largest economies.

That agreement, announced after the leaders met in Osaka, Japan, was aimed at kickstarting stalled negotiations, but no deadline has been set for the process to conclude.

Hu Xijin, editor of the widely-read Chinese tabloid Global Times, published by the ruling Communist Party's official People's Daily, responded on Twitter to Trump's comment, asking if it was "noble for a president to gloat".

"6.2% is much higher than US growth. Wait until US growth hits 6.2% then laugh at China," Hu tweeted. "Chinese economic growth slows down because of restructuring. The credit doesn't go to the White House."

The People's Daily said it was "laughable" to say the Chinese economy was being given trouble by the US&nbsp;tariffs.

"From trade and investment to technology, China is contributing more and more positive energy to global development," it said in a commentary. "These irrefutable facts are not negated by anyone raising a hubbub."

China on Tuesday rebuffed a suggestion from US President Donald Trump that Beijing needs a trade deal with the United States because its economy is slowing, saying this was "totally misleading" and that both countries wanted an agreement.

China on Tuesday rebuffed a suggestion from US President Donald Trump that Beijing needs a trade deal with the United States because its economy is slowing, saying this was "totally misleading" and that both countries wanted an agreement. Trump, in a Monday tweet, seized on slowing economic growth in China as evidence that US tariffs were having "a major effect" and warned that Washington could pile on more pressure. Official data on Monday showed China's economic growth cooled to 6.2 per cent in the second quarter, the weakest annual pace in at least 27 years, amid trade pressure from the United States. In the first half, the economy grew 6.3 per cent compared with a year earlier. Chinese foreign ministry spokesman Geng Shuang said China's first-half pace was a "not bad performance" considering global economic uncertainty and slowing world growth, and in line with outside expectations. China's stable growth was good for the world and also the US economy, Geng told a daily news briefing. "As for United States' so-called 'because China's economy is slowing so China urgently hopes to reach an agreement with the US side', this is totally misleading," he added. Both China and the United States wanted to reach a trade deal, not China alone, Geng said. Many people in the United States strongly opposed the tariffs and the trade war, he added. "I again call on the US side to work hard with China, meet each other halfway, and on the basis of mutual respect and treatment, strive to reach a mutually beneficial, win-win agreement. This accords with the interests of both countries and is what the international community expects." Trump and Chinese President Xi Jinping last month agreed to another truce in the year-long trade spat between the world's two largest economies. That agreement, announced after the leaders met in Osaka, Japan, was aimed at kickstarting stalled negotiations, but no deadline has been set for the process to conclude. Hu Xijin, editor of the widely-read Chinese tabloid Global Times, published by the ruling Communist Party's official People's Daily, responded on Twitter to Trump's comment, asking if it was "noble for a president to gloat". "6.2% is much higher than US growth. Wait until US growth hits 6.2% then laugh at China," Hu tweeted. "Chinese economic growth slows down because of restructuring. The credit doesn't go to the White House." The People's Daily said it was "laughable" to say the Chinese economy was being given trouble by the US tariffs. "From trade and investment to technology, China is contributing more and more positive energy to global development," it said in a commentary. "These irrefutable facts are not negated by anyone raising a hubbub."

China 'desperate' to reach trade deal with US totally misleading: Foreign ministry

Top US and Chinese negotiators held phone talks on Tuesday as the world's top two economies seek to <a href="https://www.wionews.com/world/china-says-us-tariffs-must-be-lifted-to-reach-a-deal-to-end-trade-war-232996">resolve their trade war</a>, more than a week after they declared a truce.

Talks had broken down in May over US accusations that Beijing had reneged on its commitments, and the dispute escalated with the two sides exchanging steep increases in punitive tariffs.

But US President Donald Trump and Chinese leader Xi Jinping agreed to revive negotiations when they met on the <a href="https://www.wionews.com/business-economy/g20-says-worsening-trade-wars-pose-risk-to-world-economy-225664">sidelines of the G20 summit</a> in Japan on June 29.

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke with Chinese Vice Premier Liu He and Commerce Minister Zhong Shan on Tuesday.

White House economic adviser Larry Kudlow told reporters the talks "went constructively" but it was "too soon for details."

In an interview with the Fox Business Network, Kudlow described the discussions as "preliminary" and said meetings will "probably" be arranged, but did not give more details.

Kudlow noted that Trump has agreed to hold off on imposing new tariffs and will allow certain US products to be sold to Chinese telecom giant Huawei.

"Having said that, we have a very strong -&nbsp;I want to underscore this -&nbsp;a very strong expectation that China will really shortly, maybe immediately, begin to purchase US agricultural products," he told the US broadcaster.

The Chinese commerce ministry said in a brief statement that the two sides exchanged "opinions on implementing the consensus reached between the two countries' heads of state in Osaka."

Washington and Beijing have hit each other with punitive tariffs covering more than $360 billion in two-way trade and those duties remain in place.

After his meeting with Xi in Osaka, Trump said he would refrain from imposing tariffs on more Chinese products. He had previously threatened to put punitive duties on an additional $300 billion in Chinese exports.

He also triggered a backlash in the US Congress by agreeing to soften some US export restrictions on components to Huawei, though Trump stipulated that officials would take care to avoid creating new risks to US national security.

The United States had imposed tough sanctions on the company, whose equipment US officials fear could be used as Trojan horses for China's intelligence services.

The ceasefire comes as the US presidential campaign has started ahead of the November 2020 election.

Asked about speculation that Beijing may be waiting to see how the race plays out, Kudlow said it "would be a very big mistake on their part."

"I think that kind of thinking would probably do great damage to these trade talks," he said.

But he suggested that the US was in no hurry to finalize a deal.

"Speed is not an issue, quality is the issue," Kudlow said. "And so I make no forecast on that and reiterate this view. &nbsp;There's no timetable, none of that stuff."

Top US and Chinese negotiators held phone talks on Tuesday as the world's top two economies seek to resolve their trade war, more than a week after they declared a truce.

Top US and Chinese negotiators held phone talks on Tuesday as the world's top two economies seek to resolve their trade war, more than a week after they declared a truce. Talks had broken down in May over US accusations that Beijing had reneged on its commitments, and the dispute escalated with the two sides exchanging steep increases in punitive tariffs. But US President Donald Trump and Chinese leader Xi Jinping agreed to revive negotiations when they met on the sidelines of the G20 summit in Japan on June 29. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer spoke with Chinese Vice Premier Liu He and Commerce Minister Zhong Shan on Tuesday. White House economic adviser Larry Kudlow told reporters the talks "went constructively" but it was "too soon for details." In an interview with the Fox Business Network, Kudlow described the discussions as "preliminary" and said meetings will "probably" be arranged, but did not give more details. Kudlow noted that Trump has agreed to hold off on imposing new tariffs and will allow certain US products to be sold to Chinese telecom giant Huawei. "Having said that, we have a very strong - I want to underscore this - a very strong expectation that China will really shortly, maybe immediately, begin to purchase US agricultural products," he told the US broadcaster. The Chinese commerce ministry said in a brief statement that the two sides exchanged "opinions on implementing the consensus reached between the two countries' heads of state in Osaka." Washington and Beijing have hit each other with punitive tariffs covering more than $360 billion in two-way trade and those duties remain in place. After his meeting with Xi in Osaka, Trump said he would refrain from imposing tariffs on more Chinese products. He had previously threatened to put punitive duties on an additional $300 billion in Chinese exports. He also triggered a backlash in the US Congress by agreeing to soften some US export restrictions on components to Huawei, though Trump stipulated that officials would take care to avoid creating new risks to US national security. The United States had imposed tough sanctions on the company, whose equipment US officials fear could be used as Trojan horses for China's intelligence services. The ceasefire comes as the US presidential campaign has started ahead of the November 2020 election. Asked about speculation that Beijing may be waiting to see how the race plays out, Kudlow said it "would be a very big mistake on their part." "I think that kind of thinking would probably do great damage to these trade talks," he said. But he suggested that the US was in no hurry to finalize a deal. "Speed is not an issue, quality is the issue," Kudlow said. "And so I make no forecast on that and reiterate this view. There's no timetable, none of that stuff."

After Trump, Xi G20 meeting, US, China resume talks to resolve trade war

PM Modi will meet Chinese President Xi Jinping and Russian President Vladimir Putin on the margins of the regional Shanghai Cooperation Organisation (SCO) meeting this week with the trade war between China and the US and the impact of US sanctions on Iran expected to figure in the discussions. Watch full video to know more.

Trade war to figure in talks between Modi, Xi and Putin at SCO meet in Bishkek