US&nbsp;President Donald Trump's suggestion that he could sign a trade <a href="https://www.wionews.com/world/paris-climate-agreement-us-should-take-more-responsibility-says-china-260120">deal with Chinese President Xi Jinping</a> in Iowa has set off a flurry of excitement in Muscatine, Iowa, a city on the banks of the Mississippi River that has hosted Xi twice since 1985.

Xi received a key to the 24,000-population city during his first visit, when he led an agricultural study group and stayed at the home of a local family. He also met and befriended then-governor Terry Branstad, who is now Trump's ambassador to Beijing.

Xi returned with much fanfare in 2012 as China's vice president, visiting that home and meeting with a dozen local "Old Friends" - people he had met in the 1980s.

Those were more hopeful times in US-China relations, before Trump kicked off a debilitating tit-for-tat tariff war, and the US&nbsp;Secretary of State declared Xi's ruling Communist Party "truly hostile to the United States and our values."

US&nbsp;and Chinese trade negotiators are now racing to complete the text of a "phase one" agreement that could defuse the 16-month trade war. Tariffs have had an outsized impact on farmers in Iowa, a big exporter of soybeans.

Trump last week said he hoped to sign the trade deal with Xi at a US&nbsp;site, perhaps in Iowa. The location is still in flux, but one Beijing official said Xi is willing to travel to the United States.

Chuck Grassley, the Iowa Republican who chairs the Senate Finance Committee, said Iowa would be a great place to sign the trade deal. "Farmers in particular have been hard hit by the trade war and deserve recognition for their sacrifice," he said.

Greg Jenkins, who heads the Greater Muscatine Chamber of Commerce and Industry, said the community was keen to host a Trump-Xi visit, but he had not been contacted by either side.

"It would be really appropriate to have that happen, given the long relationship we've had with China and President Xi," Jenkins said. The city's ties to China may have been an accident of history, but "people have worked awfully hard to ensure that it is retained."

This year, the Shanghai Symphony will perform a free concert for the people of Muscatine, the fifth year of such arrangements that help keep ties close, he said.

The split-level house that Xi first visited in Muscatine has been purchased by a Chinese businessman, and renamed the Sino-US&nbsp;Friendship House. It regularly draws visitors from China.

Lee Belfield, general manager of the 122-room Merrill Hotel which opened in Muscatine in 2017 in part with Chinese funds, said he would "bend over backwards to accommodate" any request to host the meeting.

'Iowa is important'

While Xi's historical ties to Muscatine might mean he would receive a particularly warm welcome, an Iowa signing would also be a politically-savvy move for Trump, trade experts said.

"Iowa is important. It's Trump country. It's the farm base," said Ralph Winnie, director of the China program at the Eurasia Center in Washington.

"The people are warm and hardworking, so they will be wonderful hosts and that's always key. When you go to China, you're treated as an honored guest, the Chinese will expect to be treated the same way when they come."

When the Chinese leader visited Iowa in 2012, he told the Muscatine Journal: "You were the first group of Americans I came into contact with. To me, you are America."

Steve Bradford, senior vice president at HNI Corp, a Muscatine-based Fortune 100 company that builds office furniture, said a US-China trade deal would help his company, no matter where it was signed.

"These tariffs have had a stifling effect on business. Removing them would benefit the US&nbsp;and China," he said. HNI employs about 4,000 people in Iowa, many of whom live in or near Muscatine, he said.

US President Donald Trump's suggestion that he could sign a trade deal with Chinese President Xi Jinping in Iowa has set off a flurry of excitement in Muscatine, Iowa, a city on the banks of the Mississippi River that has hosted Xi twice since 1985.

US President Donald Trump's suggestion that he could sign a trade deal with Chinese President Xi Jinping in Iowa has set off a flurry of excitement in Muscatine, Iowa, a city on the banks of the Mississippi River that has hosted Xi twice since 1985. Xi received a key to the 24,000-population city during his first visit, when he led an agricultural study group and stayed at the home of a local family. He also met and befriended then-governor Terry Branstad, who is now Trump's ambassador to Beijing. Xi returned with much fanfare in 2012 as China's vice president, visiting that home and meeting with a dozen local "Old Friends" - people he had met in the 1980s. Those were more hopeful times in US-China relations, before Trump kicked off a debilitating tit-for-tat tariff war, and the US Secretary of State declared Xi's ruling Communist Party "truly hostile to the United States and our values." US and Chinese trade negotiators are now racing to complete the text of a "phase one" agreement that could defuse the 16-month trade war. Tariffs have had an outsized impact on farmers in Iowa, a big exporter of soybeans. Trump last week said he hoped to sign the trade deal with Xi at a US site, perhaps in Iowa. The location is still in flux, but one Beijing official said Xi is willing to travel to the United States. Chuck Grassley, the Iowa Republican who chairs the Senate Finance Committee, said Iowa would be a great place to sign the trade deal. "Farmers in particular have been hard hit by the trade war and deserve recognition for their sacrifice," he said. Greg Jenkins, who heads the Greater Muscatine Chamber of Commerce and Industry, said the community was keen to host a Trump-Xi visit, but he had not been contacted by either side. "It would be really appropriate to have that happen, given the long relationship we've had with China and President Xi," Jenkins said. The city's ties to China may have been an accident of history, but "people have worked awfully hard to ensure that it is retained." This year, the Shanghai Symphony will perform a free concert for the people of Muscatine, the fifth year of such arrangements that help keep ties close, he said. The split-level house that Xi first visited in Muscatine has been purchased by a Chinese businessman, and renamed the Sino-US Friendship House. It regularly draws visitors from China. Lee Belfield, general manager of the 122-room Merrill Hotel which opened in Muscatine in 2017 in part with Chinese funds, said he would "bend over backwards to accommodate" any request to host the meeting. 'Iowa is important' While Xi's historical ties to Muscatine might mean he would receive a particularly warm welcome, an Iowa signing would also be a politically-savvy move for Trump, trade experts said. "Iowa is important. It's Trump country. It's the farm base," said Ralph Winnie, director of the China program at the Eurasia Center in Washington. "The people are warm and hardworking, so they will be wonderful hosts and that's always key. When you go to China, you're treated as an honored guest, the Chinese will expect to be treated the same way when they come." When the Chinese leader visited Iowa in 2012, he told the Muscatine Journal: "You were the first group of Americans I came into contact with. To me, you are America." Steve Bradford, senior vice president at HNI Corp, a Muscatine-based Fortune 100 company that builds office furniture, said a US-China trade deal would help his company, no matter where it was signed. "These tariffs have had a stifling effect on business. Removing them would benefit the US and China," he said. HNI employs about 4,000 people in Iowa, many of whom live in or near Muscatine, he said.

Trump-Xi meeting in Iowa would be poignant reminder of better US-China ties

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war.

The 10-member Association of Southeast Asian Nations (ASEAN) opened their annual summit in Bangkok hoping to secure a China-backed free-trade pact knitting together half of the world's population and around 40 per cent of its commerce.

The Regional Comprehensive Economic Partnership (RCEP), a deal spanning India to New Zealand and wrangled over for several years,&nbsp;is now seen as an urgent counterpoint to US protectionism.

Washington's trade rumble with Beijing has weighed on markets, with the IMF warning the spat could cut global growth to the slowest pace in more than a decade.&nbsp;

Meanwhile, President Donald Trump's protectionist rhetoric has spooked some ASEAN nations who fear their economies could fall under his crosshairs.

Trump has repeatedly warned of further intervention to protect American business and several Asian nations are waiting to find out if the US will put them on a watch list of "currency manipulators".&nbsp;

Malaysian Prime Minister Mahathir Mohamad warned the regional bloc could hit back against any punitive trade measures, skirting over specifics.

"We will do exactly what Trump does," he told a business forum ahead of the summit opening, calling the US leader "not a very nice man".&nbsp;

"If you&nbsp;go alone, you will be bullied. We don't want to go into a trade war but sometimes when they do things that are not nice to us, we have to be unnice to them," he added.&nbsp;

Earlier his Thai counterpart, Prayut Chan-O-Cha, echoed the theme of regional cooperation on the RCEP deal, while Philippines' trade secretary Ramon Lopez said he hoped to have a "very positive report (on RCEP) come Monday" when the summit ends.

Tensions at sea

India, whose Prime Minister Narendra Modi is also in Thailand, is the greatest obstacle to RCEP in its current form.

New Delhi fears opening key industries such as metals, textiles and dairy to cheaper Chinese importers.

Indian intransigence has cast the deal -- looping in the 10 Southeast Asian economies along with Japan, India, China, New Zealand and Australia -- into doubt.

"We want them (India) to be in. We want to have them... they are a big economy," Lopez told reporters.

Chinese premier Li Keqiang will attend the three-day meet, where simmering tensions in the South China Sea will also lead the agenda.

China supports RCEP, a deal seen as a way for Beijing to assert its trade dominance in its Asian backyard after the US pullout of the Trans-Pacific Partnership (TPP) in 2017.

The ASEAN summit follows a push by Washington and Beijing for a partial agreement to squash some of tit-for-tat tariffs on billions of dollars worth of goods that have rattled both economies.&nbsp;

But Washington has pared back its delegation to Bangkok this year.

In what is being read by some as a snub to ASEAN, the US is sending national security advisor Robert O'Brien and commerce chief Wilbur Ross.

US Vice President Mike Pence attended last year's ASEAN summit in Singapore, and President Donald Trump was at the 2017 meeting in the Philippines.

A senior White House official refuted claims of a snub to the Southeast Asian bloc.

Both Trump and Vice President Mike Pence are unavailable because they will be "very engaged in campaigning" for a string of governors' races, the official told reporters.

Trump instead trusts O'Brien "to go out and take care of big problems and small problems", the official added.

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war.

Southeast Asian leaders met Saturday in Thailand eyeing a breakthrough in talks over the world's largest trade deal to help throw off the torpor which has gripped the global economy since the start of the US-China tariff war. The 10-member Association of Southeast Asian Nations (ASEAN) opened their annual summit in Bangkok hoping to secure a China-backed free-trade pact knitting together half of the world's population and around 40 per cent of its commerce. The Regional Comprehensive Economic Partnership (RCEP), a deal spanning India to New Zealand and wrangled over for several years, is now seen as an urgent counterpoint to US protectionism. Washington's trade rumble with Beijing has weighed on markets, with the IMF warning the spat could cut global growth to the slowest pace in more than a decade. Meanwhile, President Donald Trump's protectionist rhetoric has spooked some ASEAN nations who fear their economies could fall under his crosshairs. Trump has repeatedly warned of further intervention to protect American business and several Asian nations are waiting to find out if the US will put them on a watch list of "currency manipulators". Malaysian Prime Minister Mahathir Mohamad warned the regional bloc could hit back against any punitive trade measures, skirting over specifics. "We will do exactly what Trump does," he told a business forum ahead of the summit opening, calling the US leader "not a very nice man". "If you go alone, you will be bullied. We don't want to go into a trade war but sometimes when they do things that are not nice to us, we have to be unnice to them," he added. Earlier his Thai counterpart, Prayut Chan-O-Cha, echoed the theme of regional cooperation on the RCEP deal, while Philippines' trade secretary Ramon Lopez said he hoped to have a "very positive report (on RCEP) come Monday" when the summit ends. Tensions at sea India, whose Prime Minister Narendra Modi is also in Thailand, is the greatest obstacle to RCEP in its current form. New Delhi fears opening key industries such as metals, textiles and dairy to cheaper Chinese importers. Indian intransigence has cast the deal -- looping in the 10 Southeast Asian economies along with Japan, India, China, New Zealand and Australia -- into doubt. "We want them (India) to be in. We want to have them... they are a big economy," Lopez told reporters. Chinese premier Li Keqiang will attend the three-day meet, where simmering tensions in the South China Sea will also lead the agenda. China supports RCEP, a deal seen as a way for Beijing to assert its trade dominance in its Asian backyard after the US pullout of the Trans-Pacific Partnership (TPP) in 2017. The ASEAN summit follows a push by Washington and Beijing for a partial agreement to squash some of tit-for-tat tariffs on billions of dollars worth of goods that have rattled both economies. But Washington has pared back its delegation to Bangkok this year. In what is being read by some as a snub to ASEAN, the US is sending national security advisor Robert O'Brien and commerce chief Wilbur Ross. US Vice President Mike Pence attended last year's ASEAN summit in Singapore, and President Donald Trump was at the 2017 meeting in the Philippines. A senior White House official refuted claims of a snub to the Southeast Asian bloc. Both Trump and Vice President Mike Pence are unavailable because they will be "very engaged in campaigning" for a string of governors' races, the official told reporters. Trump instead trusts O'Brien "to go out and take care of big problems and small problems", the official added.

ASEAN leaders hanker for trade deal as economy sags due to United States-China spat

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

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

"We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services.

Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth.

She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook.

The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place.

The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15.

The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year.

Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins.

The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative.

On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.

A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer.

Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant.

He also addressed investors in a session organised by JP Morgan.&nbsp; 
&nbsp;

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said.

Increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination, Finance Minister Nirmala Sitharaman has said. "We need not wait for the slowdown to become a crisis," she said adding that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods, and services. Addressing the annual meetings at the plenary session of the International Monetary Fund (IMF) and the World Bank Group held here on Friday (local time), Sitharaman called for concerted action to mitigate the disruption on account of synchronous slowdown and invoked the spirit of multilateralism for global growth. She also attended the working lunch session of the Development Committee, the ministerial-level committee of the IMF and the World Bank, in which members discussed the global economic outlook. The 40th meetings of the International Monetary and Financial Committee (IMFC) are being held at this year's annual meetings. During the day, three sessions of the IMFC took place. The IMFC introductory session was focused on global developments and prospects and the discussions centred on the World Economic Outlook released on October 15. The early warning exercise discussed upcoming risks to a global economy and stability. A special session on IMF resources and governance was also held early in the day in the context of the 15th round of the quota discussions concluding this year. Secretary at the Department of Economic Affairs Atanu Chakraborty led the Indian delegation. Sitharaman also led the Indian delegation at G20 finance ministers and central bank governors meeting in which the deliberations centred on international taxation and stablecoins. The ministers and governors also took updates from G20 deputies on quality infrastructure investment, debt sustainability, financing for universal healthcare and building effective country platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative. On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalisation, Sitharaman said a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to administer and simple to comply with is needed. On the sidelines, she held several bilateral meetings, including with First Deputy Prime Minister and Finance Minister of Russia Anton Siluanov, Finance Minister of the Kyrgyz Republic Baktygul Jeenbaeva, Finance Minister of Switzerland Ulei Maurer, Australian Treasurer Josh Frydenberg and Finance Minister of Maldives Ibrahim Ameer. Chakraborty also held one-on-one meeting with Director General of the French Treasury Renaud Basso and Chief Financial Officer of the World Bank Anshula Kant. He also addressed investors in a session organised by JP Morgan.

Trade wars to impact flow of capital, goods and services: Sitharaman

European and US stock markets rebounded Wednesday, helped by reports that China would accept a partial <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">trade deal with the US</a> in key talks this week.

The dollar was mixed while the pound steadied after yet more Brexit-fuelled volatility.

Crude oil prices, which had rallied over one per cent as <a href="https://www.wionews.com/world/turkeys-military-operation-in-syria-what-does-ankara-wants-255040">Turkey launched an offensive against Kurdish</a> militants in northern Syria, trimmed gains after data showed US oil output at record levels and stocks rising.

China remains open to a limited trade deal as long as US President Donald Trump imposes no more tariffs, Bloomberg News and the Financial Times reported, citing people close to the upcoming talks.

In return, Beijing would offer non-core concessions such as purchases of US agricultural products, the reports added.

"This is likely contributing to the gains we're seeing in Europe... but unless the US is also willing to accept a limited deal -- and nothing currently suggests they are -- it may not lead to anything," noted Craig Erlam, senior market analyst at Oanda trading group.&nbsp;

"Traders are jumping at the prospect of good news at the moment but there's been so many false dawns in these negotiations, this may just be the latest," he told AFP.

With less than a week to go before the next round of punitive tariffs is due to hit, Beijing's top trade envoy Liu He will Thursday meet US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

"Liu He is coming with real offers, it's not an empty visit," the FT quoted a source as saying.&nbsp;

"The Chinese are ready to de-escalate," the source, briefed on the talks, added.&nbsp;

Asian stock markets had mostly closed lower on Wednesday ahead of the reports of possible progress in the talks, which could extend into Friday and with Trump present.

Asia tracked losses in Wall Street and across Europe from Tuesday as investors fretted over signs the global economy is slowing.

The International Monetary Fund has forecast the weakest growth in a decade owing to the long-running tariff disputes.

With economic data increasingly weak, the fresh hopes sparked by the reports for Thursday's talks provided some much-needed support.&nbsp;

"But overall stock markets are still stuck in a violent see-saw... as investors try to position themselves ahead of the (talks)," IG chief market analyst Chris Beauchamp said.

Meanwhile, oil prices shot 1.6 per cent higher in European afternoon trading as Turkey began an offensive against Kurdish militants in northern Syria.&nbsp;

They later fell back on data from the Energy Information Administration showed production hitting a new record high while stocks rose more than expected.

"It is a little worrying that inventories are rising despite lower prices, as it suggests that demand is weak," said market analyst David Madden at CMC Markets UK.

Crude prices then later pushed higher once again.

- Key figures around 1530 GMT -

London - FTSE 100: UP 0.3 per cent at 7,166.50 points (close)

Paris - CAC 40: UP 0.8 per cent at 5,499.14 (close)

Frankfurt - DAX 30: UP 1.0 per cent at 12,094.26 (close)

EURO STOXX 50: UP 0.8 per cent at 3,459.50&nbsp;

New York - Dow: UP 0.5 per cent at 26,295.86&nbsp;

Pound/dollar: UP at $1.2218 from $1.2213 at 2040 GMT

Euro/pound: UP at 89.85 pence from 89.69 pence

Euro/dollar: UP at $1.0979 from $1.0955

Dollar/yen: UP at 107.39 yen from 107.07 yen

Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,456.38 (close)

Hong Kong - Hang Seng: DOWN 0.8 per cent at 25,682.81 (close)

Shanghai - Composite: UP 0.4 per cent at 2,924.86 (close)

Brent North Sea crude: UP 1.4 per cent at $59.05 per barrel

West Texas Intermediate: UP 1.6 per cent at $53.49 per barrel 
&nbsp;

European and US stock markets rebounded Wednesday, helped by reports that China would accept a partial trade deal with the US in key talks this week. The dollar was mixed while the pound steadied after yet more Brexit-fuelled volatility.

European and US stock markets rebounded Wednesday, helped by reports that China would accept a partial trade deal with the US in key talks this week. The dollar was mixed while the pound steadied after yet more Brexit-fuelled volatility. Crude oil prices, which had rallied over one per cent as Turkey launched an offensive against Kurdish militants in northern Syria, trimmed gains after data showed US oil output at record levels and stocks rising. China remains open to a limited trade deal as long as US President Donald Trump imposes no more tariffs, Bloomberg News and the Financial Times reported, citing people close to the upcoming talks. In return, Beijing would offer non-core concessions such as purchases of US agricultural products, the reports added. "This is likely contributing to the gains we're seeing in Europe... but unless the US is also willing to accept a limited deal -- and nothing currently suggests they are -- it may not lead to anything," noted Craig Erlam, senior market analyst at Oanda trading group. "Traders are jumping at the prospect of good news at the moment but there's been so many false dawns in these negotiations, this may just be the latest," he told AFP. With less than a week to go before the next round of punitive tariffs is due to hit, Beijing's top trade envoy Liu He will Thursday meet US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. "Liu He is coming with real offers, it's not an empty visit," the FT quoted a source as saying. "The Chinese are ready to de-escalate," the source, briefed on the talks, added. Asian stock markets had mostly closed lower on Wednesday ahead of the reports of possible progress in the talks, which could extend into Friday and with Trump present. Asia tracked losses in Wall Street and across Europe from Tuesday as investors fretted over signs the global economy is slowing. The International Monetary Fund has forecast the weakest growth in a decade owing to the long-running tariff disputes. With economic data increasingly weak, the fresh hopes sparked by the reports for Thursday's talks provided some much-needed support. "But overall stock markets are still stuck in a violent see-saw... as investors try to position themselves ahead of the (talks)," IG chief market analyst Chris Beauchamp said. Meanwhile, oil prices shot 1.6 per cent higher in European afternoon trading as Turkey began an offensive against Kurdish militants in northern Syria. They later fell back on data from the Energy Information Administration showed production hitting a new record high while stocks rose more than expected. "It is a little worrying that inventories are rising despite lower prices, as it suggests that demand is weak," said market analyst David Madden at CMC Markets UK. Crude prices then later pushed higher once again. - Key figures around 1530 GMT - London - FTSE 100: UP 0.3 per cent at 7,166.50 points (close) Paris - CAC 40: UP 0.8 per cent at 5,499.14 (close) Frankfurt - DAX 30: UP 1.0 per cent at 12,094.26 (close) EURO STOXX 50: UP 0.8 per cent at 3,459.50 New York - Dow: UP 0.5 per cent at 26,295.86 Pound/dollar: UP at $1.2218 from $1.2213 at 2040 GMT Euro/pound: UP at 89.85 pence from 89.69 pence Euro/dollar: UP at $1.0979 from $1.0955 Dollar/yen: UP at 107.39 yen from 107.07 yen Tokyo - Nikkei 225: DOWN 0.6 per cent at 21,456.38 (close) Hong Kong - Hang Seng: DOWN 0.8 per cent at 25,682.81 (close) Shanghai - Composite: UP 0.4 per cent at 2,924.86 (close) Brent North Sea crude: UP 1.4 per cent at $59.05 per barrel West Texas Intermediate: UP 1.6 per cent at $53.49 per barrel

Stocks recover on US-China trade deal talks optimism

Beijing on Wednesday decried a United States decision to restrict visas for Chinese officials linked to the repression of Xinjiang Muslims and called on Washington to withdraw the measure.

The visa curbs followed the blacklisting this week of 28 Chinese entities involved in rights violations against minorities in Xinjiang, which China has said was based on "groundless" claims.

Rights groups say China is holding more than one million Uighurs and other minorities in re-education camps in the western region.

The US is "disregarding the facts, slandering and smearing China on Xinjiang-related issues," foreign ministry spokesman Geng Shuang said at a regular press conference Wednesday, where he said the US actions were guided by "sinister intentions."

Geng called the US move "completely futile" and warned China would take "firm" action against violations of its sovereignty.

He also said China's commerce ministry would "soon" release its own entity list, which has been in the works for months.

Beijing on Wednesday decried a United States decision to restrict visas for Chinese officials linked to the repression of Xinjiang Muslims and called on Washington to withdraw the measure.

Beijing on Wednesday decried a United States decision to restrict visas for Chinese officials linked to the repression of Xinjiang Muslims and called on Washington to withdraw the measure. The visa curbs followed the blacklisting this week of 28 Chinese entities involved in rights violations against minorities in Xinjiang, which China has said was based on "groundless" claims. Rights groups say China is holding more than one million Uighurs and other minorities in re-education camps in the western region. The US is "disregarding the facts, slandering and smearing China on Xinjiang-related issues," foreign ministry spokesman Geng Shuang said at a regular press conference Wednesday, where he said the US actions were guided by "sinister intentions." Geng called the US move "completely futile" and warned China would take "firm" action against violations of its sovereignty. He also said China's commerce ministry would "soon" release its own entity list, which has been in the works for months.

China slams 'sinister intentions' of US visa curbs on Xinjiang

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September&nbsp;18 at $1,486.60.

US&nbsp;gold futures were 0.2 per cent&nbsp;lower at $1,503.3 per ounce.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides.

President Donald Trump's administration is considering delisting Chinese companies from US&nbsp;stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

The United States does not currently plan to stop Chinese companies from listing on US&nbsp;exchanges, Bloomberg reported on Saturday, citing a US&nbsp;Treasury official.

US&nbsp;consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter.

Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates.

Boris Johnson said on Sunday <a href="https://www.wionews.com/world/british-pm-boris-johnson-vows-to-stay-put-to-hit-october-31-brexit-deadline-252702">he would not quit as Britain's Prime Minister</a> even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31.

Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent&nbsp;to 922.88 tonnes on Friday.

Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September&nbsp;24, the US&nbsp;Commodity Futures Trading Commission (CFTC) said on Friday.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.2 per cent lower at $1,503.3 per ounce. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides. President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. US consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter. Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates. Boris Johnson said on Sunday he would not quit as Britain's Prime Minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent to 922.88 tonnes on Friday. Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September 24, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Gold prices dip as fears of widening trade war ease

China warned on Monday of instability in international markets from any "decoupling" of China and the <a href="https://www.wionews.com/world/giuliani-says-trump-did-not-pay-for-his-push-for-biden-probe-252746">United States</a>, after sources said the Trump administration was considering delisting Chinese companies from US&nbsp;stock exchanges.

US&nbsp;President Donald Trump's administration is considering the move, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

It would be part of a broader effort to <a href="https://www.wionews.com/world/trump-considers-delisting-chinese-firms-from-us-markets-sources-252565">limit US&nbsp;investment in Chinese companies</a>, two of the sources said. One said it was motivated by the Trump administration's growing security concerns about the companies' activities.

Chinese Foreign Ministry spokesman Geng Shuang said he had noted the reports on delisting and the response from the US&nbsp;Treasury, which said there were no plans to block Chinese listings "at this time".

China-US&nbsp;trade and financial cooperation is mutually beneficial, Geng told a daily news briefing.

"Exerting maximum pressure and even seeking the forced decoupling of China-US&nbsp;relations will harm the interests of Chinese and American companies and people, create turmoil in financial markets, and endanger global trade and economic growth," he added.

"This does not accord with the interests of the international community", he further said.

Geng said he hoped the <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">United States</a> would work with China to deepen economic and financial cooperation, and that the United States would take a "constructive attitude" toward resolving differences.

The United States and China have been locked in an escalating trade war for over a year. They have levied punitive duties on hundreds of billions of dollars of each other's goods, roiling financial markets and threatening global growth.

In June, US&nbsp;lawmakers from both parties introduced a bill to force <a href="https://www.wionews.com/world/hong-kong-clashes-as-china-70th-anniversary-celebrations-near-252714">Chinese companies</a> listed on American stock exchanges to submit to regulatory oversight, including providing access to audits, or face delisting.

Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms - including member firms of the Big Four international accounting networks - citing national security concerns.

China and the United States are due to resume high-level talks next week in Washington on their increasingly bitter trade war.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen, who has been part of China's negotiating team, said on Sunday.

China warned on Monday of instability in international markets from any "decoupling" of China and the United States, after sources said the Trump administration was considering delisting Chinese companies from US stock exchanges.

China warned on Monday of instability in international markets from any "decoupling" of China and the United States, after sources said the Trump administration was considering delisting Chinese companies from US stock exchanges. US President Donald Trump's administration is considering the move, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. It would be part of a broader effort to limit US investment in Chinese companies, two of the sources said. One said it was motivated by the Trump administration's growing security concerns about the companies' activities. Chinese Foreign Ministry spokesman Geng Shuang said he had noted the reports on delisting and the response from the US Treasury, which said there were no plans to block Chinese listings "at this time". China-US trade and financial cooperation is mutually beneficial, Geng told a daily news briefing. "Exerting maximum pressure and even seeking the forced decoupling of China-US relations will harm the interests of Chinese and American companies and people, create turmoil in financial markets, and endanger global trade and economic growth," he added. "This does not accord with the interests of the international community", he further said. Geng said he hoped the United States would work with China to deepen economic and financial cooperation, and that the United States would take a "constructive attitude" toward resolving differences. The United States and China have been locked in an escalating trade war for over a year. They have levied punitive duties on hundreds of billions of dollars of each other's goods, roiling financial markets and threatening global growth. In June, US lawmakers from both parties introduced a bill to force Chinese companies listed on American stock exchanges to submit to regulatory oversight, including providing access to audits, or face delisting. Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms - including member firms of the Big Four international accounting networks - citing national security concerns. China and the United States are due to resume high-level talks next week in Washington on their increasingly bitter trade war. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen, who has been part of China's negotiating team, said on Sunday.

On US' delisting threat, China says 'decoupling' would harm both sides

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday.

Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall.

South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent&nbsp;at 509.94 points. It is still up more than 3 per cent&nbsp;so far in September.

"There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added.

E-mini futures for US S&amp;P 500 and the Dow, however, climbed nearly 0.4 per cent each.

Over the weekend, the US&nbsp;Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned.

China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October.

Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies.

Despite the improved tone, markets still remain unconvinced about the possibility of deal soon.

Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US&nbsp;farms this week following their two days of negotiations in Washington.

One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term.

News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite.

Oil Shock

Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel.

The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities.

US&nbsp;Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran.

Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound.

Action in currency markets was muted.

The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent&nbsp;at $0.6780.

The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449.

With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated. Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday. Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall. South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent at 509.94 points. It is still up more than 3 per cent so far in September. "There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added. E-mini futures for US S&P 500 and the Dow, however, climbed nearly 0.4 per cent each. Over the weekend, the US Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned. China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October. Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies. Despite the improved tone, markets still remain unconvinced about the possibility of deal soon. Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US farms this week following their two days of negotiations in Washington. One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term. News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite. Oil Shock Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel. The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities. US Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran. Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound. Action in currency markets was muted. The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent at $0.6780. The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449. With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Asian markets slip amidst US-China trade war

China's top technology hub Hangzhou plans to assign government officials to work with 100 private companies including e-commerce giant Alibaba, according to state media reports, in a move likely to raise concerns over the growing role of the state.

China's top technology hub Hangzhou plans to assign government officials to work with 100 private companies including e-commerce giant Alibaba, according to state media reports, in a move likely to raise concerns over the growing role of the state. The step underscores how Chinese government and party authorities are growing more deeply integrated into the private sector, as its economy sputters amid an intensifying trade war with the United States. The city of Hangzhou, home to Alibaba Group Holding Ltd, will designate government officials to work with 100 local companies in the eastern province of Zhejiang, the local government said on its website. The directives, presented as a means to boost the local manufacturing industry, did not name the 100 companies subject to the policy, but state media reports said Alibaba and auto maker Zhejiang Geely Automobile Holdings Ltd would be among the companies. Alibaba said the plan would not interfere with its operations. "We understand this initiative... aims to foster a better business environment in support of Hangzhou-based enterprises. The government representative will function as a bridge to the private sector, and will not interfere with the company's operations," Alibaba said in a statement. Geely did not immediately respond to a request for comment. Chinese law has long required private companies, including foreign entities, to establish formal party organizations. Such groups were once seen as largely symbolic. However, in recent years, foreign executives have said they have come under increasing pressure to allow party representatives more sway over business operations. Domestic companies have strengthened party committees as well. In 2018, dozens of Chinese banks announced changes to their articles of association, granting more power to party committees.

China to send state officials to 100 private firms including Alibaba

U.S-China Trade War: Certain U.S Goods exempted by China

<a href="https://www.wionews.com/world/us-lifts-tariffs-on-400-chinese-products-trump-cites-trade-progress-250891">President Donald Trump</a> said Friday that only a "complete" deal with China on <a href="https://www.wionews.com/world/trade-talks-seen-as-unlikely-to-mend-us-china-divide-250119">trade</a> will be acceptable and his tough approach won support from visiting Australian Prime Minister Scott Morrison.

"I'm not looking for a partial deal. I'm looking for a complete deal," Trump told reporters during a joint news conference with Morrison at the White House.

Trump denied that he was under pressure to resolve the massive trade dispute between the world's two main economic powers, saying "I don't think I need it before the election" in 2020.

Morrison, enjoying an unusually lavish reception and state dinner, said he backed the US push to force China to reform on issues that include routine violation of foreign companies' intellectual property.

"We need to make sure that we all compete on the same playing field," he said. China can't have "special rules."

Morrison's supportive stance contrasted with worries he expressed in June about smaller economies suffering collateral damage in the US-China standoff and the global system coming "under real pressure."

Later the United States Trade Representative's office issued a statement announcing that the deputy-level US and Chinese negotiators had completed "productive" talks in Washington on Thursday and Friday.

Top-level talks are expected in October.

'Dinner under the stars'

This was only the second state-level visit to the White House granted under Trump and the first for an Australian premiere here since John Howard in 2006.

In a shift from tradition, and taking advantage of perfect end-of-summer weather, the dinner was served under the stars in the Rose Garden.

Pale yellow tablecloths and floral arrangements decorated the tables, bathed in a golden glow from the outdoor lighting.

Trump gave a toast praising the "free and proud spirit" shared by the two nations.

Earlier, Morrison and his wife were greeted with an honour guard, a military band and 19 gun salute on the South Lawn.

"Australians and Americans understand each other like few other peoples," Morrison said, adding that he and the Republican US president had also "established a very early understanding."

In addition to Friday's festivities, Morrison and Trump are due to reunite Sunday for a visit at a new Australian-owned factory in Wapakoneta, Ohio, that the White House says will "demonstrate the strong trade and investment relationship."

'Conservatives club'

Trump's relations with the previous Australian premier, Malcolm Turnbull, got off to a bad start.

But Morrison has already cemented his place in a growing conservative club also including the likes of Brazilian President Jair Bolsonaro and British Prime Minister Boris Johnson drawn into Trump's orbit.

Trump and Morrison agree on much, with Australia joining the US-led patrols of the Strait of Hormuz off Iran and following Washington's lead to excluding China's Huawei from its 5G phone market.

Trump has defied controversy over his push to prevent illegal immigrants and asylum seekers from crossing the Mexican border. Similarly, Morrison, a former immigration minister, has worked to make Australia less attractive to would-be asylum seekers.

His Liberal-National coalition also has much in common with Trump's climate change scepticism, rejecting overwhelming scientific warnings to encourage lucrative fossil fuel industries. Australia is the world's largest coal exporter.

This is "one of our strongest and most enduring relationships anywhere in the world," a senior Trump administration official said Thursday, asking not to be identified.

One area that Trump especially appreciates is a trade where the United States enjoys a surplus. The trade conflicts proliferating under Trump have bypassed Australia.

The administration official said that cooperation between Australia's space agency and NASA on a return to the Moon and joint efforts to ensure "stable and secure" access to rare earth metals were on the agenda Friday.

The relationship gets more complicated over how to deal with China.

Under Trump, the United States has embarked on what some are comparing to a new Cold War. Huge trade tariffs and growing competition in the military-strategic sphere are sending ripples through the entire Pacific region.

As China rises, there are even worries in some quarters that Australia may not always be able to rely on its US security umbrella.

A hard-hitting report from the United States Studies Centre at the University of Sydney in August said the US military is an "atrophying force" that is "dangerously overstretched" and "ill-prepared" for a confrontation with China.

President Donald Trump said Friday that only a "complete" deal with China on trade will be acceptable and his tough approach won support from visiting Australian Prime Minister Scott Morrison.

President Donald Trump said Friday that only a "complete" deal with China on trade will be acceptable and his tough approach won support from visiting Australian Prime Minister Scott Morrison. "I'm not looking for a partial deal. I'm looking for a complete deal," Trump told reporters during a joint news conference with Morrison at the White House. Trump denied that he was under pressure to resolve the massive trade dispute between the world's two main economic powers, saying "I don't think I need it before the election" in 2020. Morrison, enjoying an unusually lavish reception and state dinner, said he backed the US push to force China to reform on issues that include routine violation of foreign companies' intellectual property. "We need to make sure that we all compete on the same playing field," he said. China can't have "special rules." Morrison's supportive stance contrasted with worries he expressed in June about smaller economies suffering collateral damage in the US-China standoff and the global system coming "under real pressure." Later the United States Trade Representative's office issued a statement announcing that the deputy-level US and Chinese negotiators had completed "productive" talks in Washington on Thursday and Friday. Top-level talks are expected in October. 'Dinner under the stars' This was only the second state-level visit to the White House granted under Trump and the first for an Australian premiere here since John Howard in 2006. In a shift from tradition, and taking advantage of perfect end-of-summer weather, the dinner was served under the stars in the Rose Garden. Pale yellow tablecloths and floral arrangements decorated the tables, bathed in a golden glow from the outdoor lighting. Trump gave a toast praising the "free and proud spirit" shared by the two nations. Earlier, Morrison and his wife were greeted with an honour guard, a military band and 19 gun salute on the South Lawn. "Australians and Americans understand each other like few other peoples," Morrison said, adding that he and the Republican US president had also "established a very early understanding." In addition to Friday's festivities, Morrison and Trump are due to reunite Sunday for a visit at a new Australian-owned factory in Wapakoneta, Ohio, that the White House says will "demonstrate the strong trade and investment relationship." 'Conservatives club' Trump's relations with the previous Australian premier, Malcolm Turnbull, got off to a bad start. But Morrison has already cemented his place in a growing conservative club also including the likes of Brazilian President Jair Bolsonaro and British Prime Minister Boris Johnson drawn into Trump's orbit. Trump and Morrison agree on much, with Australia joining the US-led patrols of the Strait of Hormuz off Iran and following Washington's lead to excluding China's Huawei from its 5G phone market. Trump has defied controversy over his push to prevent illegal immigrants and asylum seekers from crossing the Mexican border. Similarly, Morrison, a former immigration minister, has worked to make Australia less attractive to would-be asylum seekers. His Liberal-National coalition also has much in common with Trump's climate change scepticism, rejecting overwhelming scientific warnings to encourage lucrative fossil fuel industries. Australia is the world's largest coal exporter. This is "one of our strongest and most enduring relationships anywhere in the world," a senior Trump administration official said Thursday, asking not to be identified. One area that Trump especially appreciates is a trade where the United States enjoys a surplus. The trade conflicts proliferating under Trump have bypassed Australia. The administration official said that cooperation between Australia's space agency and NASA on a return to the Moon and joint efforts to ensure "stable and secure" access to rare earth metals were on the agenda Friday. The relationship gets more complicated over how to deal with China. Under Trump, the United States has embarked on what some are comparing to a new Cold War. Huge trade tariffs and growing competition in the military-strategic sphere are sending ripples through the entire Pacific region. As China rises, there are even worries in some quarters that Australia may not always be able to rely on its US security umbrella. A hard-hitting report from the United States Studies Centre at the University of Sydney in August said the US military is an "atrophying force" that is "dangerously overstretched" and "ill-prepared" for a confrontation with China.

Trump, backed by Australia's Morrison, talks tough on China

Is A Global Economic Growth Slowdown Imminent?

Gravitas: Economic slowdown: The Global picture

Argentine soy farmers and crushers expect a boost in demand next year after the South American grains giant won long-sought approval from China to export soymeal to the world's biggest consumer of the livestock feed.

Crushing it: Argentine farmers cheer China soymeal deal while U.S. growers fret

US China Trade War: Trump delays Tariff hike on Chinese Goods

Trump delays Tariff hike on Chinese Goods

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

US President <a href="https://www.wionews.com/world/ahead-of-2020-us-presidential-election-trump-accused-google-of-very-illegal-acts-241344">Donald Trump</a> on Friday said the costs of his protracted trade war are <a href="https://www.wionews.com/world/donald-trump-tears-into-china-on-twitter-as-trade-talks-resume-239492">falling squarely on China</a>, but a top adviser warned that the struggle between the economic superpowers could drag on for years.

Top-level negotiators are due to resume stalled talks in Washington early next month, with lower-level staff preparing the way in late September, according to officials on both sides.

And Trump says the pressure is on China to come to the table.

"China is eating the tariffs," Trump said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US importers.

"China having a worst year in decades. Talks happening, good for all!"

The face-off between the number one and two economies began about 18 months ago and now features steep tariffs on hundreds of billions of dollars' worth of trade. Trump says he wants to force China into radical change on protection for intellectual property and other key aspects of the current trading relationship.&nbsp;

But White House economic adviser Larry Kudlow cautioned that the trade war could be a drawn-out contest resembling the Cold War under president Ronald Reagan in the 1980s.

"The stakes are so high, we have to get it right. If that takes a decade, so be it," Kudlow told reporters.

"This is the kind of thing where you're looking at far-reaching consequences... so if it takes us more time to do it and to get it right, so be it," he said.

"I didn't go through the whole Cold War, but a lot of it. You know, it took decades, decades, to get where we wanted to be with the old Soviet Union."

Economic fallout

Trump has repeatedly insisted that US tariffs and China's slowing economy will pressure Beijing to cut a deal. There are signs that the trade war has also begun to weigh on the US economy, however.

Corporate earnings reports indicate US companies have been hit by the tit-for-tat measures and overall uncertainty. A report released this week said more than 10,000 job cuts announced last month stemmed from "trade difficulties."

Tariffs were hiked by both sides last month and US duties on Chinese goods are due to rise further in October and December.

However, Kudlow said the face-to-face talks will resume in a good atmosphere.

"I'm just saying it is a good thing that they're coming here, and tempers are calmer," Kudlow said on CNBC television.

"We would love to go back to where we were in May, where we were getting kind of close to an agreement, maybe 90 per cent of the way," he added.

"It's very positive that we negotiate and it may well be that something positive comes out of that."

Talks abruptly broke up in May, with Washington accusing Beijing of retracting core commitments just when an overall agreement was close to fruition.

US President Donald Trump on Friday said the costs of his protracted trade war are falling squarely on China, but a top adviser warned that the struggle between the economic superpowers could drag on for years.

US President Donald Trump on Friday said the costs of his protracted trade war are falling squarely on China, but a top adviser warned that the struggle between the economic superpowers could drag on for years. Top-level negotiators are due to resume stalled talks in Washington early next month, with lower-level staff preparing the way in late September, according to officials on both sides. And Trump says the pressure is on China to come to the table. "China is eating the tariffs," Trump said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US importers. "China having a worst year in decades. Talks happening, good for all!" The face-off between the number one and two economies began about 18 months ago and now features steep tariffs on hundreds of billions of dollars' worth of trade. Trump says he wants to force China into radical change on protection for intellectual property and other key aspects of the current trading relationship. But White House economic adviser Larry Kudlow cautioned that the trade war could be a drawn-out contest resembling the Cold War under president Ronald Reagan in the 1980s. "The stakes are so high, we have to get it right. If that takes a decade, so be it," Kudlow told reporters. "This is the kind of thing where you're looking at far-reaching consequences... so if it takes us more time to do it and to get it right, so be it," he said. "I didn't go through the whole Cold War, but a lot of it. You know, it took decades, decades, to get where we wanted to be with the old Soviet Union." Economic fallout Trump has repeatedly insisted that US tariffs and China's slowing economy will pressure Beijing to cut a deal. There are signs that the trade war has also begun to weigh on the US economy, however. Corporate earnings reports indicate US companies have been hit by the tit-for-tat measures and overall uncertainty. A report released this week said more than 10,000 job cuts announced last month stemmed from "trade difficulties." Tariffs were hiked by both sides last month and US duties on Chinese goods are due to rise further in October and December. However, Kudlow said the face-to-face talks will resume in a good atmosphere. "I'm just saying it is a good thing that they're coming here, and tempers are calmer," Kudlow said on CNBC television. "We would love to go back to where we were in May, where we were getting kind of close to an agreement, maybe 90 per cent of the way," he added. "It's very positive that we negotiate and it may well be that something positive comes out of that." Talks abruptly broke up in May, with Washington accusing Beijing of retracting core commitments just when an overall agreement was close to fruition.

Donald Trump bullish on China tariffs, but aide warns of long haul

White House economic adviser Larry Kudlow said on Friday that talks between American and <a href="https://www.wionews.com/world/china-cuts-banks-reserve-ratios-frees-up-126-billion-for-loans-as-economy-slows-248027">Chinese trade negotiators</a> could "heat up" during meetings in October, though he said he could not predict the outcome of the talks.

"The principals will meet in early October. The deputies will meet in a couple of weeks. So I can't predict an outcome, not here to do that. All I'm saying is the talks are continuing. You might say they're now going to heat up when the Chinese team comes here," Kudlow said in an interview with CNBC.

But Kudlow later told Bloomberg TV that the precise date for the October negotiations had not yet been set.

China's commerce ministry said earlier this week that high-level trade talks between the two countries would take place in early October in Washington.

October's talks would be the first in-person, high-level discussions since a failed US-China trade meeting in July spurred US&nbsp;President Donald Trump to move forward with fresh tariffs on virtually all Chinese imports that had been untouched by the trade war between the two countries.

Kudlow said there were no conditions for the October talks.

White House economic adviser Larry Kudlow said on Friday that talks between American and Chinese trade negotiators could "heat up" during meetings in October, though he said he could not predict the outcome of the talks.

White House economic adviser Larry Kudlow said on Friday that talks between American and Chinese trade negotiators could "heat up" during meetings in October, though he said he could not predict the outcome of the talks. "The principals will meet in early October. The deputies will meet in a couple of weeks. So I can't predict an outcome, not here to do that. All I'm saying is the talks are continuing. You might say they're now going to heat up when the Chinese team comes here," Kudlow said in an interview with CNBC. But Kudlow later told Bloomberg TV that the precise date for the October negotiations had not yet been set. China's commerce ministry said earlier this week that high-level trade talks between the two countries would take place in early October in Washington. October's talks would be the first in-person, high-level discussions since a failed US-China trade meeting in July spurred US President Donald Trump to move forward with fresh tariffs on virtually all Chinese imports that had been untouched by the trade war between the two countries. Kudlow said there were no conditions for the October talks.

China, US talks likely to 'heat up' in October meeting: Kudlow

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

 
The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US&nbsp;Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website.

China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said.

 
"Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US&nbsp;high-level negotiations in early October."

 
Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said.

 
A spokesman for the US&nbsp;Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".

 
News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy.

 
On Sunday, Washington began imposing 15 per cent&nbsp;tariffs on an array of Chinese imports, while China began placing duties on US&nbsp;crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization.

 
The United States plans to increase the tariff rate to 30 per cent&nbsp;from the 25 per cent&nbsp;duty already in place on $250 billion worth of Chinese imports from October 1.

US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US&nbsp;recession.

 
Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1.

 
They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession. The talks were agreed to in a phone call between Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website. China's central bank governor Yi Gang was also on the call. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said. "Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-US high-level negotiations in early October." Gao also said Beijing opposes any escalation in the trade war. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said. A spokesman for the US Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks". News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the US-China trade war before it inflicts further damage on the global economy. On Sunday, Washington began imposing 15 per cent tariffs on an array of Chinese imports, while China began placing duties on US crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization. The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on $250 billion worth of Chinese imports from October 1. US President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US recession. Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for October 1. They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

China, US to hold trade talks in October; Beijing says phone call went well

<a href="https://www.wionews.com/opinions/us-china-trade-conflict-lack-of-trust-hobbling-the-ability-to-reach-a-deal-198533">China and the United States</a> began imposing additional tariffs on each other's goods on Sunday, the latest escalation in a <a href="https://www.wionews.com/world/amid-heightened-us-china-tensions-science-suffers-collateral-damage-228220">bruising trade war</a>, despite signs that <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/signs-of-hope-as-donald-trump-says-us-china-trade-talks-back-on-245748&amp;sa=U&amp;ved=2ahUKEwia2s3E8K7kAhUl73MBHdHSBDAQFjAFegQIARAC&amp;usg=AOvVaw2ERWpNggJdHuglmhX1o7lr">talks would resume </a>sometime this month.

A new round of tariffs took effect from 0401 GMT, with Beijing's levy of 5% on US crude marking the first time the fuel has been targeted since the world's two largest economies started their trade war more than a year ago.

The Trump administration will begin collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear.

In retaliation,<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526&amp;sa=U&amp;ved=2ahUKEwia2s3E8K7kAhUl73MBHdHSBDAQFjACegQIDhAC&amp;usg=AOvVaw3Gf_BMvfr050lbCQW5O5ty"> China </a>started to impose additional tariffs on some of the US&nbsp;goods on a $75-billion target list. Beijing did not specify the value of the goods that face higher tariffs from Sunday.

The extra tariffs of 5% and 10% were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest from December 15.

Chinese state media struck a defiant note.

"The United States should learn how to behave like a responsible global power and stop acting as a 'school bully'," the official Xinhua news agency said.

"As the world's only superpower, it needs to shoulder its due responsibility, and join other countries in making this world a better and more prosperous place. Only then can America become great again."

Tariffs could not impede China's development, said the official People's Daily of the ruling Communist Party.

"China's booming economy has made China a fertile ground for investment that foreign companies cannot ignore," it said, in a commentary under the name 'Zhong Sheng', or 'Voice of China', which is often used to state its view on foreign policy issues.

Last month, US President Donald Trump said he was increasing existing and planned tariffs by 5% on about $550-billion worth of Chinese imports after Beijing announced its own retaliatory tariffs on US goods.

Tariffs of 15% on cellphones, laptop computers, toys and clothing are to take effect on December 15.

The US Trade Representative's Office said on Thursday it would collect public comments through September&nbsp;20 on a planned tariff increase to 30% on a $250-billion list of goods already hit with a 25% tariff.

Trade teams from China and the United States continue to talk and will meet in September, but tariff hikes on Chinese goods set to go in place on Sunday will not be delayed, Trump has said.

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.

China has pressed the United States to cancel the tariff increase but said last week that a September round of talks was being discussed between the two.

The trade war further strains Beijing-Washington ties, already overshadowed by US&nbsp;freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and US support for self-ruled and democratic Taiwan, which China claims as its own.

China and the United States began imposing additional tariffs on each other's goods on Sunday, the latest escalation in a bruising trade war, despite signs that talks would resume sometime this month.

China and the United States began imposing additional tariffs on each other's goods on Sunday, the latest escalation in a bruising trade war, despite signs that talks would resume sometime this month. A new round of tariffs took effect from 0401 GMT, with Beijing's levy of 5% on US crude marking the first time the fuel has been targeted since the world's two largest economies started their trade war more than a year ago. The Trump administration will begin collecting 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and many types of footwear. In retaliation, China started to impose additional tariffs on some of the US goods on a $75-billion target list. Beijing did not specify the value of the goods that face higher tariffs from Sunday. The extra tariffs of 5% and 10% were levied on 1,717 items of a total of 5,078 products originating from the United States. Beijing will start collecting additional tariffs on the rest from December 15. Chinese state media struck a defiant note. "The United States should learn how to behave like a responsible global power and stop acting as a 'school bully'," the official Xinhua news agency said. "As the world's only superpower, it needs to shoulder its due responsibility, and join other countries in making this world a better and more prosperous place. Only then can America become great again." Tariffs could not impede China's development, said the official People's Daily of the ruling Communist Party. "China's booming economy has made China a fertile ground for investment that foreign companies cannot ignore," it said, in a commentary under the name 'Zhong Sheng', or 'Voice of China', which is often used to state its view on foreign policy issues. Last month, US President Donald Trump said he was increasing existing and planned tariffs by 5% on about $550-billion worth of Chinese imports after Beijing announced its own retaliatory tariffs on US goods. Tariffs of 15% on cellphones, laptop computers, toys and clothing are to take effect on December 15. The US Trade Representative's Office said on Thursday it would collect public comments through September 20 on a planned tariff increase to 30% on a $250-billion list of goods already hit with a 25% tariff. Trade teams from China and the United States continue to talk and will meet in September, but tariff hikes on Chinese goods set to go in place on Sunday will not be delayed, Trump has said. 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. China has pressed the United States to cancel the tariff increase but said last week that a September round of talks was being discussed between the two. The trade war further strains Beijing-Washington ties, already overshadowed by US freedom of navigation exercises near Chinese-occupied islands in the disputed South China Sea, and US support for self-ruled and democratic Taiwan, which China claims as its own.

China, US kick off new round of tariffs  on each other's goods

China is willing to resolve its trade dispute with the United States through "calm" negotiations and resolutely opposes the escalation of the conflict, Vice Premier Liu He, who has been leading the talks with Washington, said on Monday.

China is willing to resolve its trade dispute with the United States through "calm" negotiations and resolutely opposes the escalation of the conflict, Vice Premier Liu He, who has been leading the talks with Washington, said on Monday. The increasingly bitter trade war between the world's two largest economies sharply escalated on Friday, with both sides levelling more tariffs on each other's exports. US President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods. However, Trump appeared on Sunday to back off on his threat to order US companies out of China. Liu, speaking at a tech conference in southwest China's Chongqing, said nobody benefited from a trade war. "We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war," Liu, who is President Xi Jinping's top economic adviser, said, according to a government transcript. "We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world," he added. US companies are especially welcome in China, and will be treated well, Liu said. "We welcome enterprises from all over the world, including the United States, to invest and operate in China," he added. "We will continue to create a good investment environment, protect intellectual property rights, promote the development of smart intelligent industries with our market open, resolutely oppose technological blockades and protectionism, and strive to protect the completeness of the supply chain." It was not clear exactly how Trump could get US companies to leave China. US Treasury Secretary Steven Mnuchin said Trump could order companies out of China under the International Emergency Economic Powers Act if he declared a national emergency. The trade war has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession. Global stock markets reeled on Monday after the latest measures, while China's yuan currency fell to a fresh 11-year low. Investors streamed into the safe harbours of sovereign bonds and gold. Chinese state media on Monday blasted the United States. The official China Daily said in an editorial that Washington would "never be allowed to control China's fate". "It has become unquestionably clear that his administration's tariff war against China is politically motivated. What Washington wants from its largest trade partner is for it to be content to play second fiddle and meekly do as it demands," the English-language paper wrote in an editorial. "Washington has again taken the initiative to escalate the fight in the hope that Beijing will throw in the sponge as early as possible. But Beijing regards the trade war as an unavoidable trial by fire, from which the country will emerge stronger." The Global Times, a widely-read tabloid published by the ruling Communist Party's official People's Daily, said leaving the Chinese market would be "suicide" for US companies, especially for auto firms. "US companies are welcome to invest and operate in the Chinese market, but if some US companies want to obey Trump's order and join Washington's trade war, the result is bleak. A decision to give up the Chinese market is just suicide," the paper said in its editorial.

China says wants 'calm' resolution to US trade war

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15.

US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.

Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China.

China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft.

In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

"The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening."

US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track."

The remarks gave few clues about whether the central bank will cut interest rates at its next meeting.

But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade.

The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves.

Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said.

US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy. Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15. US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9. Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China. China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft. In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States. "The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening." US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track." The remarks gave few clues about whether the central bank will cut interest rates at its next meeting. But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade. The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves. Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said. US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fall as trade war raises recession fears

US President Donald Trump said on Monday China had contacted US trade officials overnight to say they wanted to return to the negotiating table, welcoming the news as a very positive development for the world, reported news agency Reuters.

US President Donald Trump said on Monday China had contacted US trade officials overnight to say they wanted to return to the negotiating table, welcoming the news as a very positive development for the world, reported news agency Reuters. Speaking on the sidelines of a summit of major industrialised nations, Trump hailed Chinese President Xi Jinping as a great leader and said he welcomed his desire for a deal and for calm, the report added. An increasingly bitter trade war between the world's two largest economies sharply escalated on Friday, with both sides levelling more tariffs on each other's exports. ''Chinese officials called to say let's get back to the table,'' he said. Trump said that US-China trade talks 'to start very shortly'. (With inputs from agencies)

US President Trump says China wants to negotiate over trade war

When President Donald Trump said on Sunday that he had second thoughts about escalating the<a href="https://www.wionews.com/world/china-hits-out-at-bullying-us-over-new-tariffs-245352"> trade war with China</a>, he meant that he wished he had raised tariffs on Beijing even higher, the White House said.

Trump, who announced higher tariffs on Chinese goods last week, raised eyebrows during a meeting with British Prime Minister Boris Johnson at the G7 when he responded in the affirmative to questions from reporters on whether he had any second thoughts about the tariff move.

White House spokeswoman Stephanie Grisham sought to explain the remark.

"His answer has been greatly misinterpreted. <a href="https://www.wionews.com/world/i-order-us-companies-to-immediately-look-for-an-alternative-to-china-trump-245191">President Trump</a> responded in the affirmative - because he regrets not raising the tariffs higher," she said in a statement.

Trump on Friday set an additional 5% duty on some $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods.

The moves were the latest round in a tit-for-tat trade war between the world`s two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports

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During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation.

"Yeah, sure. Why not?" he said.

The reporter repeated the question and Trump replied: "Might as well. Might as well."

A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China.

"I have second thoughts about everything," Trump responded. 
The president's responses were unusual because he has been largely resolute in his demands that China changes its trade practices and that tariffs were a successful tool to encourage Beijing to do so.

On Friday, upset about China`s retaliation, the president said he was ordering U.S. companies to find alternatives to doing business in China and move operations back to the United States.

It was unclear what Trump could do to legally compel US companies to abandon China.

Asked on Sunday if he would declare a national emergency over the issue, Trump said he had the right to do so but had no plans in the works.

"I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that`s an emergency," he said.

"I have no plan right now. We're getting along very well with China right now. We're talking. I think they want to make a deal much more than I do."

When President Donald Trump said on Sunday that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said.

When President Donald Trump said on Sunday that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said. Trump, who announced higher tariffs on Chinese goods last week, raised eyebrows during a meeting with British Prime Minister Boris Johnson at the G7 when he responded in the affirmative to questions from reporters on whether he had any second thoughts about the tariff move. White House spokeswoman Stephanie Grisham sought to explain the remark. "His answer has been greatly misinterpreted. President Trump responded in the affirmative - because he regrets not raising the tariffs higher," she said in a statement. Trump on Friday set an additional 5% duty on some $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods. The moves were the latest round in a tit-for-tat trade war between the world`s two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession. Watch: Trump slaps new tariffs on China, Additional 5% Tariff On Chinese Imports × During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation. "Yeah, sure. Why not?" he said. The reporter repeated the question and Trump replied: "Might as well. Might as well." A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China. "I have second thoughts about everything," Trump responded. The president's responses were unusual because he has been largely resolute in his demands that China changes its trade practices and that tariffs were a successful tool to encourage Beijing to do so. On Friday, upset about China`s retaliation, the president said he was ordering U.S. companies to find alternatives to doing business in China and move operations back to the United States. It was unclear what Trump could do to legally compel US companies to abandon China. Asked on Sunday if he would declare a national emergency over the issue, Trump said he had the right to do so but had no plans in the works. "I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that`s an emergency," he said. "I have no plan right now. We're getting along very well with China right now. We're talking. I think they want to make a deal much more than I do."

Trump's only regret on China is 'not raising the tariffs higher': White House

<a href="https://www.wionews.com/world/china-raises-tariffs-on-us-goods-amid-esclating-tensions-223347">China will fight back against the latest US&nbsp;step to increase tariffs on Chinese goods,</a> the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

"China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary.

US politicians, seeking to hamper<a href="https://www.wionews.com/world/china-desperate-to-reach-trade-deal-with-us-totally-misleading-foreign-ministry-236382"> China's economic development</a>, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said.

The United States will not win the trade war because of the plight faced by its farmers and businesses, it said.

China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions".

US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US&nbsp;goods in the latest tit-for-tat moves in their bilateral trade dispute.

The intensifying US-China trade war stoked worries about a global economic recession.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies. "China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary. US politicians, seeking to hamper China's economic development, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said. The United States will not win the trade war because of the plight faced by its farmers and businesses, it said. China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions". US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US goods in the latest tit-for-tat moves in their bilateral trade dispute. The intensifying US-China trade war stoked worries about a global economic recession.

China to fight back against US tariff move: Report

US President Donald Trump said Friday that he would not stand in the way of beleaguered Federal Reserve chief Jerome Powell if he decided to quit.&nbsp;

Asked if he wants Powell to resign, Trump told reporters,&nbsp;"If he did, I wouldn't stop him."

Trump suggested earlier Friday that he regarded Powell as a bigger "enemy" than China, with whom he has been waging a trade war.

China announced Friday new tariffs on $75 billion in US products and President Donald Trump lashed out with threats of further retaliation, meaning the trade uncertainty that Powell said is exacerbating the global slowdown is unlikely to go away soon.

Trump lost no time in criticizing Powell -- and swiping at Beijing.

In a furious flurry of tweets, Trump attacked the Fed's stewardship of the world's biggest economy and vowed a quick response to China.

"As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed," Trump tweeted after Powell's comments.

"My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?" Trump said, misspelling the Fed chief's name in an unprecedented attack on the independent central bank.

The Fed cut the benchmark interest rate last month for the first time in more than a decade, partly as insurance against the impact of trade uncertainties on the economy.

But in his hotly anticipated speech to an annual central banking conference in Jackson Hole, Wyoming, Powell cautioned that the Fed has no "rulebook" for dealing with the trade war fallout.

"The three weeks since our July FOMC meeting have been eventful, beginning with the announcement of new tariffs on imports from China," he said.

"The global growth outlook has been deteriorating since the middle of last year. Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States."

While Powell said the US economy "is now in a favorable place," it faces "significant risks" and he again pledged that the Fed "will act as appropriate to sustain the expansion."&nbsp;

However, he warned that there is no "settled rulebook for international trade ... no recent precedents to guide any policy response to the current situation."

US President Donald Trump said Friday that he would not stand in the way of beleaguered Federal Reserve chief Jerome Powell if he decided to quit. Asked if he wants Powell to resign, Trump told reporters, "If he did, I wouldn't stop him.

US President Donald Trump said Friday that he would not stand in the way of beleaguered Federal Reserve chief Jerome Powell if he decided to quit. Asked if he wants Powell to resign, Trump told reporters, "If he did, I wouldn't stop him." Trump suggested earlier Friday that he regarded Powell as a bigger "enemy" than China, with whom he has been waging a trade war. China announced Friday new tariffs on $75 billion in US products and President Donald Trump lashed out with threats of further retaliation, meaning the trade uncertainty that Powell said is exacerbating the global slowdown is unlikely to go away soon. Trump lost no time in criticizing Powell -- and swiping at Beijing. In a furious flurry of tweets, Trump attacked the Fed's stewardship of the world's biggest economy and vowed a quick response to China. "As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed," Trump tweeted after Powell's comments. "My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?" Trump said, misspelling the Fed chief's name in an unprecedented attack on the independent central bank. The Fed cut the benchmark interest rate last month for the first time in more than a decade, partly as insurance against the impact of trade uncertainties on the economy. But in his hotly anticipated speech to an annual central banking conference in Jackson Hole, Wyoming, Powell cautioned that the Fed has no "rulebook" for dealing with the trade war fallout. "The three weeks since our July FOMC meeting have been eventful, beginning with the announcement of new tariffs on imports from China," he said. "The global growth outlook has been deteriorating since the middle of last year. Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States." While Powell said the US economy "is now in a favorable place," it faces "significant risks" and he again pledged that the Fed "will act as appropriate to sustain the expansion." However, he warned that there is no "settled rulebook for international trade ... no recent precedents to guide any policy response to the current situation."

Trump says he  'wouldn't stop' if beleaguered Federal Reserve chief Jerome Powell decides to quit 

US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5 per cent duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world's two largest economies.

Trump's move, announced on Twitter, came hours after<a href="https://www.wionews.com/world/i-order-us-companies-to-immediately-look-for-an-alternative-to-china-trump-245191"> China unveiled retaliatory tariffs on $75 billion worth of US goods</a>, prompting the president earlier in the day to demand US companies move their operations out of China.

The intensifying US-China trade war stoked market fears that the global economy will tip into recession, sending US stocks into a tailspin, with the Nasdaq Composite down 3 per cent, and the S&amp;P 500 down 2.6 per cent.

US Treasury yields also fell as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply.

Trump's tariff response was announced after markets closed on Friday, leaving potentially more damage for next week.

"Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer," Trump said on Twitter. "As President, I can no longer allow this to happen!"

He said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30 per cent&nbsp;from the current 25 per cent&nbsp;beginning October&nbsp;1.

At the same time, he announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15 per cent&nbsp;from 10 per cent. The United States will begin imposing those tariffs on some products starting September&nbsp;1, but tariffs on about half of those goods have been delayed until December&nbsp;15.

The US Trade Representative's office confirmed the effective dates, but said it would conduct a public comment period before imposing the 30 per cent&nbsp;tariff rate on October&nbsp;1.

Trump has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favour of US&nbsp;manufacturers and workers.

"We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP," Trump tweeted earlier on Friday.

"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."

It's unclear what legal authority Trump would be able to use to compel US companies to close operations in China or stop sourcing products from the country.

Trump also said he was ordering shippers including FedEx,&nbsp;Amazon.com, UPS&nbsp;and the US&nbsp;Postal Service to search out and refuse all deliveries of the opioid fentanyl to the United States.

US&nbsp;business groups reacted angrily to Trump's latest tariff escalation.

"It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and the answer isn't more taxes on American businesses and consumers. Where does this end?" said David French, a senior vice president for the National Retail Federation.

The US Chamber of Commerce rebuffed Trump's call, urging "continued, constructive engagement."

"Time is of the essence. We do not want to see a further deterioration of US-China relations," Myron Brilliant, executive vice president and head of the business group's international affairs, said in a statement.

China's Commerce Ministry said that on September&nbsp;1 and December&nbsp;15 it will impose additional tariffs of 5 per cent&nbsp;or 10 per cent&nbsp;on a total of 5,078 products originating from the United States including agricultural products such as soybeans, beef and pork, as well as small aircraft. Beijing is also reinstituting tariffs on cars and auto parts originating from the United States that it suspended last December as US-China trade talks accelerated.

"China's decision to implement additional tariffs was forced by the US's unilateralism and protectionism," the Commerce Ministry said in a statement.

"We want a deal, but it doesn't mean we want a deal that is not based on mutual respect or good for China's interests," a Chinese diplomatic source said. "If the United States levies tariffs, China will have counter-measures."

US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5 per cent duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world's two largest economies.

US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5 per cent duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world's two largest economies. Trump's move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of US goods, prompting the president earlier in the day to demand US companies move their operations out of China. The intensifying US-China trade war stoked market fears that the global economy will tip into recession, sending US stocks into a tailspin, with the Nasdaq Composite down 3 per cent, and the S&P 500 down 2.6 per cent. US Treasury yields also fell as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply. Trump's tariff response was announced after markets closed on Friday, leaving potentially more damage for next week. "Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer," Trump said on Twitter. "As President, I can no longer allow this to happen!" He said the United States would raise its existing tariffs on $250 billion worth of Chinese imports to 30 per cent from the current 25 per cent beginning October 1. At the same time, he announced an increase in planned tariffs on the remaining $300 billion worth of Chinese goods to 15 per cent from 10 per cent. The United States will begin imposing those tariffs on some products starting September 1, but tariffs on about half of those goods have been delayed until December 15. The US Trade Representative's office confirmed the effective dates, but said it would conduct a public comment period before imposing the 30 per cent tariff rate on October 1. Trump has accused China of unfair trade practices and pushed for a deal that would rebalance the relationship in favour of US manufacturers and workers. "We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP," Trump tweeted earlier on Friday. "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA." It's unclear what legal authority Trump would be able to use to compel US companies to close operations in China or stop sourcing products from the country. Trump also said he was ordering shippers including FedEx, Amazon.com, UPS and the US Postal Service to search out and refuse all deliveries of the opioid fentanyl to the United States. US business groups reacted angrily to Trump's latest tariff escalation. "It's impossible for businesses to plan for the future in this type of environment. The administration's approach clearly isn't working, and the answer isn't more taxes on American businesses and consumers. Where does this end?" said David French, a senior vice president for the National Retail Federation. The US Chamber of Commerce rebuffed Trump's call, urging "continued, constructive engagement." "Time is of the essence. We do not want to see a further deterioration of US-China relations," Myron Brilliant, executive vice president and head of the business group's international affairs, said in a statement. China's Commerce Ministry said that on September 1 and December 15 it will impose additional tariffs of 5 per cent or 10 per cent on a total of 5,078 products originating from the United States including agricultural products such as soybeans, beef and pork, as well as small aircraft. Beijing is also reinstituting tariffs on cars and auto parts originating from the United States that it suspended last December as US-China trade talks accelerated. "China's decision to implement additional tariffs was forced by the US's unilateralism and protectionism," the Commerce Ministry said in a statement. "We want a deal, but it doesn't mean we want a deal that is not based on mutual respect or good for China's interests," a Chinese diplomatic source said. "If the United States levies tariffs, China will have counter-measures."

Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik.

Not Feasible

Trump said on August 13 that the United States may pull out of the WTO, following what he claimed were years of mistreatment at the hands of the organisation.

However, trade and economic affairs analyst Alan Tonelson, American research fellow at the US Business and Industry Council Educational Foundation, said Trump’s threat was unlikely to be taken seriously.

"President Trump's threat isn't credible in the very short run, if only because under the WTO agreement itself, he's obligated to give the organisation a six-month notice before the actual pull out," he said.

Trump would face an alliance of traditional free-trade Republicans in his own party and the opposition Democrats who control the House of Representatives since the November 2018 midterm elections, Tonelson, founder of RealityChek blog which covers trade and economics, pointed out.

Over the longer term, US law requires Congress to vote every five years on staying in the WTO, and the next such occasion comes up next year, Tonelson observed.

"So far, continued American membership has proven extremely popular on Capitol Hill," he said.

However, Trump might be able to take advantage of the very different national political dynamics within the United States since WTO membership was last approved in 2015, Tonelson cautioned.

"Clearly the climate is different today from that during the previous vote, in 2015, and the President could unnerve the rest of the world even more than it already has by at least making it a campaign issue, and consequently by boosting the ‘No’ votes considerably, at least on the GOP side," he said.

Trump also enjoyed powers that could enable him to paralyse the workings of the WTO without having to withdraw the United States officially from the organisation, Tonelson commented.

"It's crucial to remember that the President's decision to block the appointment of certain WTO judges could bring the critical appellate level of the organisation's dispute-resolution system to a halt by the end of this year. So unless he reneges, US withdrawal might not even be needed to evade the organisation's rulings," he said.

Washington’s withdrawal from the WTO, he added, would surely further disrupt a global economy that has already been shaken up "by the US trade policy reversal engineered by President Trump." Nevertheless, the US leader might be prepared to run that risk, Tonelson advised.

"Given how slowly cases make their way through the WTO process, it's difficult to believe that the disruption would be significant, since sluggish procedures mean that few businesses can afford to base their planning on expected WTO outcomes," he said. "Longer term, a neutered WTO could even prompt national governments to return to less formal, and probably quicker, ways to resolve their trade disputes."

Other WTO members might decide to keep the organisation going if only as a gesture of anti-Trump defiance.

"But the centrality of the United States to the world trade system and broader economy mean that its US-less survival would be largely symbolic," he said.

Pullout would backfire

Popular Resistance Co-Director Kevin Zeese agreed, however, that Trump was unlikely to overcome broad-based congressional opposition to withdrawing the United States from the WTO.

"Trump would need congressional approval to pull the US out of the WTO so it is unlikely," he said.

Unilateral US withdrawal from the WTO could also backfire on Trump and Washington by boosting China’s global economic and trade standing, Zeese cautioned.

"The WTO was developed by the US, many of the rules were written by the US and the US dominates it. If the US were to leave, China would probably become the leader. It would cause confusion in lots of trade agreements because the WTO is an arbiter of trade disputes," he said.

Zeese also agreed with Tonelson that Trump’s threats increased the dangers of a major international economic recession.

"It is bizarre to be threatening this at this time when the markets are already skittish and there are growing signs of recession. Disrupting the WTO would be one more thing to make investors insecure because of impacts [that] are hard to predict," he said.

Zeese also stressed that unilateral withdrawal from the WTO would be a self-defeating move for Washington.

"Why is Trump doing it? His is a mind I cannot read. So much of what he does makes little sense. Leaving the WTO would be one more step taken by Trump that would weaken the US as a global hegemony," he said.

Dollar dominance was a critical tool on US foreign policy that was now weakening, Zeese observed.

"If the US is no longer the reserve currency and used in trade between nations, it will have unpredictable, but certainly negative consequences for the US economy," he concluded.

 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp; 
&nbsp;

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik.

President Donald Trump’s threat to pull the United States out of the World Trade Organisation (WTO) is not credible as Congress would probably block any effort to do so, analysts told Sputnik. Not Feasible Trump said on August 13 that the United States may pull out of the WTO, following what he claimed were years of mistreatment at the hands of the organisation. However, trade and economic affairs analyst Alan Tonelson, American research fellow at the US Business and Industry Council Educational Foundation, said Trump’s threat was unlikely to be taken seriously. "President Trump's threat isn't credible in the very short run, if only because under the WTO agreement itself, he's obligated to give the organisation a six-month notice before the actual pull out," he said. Trump would face an alliance of traditional free-trade Republicans in his own party and the opposition Democrats who control the House of Representatives since the November 2018 midterm elections, Tonelson, founder of RealityChek blog which covers trade and economics, pointed out. Over the longer term, US law requires Congress to vote every five years on staying in the WTO, and the next such occasion comes up next year, Tonelson observed. "So far, continued American membership has proven extremely popular on Capitol Hill," he said. However, Trump might be able to take advantage of the very different national political dynamics within the United States since WTO membership was last approved in 2015, Tonelson cautioned. "Clearly the climate is different today from that during the previous vote, in 2015, and the President could unnerve the rest of the world even more than it already has by at least making it a campaign issue, and consequently by boosting the ‘No’ votes considerably, at least on the GOP side," he said. Trump also enjoyed powers that could enable him to paralyse the workings of the WTO without having to withdraw the United States officially from the organisation, Tonelson commented. "It's crucial to remember that the President's decision to block the appointment of certain WTO judges could bring the critical appellate level of the organisation's dispute-resolution system to a halt by the end of this year. So unless he reneges, US withdrawal might not even be needed to evade the organisation's rulings," he said. Washington’s withdrawal from the WTO, he added, would surely further disrupt a global economy that has already been shaken up "by the US trade policy reversal engineered by President Trump." Nevertheless, the US leader might be prepared to run that risk, Tonelson advised. "Given how slowly cases make their way through the WTO process, it's difficult to believe that the disruption would be significant, since sluggish procedures mean that few businesses can afford to base their planning on expected WTO outcomes," he said. "Longer term, a neutered WTO could even prompt national governments to return to less formal, and probably quicker, ways to resolve their trade disputes." Other WTO members might decide to keep the organisation going if only as a gesture of anti-Trump defiance. "But the centrality of the United States to the world trade system and broader economy mean that its US-less survival would be largely symbolic," he said. Pullout would backfire Popular Resistance Co-Director Kevin Zeese agreed, however, that Trump was unlikely to overcome broad-based congressional opposition to withdrawing the United States from the WTO. "Trump would need congressional approval to pull the US out of the WTO so it is unlikely," he said. Unilateral US withdrawal from the WTO could also backfire on Trump and Washington by boosting China’s global economic and trade standing, Zeese cautioned. "The WTO was developed by the US, many of the rules were written by the US and the US dominates it. If the US were to leave, China would probably become the leader. It would cause confusion in lots of trade agreements because the WTO is an arbiter of trade disputes," he said. Zeese also agreed with Tonelson that Trump’s threats increased the dangers of a major international economic recession. "It is bizarre to be threatening this at this time when the markets are already skittish and there are growing signs of recession. Disrupting the WTO would be one more thing to make investors insecure because of impacts [that] are hard to predict," he said. Zeese also stressed that unilateral withdrawal from the WTO would be a self-defeating move for Washington. "Why is Trump doing it? His is a mind I cannot read. So much of what he does makes little sense. Leaving the WTO would be one more step taken by Trump that would weaken the US as a global hegemony," he said. Dollar dominance was a critical tool on US foreign policy that was now weakening, Zeese observed. "If the US is no longer the reserve currency and used in trade between nations, it will have unpredictable, but certainly negative consequences for the US economy," he concluded. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Donald Trump’s threat to leave World Trade Organisation not credible

Washington and Beijing are working actively to revive negotiations aimed at ending the<a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428"> trade war that has rattled world markets</a>, Donald Trump's chief economic advisor said Sunday.

If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on "Fox News Sunday," "then we are planning to have China come to the USA and meet with our principals to continue the negotiations."

That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July.

Watch: Beijing ready to fight US on trade, says China's new UN envoy

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But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks -- involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan -- were "a lot more positive than has been reported in the media."

World financial markets have been on edge amid a series of signs pointing to a slowing of the global economy -- notably because of the trade war between the world's two largest economies -- and have been reacting to even the slightest new indicator.

No fear of 'optimism'

But Kudlow insisted that the outlook was far from gloomy. "Let's not be afraid of optimism," he said, adding that "I sure don't see a recession."

The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached. &nbsp;

But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.&nbsp;

The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping.

But markets were hit with a fresh surprise when Trump suddenly announced that as of September 1 he was imposing punitive 10-per cent tariffs on $300 billion in Chinese goods that had so far been spared.&nbsp;

And then came the announcement Tuesday that Trump -- already campaigning for re-election in 2020 -- had decided to delay imposing the tariffs until December 15 so as not to cast a shadow on the Christmas shopping plans of Americans.

The delay was seen as a concession to China and a backhanded admission that the tariffs -- despite Trump's repeated insistence to the contrary -- could in fact have an impact on US consumers.

Impact on US denied

Nonetheless, the president's chief trade advisor, Peter Navarro, firmly rejected that notion in several television appearances on Sunday.

He said Trump had decided on the postponement only after several company heads told him their contracts with Chinese suppliers were denominated in dollars, meaning they got no benefit from the weakening of the Chinese yuan and their orders ahead of the year-end holidays would be hard-hit.&nbsp;

Navarro said the executives also insisted they were increasingly looking to suppliers outside of China.

He vigorously rejected the notion that the tariff war is hurting American consumers, saying no data supported that view -- despite studies to the contrary by the International Monetary Fund, Harvard University and the Federal Reserve Bank of Boston.

"We're seeing production investment and supply-chain sourcing move -- hemorrhaging from China," Navarro said, with Southeast Asia and the US benefiting.

Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said Sunday.

Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said Sunday. If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on "Fox News Sunday," "then we are planning to have China come to the USA and meet with our principals to continue the negotiations." That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July. Watch: Beijing ready to fight US on trade, says China's new UN envoy × But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks -- involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan -- were "a lot more positive than has been reported in the media." World financial markets have been on edge amid a series of signs pointing to a slowing of the global economy -- notably because of the trade war between the world's two largest economies -- and have been reacting to even the slightest new indicator. No fear of 'optimism' But Kudlow insisted that the outlook was far from gloomy. "Let's not be afraid of optimism," he said, adding that "I sure don't see a recession." The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached. But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments. The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping. But markets were hit with a fresh surprise when Trump suddenly announced that as of September 1 he was imposing punitive 10-per cent tariffs on $300 billion in Chinese goods that had so far been spared. And then came the announcement Tuesday that Trump -- already campaigning for re-election in 2020 -- had decided to delay imposing the tariffs until December 15 so as not to cast a shadow on the Christmas shopping plans of Americans. The delay was seen as a concession to China and a backhanded admission that the tariffs -- despite Trump's repeated insistence to the contrary -- could in fact have an impact on US consumers. Impact on US denied Nonetheless, the president's chief trade advisor, Peter Navarro, firmly rejected that notion in several television appearances on Sunday. He said Trump had decided on the postponement only after several company heads told him their contracts with Chinese suppliers were denominated in dollars, meaning they got no benefit from the weakening of the Chinese yuan and their orders ahead of the year-end holidays would be hard-hit. Navarro said the executives also insisted they were increasingly looking to suppliers outside of China. He vigorously rejected the notion that the tariff war is hurting American consumers, saying no data supported that view -- despite studies to the contrary by the International Monetary Fund, Harvard University and the Federal Reserve Bank of Boston. "We're seeing production investment and supply-chain sourcing move -- hemorrhaging from China," Navarro said, with Southeast Asia and the US benefiting.

US and China seeking to revive trade talks: Trump's chief economic advisor

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the <a href="https://www.wionews.com/business-economy/oil-prices-rise-escalating-us-china-trade-war-caps-gains-240974">escalating US-China trade war</a> and growing political unrest are sparking fears the financial centre could soon tip into recession.

The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace.

Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package.

Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter.

Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997.

Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession. The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace. Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package. Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter. Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong second-quarter GDP grows 0.5%, but trade war protests stoke recession risk

Wall Street stocks bounced early Tuesday after the US government announced it was<a href="https://www.wionews.com/world/us-to-delay-china-tariff-increase-trump-199444"> delaying tariffs</a> on key consumer electronic goods imported from China.

Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14.&nbsp;

The broad-based S&amp;P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81.

Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1.

Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election.&nbsp;

US stocks lost more than one per cent on Monday amid worries over slowing global growth, the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155">US-China trade war </a>and turbulence in a number of international hot spots, including Hong Kong.

On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border.

US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems. About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14. The broad-based S&P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81. Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1. Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election. US stocks lost more than one per cent on Monday amid worries over slowing global growth, the US-China trade war and turbulence in a number of international hot spots, including Hong Kong. On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border. US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

US stocks jump as Trump delays some key China tariffs

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