Amid escalating trade tensions, British Prime Minister Boris Johnson said that he is optimistic over talks with the European Union on smoothing trade with Northern Ireland, adding that the dispute would not overshadow the upcoming Group of Seven (G7) leaders summit.

EU warns UK over post-Brexit North Ireland trade

US President Joe Biden on Thursday expanded a blacklist of Chinese firms that are off-limits to American investors over their links to Beijing's "military-industrial complex," in a sign of Washington's continued pressure campaign against China.

Former US President Donald Trump had prohibited Americans from buying stakes in 31 Chinese companies that were deemed to be supplying or supporting China's military and security apparatus, and Biden's move expands the blacklist to 59.

Also Read |&nbsp;<a href="https://www.wionews.com/world/biden-to-review-donald-trumps-china-investment-blacklist-report-389225">Biden to review Donald Trump's China investment blacklist: Report</a>

The latest batch of sanctions target companies involved in Chinese surveillance technology used to "facilitate repression or serious human rights abuses," which "undermine the security or democratic values of the United States and our allies," according to a White House statement.

The initial list published under Trump included major telecoms, construction and technology firms such as China Mobile, China Telecom, video surveillance firm Hikvision, and China Railway Construction Corp.

It was among a series of measures by the White House aimed at the Asian giant, which have left ties between the two countries severely strained.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-to-blacklist-dozens-of-chinese-firms-including-smic-report-says-350642">US to blacklist dozens of Chinese firms including SMIC, report says</a>

Before the US order was released, Beijing repeated its outrage at the Trump-era blacklist Thursday and vowed to protect Chinese companies' rights, claiming the blacklist was "politically motivated" and "ignores the facts and actual situation" of the firms involved.

The ban "severely undermines normal market rules and order" and "damages... the interests of global investors, including US investors," foreign ministry spokesman Wang Wenbin said at a routine briefing.

Previously, the sanctions and choice of targets were tied to a congressionally mandated Defense Department report.

While the Biden administration has pledged to take a more diplomatic line with China following the upheaval of his predecessor, he has said he will keep to a strict line on several issues including defense and technology.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-delays-chinese-investment-bans-impact-on-certain-firms-359737">US delays Chinese investment ban's impact on certain firms</a>

A tough line on China has rare cross-party support in Congress, with lawmakers determined to keep a lid on its growing global clout.

Republican senators Tom Cotton and Marco Rubio, alongside Democrats Gary Peters and Mark Kelly, published a bi-partisan letter earlier this week urging the administration to publish a new list.

"The US government must continue to act boldly in blocking the Chinese Communist Party's economic predation against our industrial base," they said.

US President Joe Biden on Thursday expanded a blacklist of Chinese firms that are off-limits to American investors over their links to Beijing's "military-industrial complex," in a sign of Washington's continued pressure campaign against China.

US President Joe Biden on Thursday expanded a blacklist of Chinese firms that are off-limits to American investors over their links to Beijing's "military-industrial complex," in a sign of Washington's continued pressure campaign against China. Former US President Donald Trump had prohibited Americans from buying stakes in 31 Chinese companies that were deemed to be supplying or supporting China's military and security apparatus, and Biden's move expands the blacklist to 59. Also Read | Biden to review Donald Trump's China investment blacklist: Report The latest batch of sanctions target companies involved in Chinese surveillance technology used to "facilitate repression or serious human rights abuses," which "undermine the security or democratic values of the United States and our allies," according to a White House statement. The initial list published under Trump included major telecoms, construction and technology firms such as China Mobile, China Telecom, video surveillance firm Hikvision, and China Railway Construction Corp. It was among a series of measures by the White House aimed at the Asian giant, which have left ties between the two countries severely strained. Also Read | US to blacklist dozens of Chinese firms including SMIC, report says Before the US order was released, Beijing repeated its outrage at the Trump-era blacklist Thursday and vowed to protect Chinese companies' rights, claiming the blacklist was "politically motivated" and "ignores the facts and actual situation" of the firms involved. The ban "severely undermines normal market rules and order" and "damages... the interests of global investors, including US investors," foreign ministry spokesman Wang Wenbin said at a routine briefing. Previously, the sanctions and choice of targets were tied to a congressionally mandated Defense Department report. While the Biden administration has pledged to take a more diplomatic line with China following the upheaval of his predecessor, he has said he will keep to a strict line on several issues including defense and technology. Also Read | US delays Chinese investment ban's impact on certain firms A tough line on China has rare cross-party support in Congress, with lawmakers determined to keep a lid on its growing global clout. Republican senators Tom Cotton and Marco Rubio, alongside Democrats Gary Peters and Mark Kelly, published a bi-partisan letter earlier this week urging the administration to publish a new list. "The US government must continue to act boldly in blocking the Chinese Communist Party's economic predation against our industrial base," they said.

Joe Biden blacklists 28 more Chinese firms to investors, says White House

United States Trade Representative Katherine Tai on Thursday said that Washington will not hesitate to call out China`s coercive trade practices and added that Washington welcomes the trade competition but it must be fair.

Speaking before a committee hearing on the Biden administration`s trade policy agenda, Tai said, "We will not hesitate to call out China`s coercive and unfair trade practices that harm American workers, undermine the multilateral system, or violate basic human rights. We are working towards a strong, strategic approach to our trade and economic relationship with China."

"We welcome the competition. But the competition must be fair, and if China cannot or will not adapt to international rules and norms, we must be bold and creative in taking steps to level the playing field and enhance our capabilities and partnerships," she added.

This comes as the Biden administration is still evaluating China`s compliance to the trade commitments it made with the previous Trump era and added that those commitments will ascertain how Washington will move forward in its ties with Beijing.

Tai had said last month that, "We are in the process of examining performance and are scrutinizing all the aspects of what they have done and what they have yet to do and what they have not done at the levels that they promised."

"These promises and China`s ability to keep them ... will be a priority for us as we examine our options for engagement with China and all of our enforcement options."

In January 2020, China had agreed to buy at least USD 200 billion more in US goods and services over two years on top of its purchases in 2017. The Phase One deal was struck by former President Donald Trump after a tariffs fight that started between the two countries.

China imported about USD 100 billion of US goods - only 58 per cent of the actual targeted volume of USD 173.1 billion for 2020, in the first year of the arrangement, Sputnik reported.

Biden administration has had a rocky start in the US relationship with China, with officials from the two countries openly bickering before the media at a meeting in Alaska hosted by US State Secretary Anthony Blinken last month.

Both the countries have continued to tussle on issues about Hong Kong, Xinjiang, South China Sea, and the Indo-Pacific region. The only issue they partially seem to agree on is climate change.

United States Trade Representative Katherine Tai on Thursday said that Washington will not hesitate to call out China`s coercive trade practices and added that Washington welcomes the trade competition but it must be fair.

United States Trade Representative Katherine Tai on Thursday said that Washington will not hesitate to call out China`s coercive trade practices and added that Washington welcomes the trade competition but it must be fair. Speaking before a committee hearing on the Biden administration`s trade policy agenda, Tai said, "We will not hesitate to call out China`s coercive and unfair trade practices that harm American workers, undermine the multilateral system, or violate basic human rights. We are working towards a strong, strategic approach to our trade and economic relationship with China." "We welcome the competition. But the competition must be fair, and if China cannot or will not adapt to international rules and norms, we must be bold and creative in taking steps to level the playing field and enhance our capabilities and partnerships," she added. This comes as the Biden administration is still evaluating China`s compliance to the trade commitments it made with the previous Trump era and added that those commitments will ascertain how Washington will move forward in its ties with Beijing. Tai had said last month that, "We are in the process of examining performance and are scrutinizing all the aspects of what they have done and what they have yet to do and what they have not done at the levels that they promised." "These promises and China`s ability to keep them ... will be a priority for us as we examine our options for engagement with China and all of our enforcement options." In January 2020, China had agreed to buy at least USD 200 billion more in US goods and services over two years on top of its purchases in 2017. The Phase One deal was struck by former President Donald Trump after a tariffs fight that started between the two countries. China imported about USD 100 billion of US goods - only 58 per cent of the actual targeted volume of USD 173.1 billion for 2020, in the first year of the arrangement, Sputnik reported. Biden administration has had a rocky start in the US relationship with China, with officials from the two countries openly bickering before the media at a meeting in Alaska hosted by US State Secretary Anthony Blinken last month. Both the countries have continued to tussle on issues about Hong Kong, Xinjiang, South China Sea, and the Indo-Pacific region. The only issue they partially seem to agree on is climate change.

'US will not hesitate to call out China's coercive trade practices'

Australia has formally named China in a court document as the foreign state under investigation by police in the nation`s first foreign interference investigation.

A document lodged in the High Court on September 1 by the Australian Government Solicitor is the first official acknowledgement that the ongoing investigation into an alleged plot to influence an Australian politician centred on China.

The Australian Federal Police and the Australian Security and Intelligence Organisation have refused to comment on whether a raid on the offices of a New South Wales state politician and his staffer on June 26 was related to China, although it was widely believed to be.

<a href="https://www.wionews.com/world/raiding-of-chinese-journalists-in-australia-utterly-appalling-says-state-chinese-media-327025">Also read:&nbsp;Raiding of Chinese journalists in Australia 'utterly appalling', says state Chinese media</a>

The court filing states the search warrant used by police "expressly identifies the foreign principal as the 'Government of the People`s Republic of China (PRC)."

John Zhang,who worked for NSW Labor politician Shaoquett Moselmane, has asked the High Court to quash the search warrants used to search his home, business and Moselmane`s parliament office.

The government`s defence document, signed off by Australia`s Solicitor-General Stephen Donaghue, was lodged with the court the day after the government warned Australian journalists working in China to leave for safety reasons.

<a href="https://www.wionews.com/world/china-spying-on-millions-around-the-world-by-harvesting-personal-details-from-the-dark-web-327896">Also read:&nbsp;China spying on millions around the world by harvesting personal details from the dark web</a>

In the government`s response on September 1, the government solicitor states there is "no doubt that the suspected offences related to the plaintiff`s dealings with the Hon Shaoquett Moselmane MLC, allegedly on behalf of the People`s Republic of China (PRC), from about 1 July 2019 to about 25 June 2020, in order to advance the interests and policy goals of the PRC".

The Chinese government has said ASIO also searched four Chinese journalists in Australia in June.

Australia`s foreign interference law criminalised harmful or covert conduct by foreign principals who seek to interfere in the country`s democratic processes to support their own intelligence activities or prejudice Australia`s national security, the court document said.

On Wednesday, the Chinese consulate general in Sydney responded angrily to an Australian Broadcasting Corp report that said one of its officials was also named in the search warrants.

"The accusations that the Consulate General and its official engaged in infiltration activities are totally baseless and nothing but vicious slanders," the statement said.

Australia has formally named China in a court document as the foreign state under investigation by police in the nation`s first foreign interference investigation.

Australia has formally named China in a court document as the foreign state under investigation by police in the nation`s first foreign interference investigation. A document lodged in the High Court on September 1 by the Australian Government Solicitor is the first official acknowledgement that the ongoing investigation into an alleged plot to influence an Australian politician centred on China. The Australian Federal Police and the Australian Security and Intelligence Organisation have refused to comment on whether a raid on the offices of a New South Wales state politician and his staffer on June 26 was related to China, although it was widely believed to be. Also read: Raiding of Chinese journalists in Australia 'utterly appalling', says state Chinese media The court filing states the search warrant used by police "expressly identifies the foreign principal as the 'Government of the People`s Republic of China (PRC)." John Zhang,who worked for NSW Labor politician Shaoquett Moselmane, has asked the High Court to quash the search warrants used to search his home, business and Moselmane`s parliament office. The government`s defence document, signed off by Australia`s Solicitor-General Stephen Donaghue, was lodged with the court the day after the government warned Australian journalists working in China to leave for safety reasons. Also read: China spying on millions around the world by harvesting personal details from the dark web In the government`s response on September 1, the government solicitor states there is "no doubt that the suspected offences related to the plaintiff`s dealings with the Hon Shaoquett Moselmane MLC, allegedly on behalf of the People`s Republic of China (PRC), from about 1 July 2019 to about 25 June 2020, in order to advance the interests and policy goals of the PRC". The Chinese government has said ASIO also searched four Chinese journalists in Australia in June. Australia`s foreign interference law criminalised harmful or covert conduct by foreign principals who seek to interfere in the country`s democratic processes to support their own intelligence activities or prejudice Australia`s national security, the court document said. On Wednesday, the Chinese consulate general in Sydney responded angrily to an Australian Broadcasting Corp report that said one of its officials was also named in the search warrants. "The accusations that the Consulate General and its official engaged in infiltration activities are totally baseless and nothing but vicious slanders," the statement said.

Australian government lawyer names China in interference investigation

China under President Xi Jinping has become more aggressive and bullish, former US Ambassador to the United Nations Nikki Haley said on Tuesday, asserting that such a behavior is unlikely to last long.

Indian-American Nikki Haley, in an interview to Fox News, said the Chinese were quiet and strategic during her tenure at the UN. They moved and made sure that they were trying to get positions in certain areas, and trying to get things done behind closed doors, she said.

"Then once President Xi kind of named himself king, they got very aggressive. They got very bullish. They started to kind of point their fingers in countries'' faces saying, you''d better vote with us. They started to be very aggressive at the UN in wanting positions and wanting to have leadership roles. And they started talking down to everyone," Ms Haley alleged.

With their Belt and Road initiative, the Chinese started really trying to buy up these infrastructures or partnering with smaller countries on infrastructure projects, she said.

"But yet they go in, they wouldn't assimilate with the countries. The countries didn''t like their attitude when they were coming in. Now we look at it, it's getting more aggressive in tone," said Haley, who resigned as UN ambassador in 2018 after nearly two years in the post.

"But this can't last. You know, any country that is not letting its people be free, there will be a time when the people rebel. So right now they''re continuing to push, they''re continuing to put pressure on Hong Kong, as we''ve seen. We''re starting to see the pressure go to Taiwan, the South China Sea, in India. All of this is them playing kind of a king of the mountain scenario," Haley said.

She said the US needs to "let them know we''re on to them, we need to actually follow through on the intellectual property measures that were in that trade deal that we had and hold them accountable."

"We need to make sure we continue to let them know we''re building up our military so that they know not to mess with us. We need to make sure that our American companies understand that when you do business in China, you are required to work with the Chinese military. That is a national security threat to America. And we really need to have those conversations with those Americans," Ms Haley said in response to a question.

Supporting President Donald Trump's decision to close the Chinese consulate in Houston, Ms Haley alleged that these consulates have been "spy centres" for a long time.

"I mean there's no question that they had some illegal activity going on in those consulates. So I was thrilled to see them close down the one in Houston, which was known to be kind of the epicentre of where all of this was going on. And I think, you know, when you have Chinese officials being hidden at consulates, it goes to show you''re doing something wrong," she said.

China under President Xi Jinping has become more aggressive and bullish, former US Ambassador to the United Nations Nikki Haley said on Tuesday, asserting that such a behavior is unlikely to last long.

China under President Xi Jinping has become more aggressive and bullish, former US Ambassador to the United Nations Nikki Haley said on Tuesday, asserting that such a behavior is unlikely to last long. Indian-American Nikki Haley, in an interview to Fox News, said the Chinese were quiet and strategic during her tenure at the UN. They moved and made sure that they were trying to get positions in certain areas, and trying to get things done behind closed doors, she said. "Then once President Xi kind of named himself king, they got very aggressive. They got very bullish. They started to kind of point their fingers in countries'' faces saying, you''d better vote with us. They started to be very aggressive at the UN in wanting positions and wanting to have leadership roles. And they started talking down to everyone," Ms Haley alleged. With their Belt and Road initiative, the Chinese started really trying to buy up these infrastructures or partnering with smaller countries on infrastructure projects, she said. "But yet they go in, they wouldn't assimilate with the countries. The countries didn''t like their attitude when they were coming in. Now we look at it, it's getting more aggressive in tone," said Haley, who resigned as UN ambassador in 2018 after nearly two years in the post. "But this can't last. You know, any country that is not letting its people be free, there will be a time when the people rebel. So right now they''re continuing to push, they''re continuing to put pressure on Hong Kong, as we''ve seen. We''re starting to see the pressure go to Taiwan, the South China Sea, in India. All of this is them playing kind of a king of the mountain scenario," Haley said. She said the US needs to "let them know we''re on to them, we need to actually follow through on the intellectual property measures that were in that trade deal that we had and hold them accountable." "We need to make sure we continue to let them know we''re building up our military so that they know not to mess with us. We need to make sure that our American companies understand that when you do business in China, you are required to work with the Chinese military. That is a national security threat to America. And we really need to have those conversations with those Americans," Ms Haley said in response to a question. Supporting President Donald Trump's decision to close the Chinese consulate in Houston, Ms Haley alleged that these consulates have been "spy centres" for a long time. "I mean there's no question that they had some illegal activity going on in those consulates. So I was thrilled to see them close down the one in Houston, which was known to be kind of the epicentre of where all of this was going on. And I think, you know, when you have Chinese officials being hidden at consulates, it goes to show you''re doing something wrong," she said.

'China under Xi has become bullish,' says ex-US envoy Nikki Haley: Report

Today In History: Beginning of trade war, reopening of Nathu La Pass, and more

PM Modi paid a surprised visit to the injured jawans at the military hospital in Leh, where they were undergoing treatment since the ‘violent face-off’ in eastern Ladakh that left 20 jawans martyred. Now China has reacted to PM Modi's visit and said 'Hope India will follow Modi-Xi consensus'.

WION Dispatch: China reacts to PM Modi's Ladakh visit | India-China standoff

China reacts to PM Modi's Ladakh visit, Denies being 'expansionist'

At the start of the year, US-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies.

At the start of the year, US-China tensions were easing after their Phase I trade deal, while Washington, Brussels and Tokyo agreed on new global trading rules to curb subsidies. A relative calm had set in. Then the new coronavirus struck. Countries across the world imposed 222 exports curbs on medical supplies and medicines and in some cases food, according to Global Trade Alert, a Swiss monitoring group. For medical products, it was more than 20 times the usual level. Those curbs are now being lifted, but the pandemic has reinforced protectionist arguments by highlighting how global supply chains can deprive people of essential medical protection and disrupt food supplies, as well as threaten jobs. US President Donald Trump has said he wants to cut ties with China, the European Union is planning barriers to state-backed investment from China and elsewhere and China is demanding declarations that food imports are virus-free. Former EU trade chief Cecilia Malmstrom said there was a "worrying" tendency towards protectionism in the world and the re-emergence of trade conflicts briefly paused by the health crisis. "Trade-wise we should be concerned," she told a seminar on Wednesday. The World Trade Organization said on Tuesday that global trade in goods was set for a record fall this year and that wider restrictions could see a 2021 rebound falling short. In the past fortnight, the United States has withdrawn from negotiations with European countries over a tax on digital firms and pledged a "broad reset" of its set of tariffs agreed with World Trade Organization partners. It has also threatened tariffs on a new range of European products, including fresh olives, bakery items and gin, to maintain pressure in a 16-year dispute over aircraft subsidies. Rhetoric Vs Reality To some extent, political rhetoric is running ahead of reality: US-China trade rose in April after COVID-19-related falls and US officials have said China is committed to buying more US goods in line with the Phase 1 deal. Chinese leaders and EU chiefs met virtually last Monday, although Brussels told China to make good on its promise to allow greater access for European companies and criticised its actions on the coronavirus and Hong Kong. China offered deeper cooperation on COVID-19 and urged the EU to relax export controls. On Wednesday, Beijing said it was opening up seven more sectors to foreign investors. Beijing and Brussels are keeping up contacts with Washington and some progress has been made in limited EU-U.S. talks on food standards and technology cooperation. Senior EU and U.S. trade officers are holding talks every three weeks, officials say. China's most senior diplomat Yang Jiechi also met with U.S. Secretary of State Mike Pompeo in Hawaii on Wednesday, although Trump renewed his threat to cut ties with Beijing the next day. Biden Trade is a bellwhether for the cooperation and trust needed to help economies recover, particulary those of smaller countries, said Rohinton Medhora, president of Canada-based think tank the Centre for International Governance Innovation. Both China and Europe are bracing for rocky relations in the leadup to the U.S. presidential election, but see some hope if Trump's Democrat challenger Joe Biden wins. "Biden as president is the only chance for China-U.S. relations to regain rationality," said Zhu Feng, dean of the Institute of International Studies at Shanghai's Fudan University. But he did not expect relations to change dramatically in the short term. There is broad bipartisan support in the U.S. Congress for being tough on China, and European optimism over more cooperation with Washington is also tempered. Reinhard Buetikofer, a trade expert of the Greens in the European Parliament, did not envisage a return to the "golden years" of the Clinton or Obama administrations if Biden won. "I don't expect Biden to be soft on Europe... The mood has changed to a huge degree, not only in Washington, even more so in the U.S. states," he said, although he did envisage an approach more tuned to creating alliances. U.S. figures show a trade deficit with the EU in goods and services of $109 billion in 2018. Rebalancing the relationship with Europe, including on trade, was a core U.S. national interest, according to Hosuk Lee-Makiyama, director of trade think-tank ECIPE. "The difference between the current administration, or the next or previous is really more about table manners," he said.

Coronavirus rekindles global trade disputes

Trade tensions between China and Australia escalated further as China imposed 80% tariff on import of Australian barley. Australia has shown disappointment and has indicated they will approach WTO over this issue.

China-Australia trade tensions intensifies as China imposes 80% tariffs on import of Australian barley

China’s ambassador to Australia, Cheng Jingye, let the cat out of the bag this week when he lambasted Canberra over its decision to exclude Huawei from the build-out of Australia’s 5G network.

In uncharacteristically sharp diplomatic language, Cheng described Australia’s campaign against Huawei as “politically motivated” and “discriminatory”.

This is not the first time Chinese officials have voiced their country’s displeasure with the Australian government’s campaign against Huawei. But Cheng’s public intervention represents the most direct criticism of Australia in what is shaping as a defining issue in relations between China and the West.

A burgeoning technology war with China

It is now clear America and its allies are engaged in what has the makings of a full-blown technology war. The ultimate destination of this conflict is unclear, but its ramifications will scar international relationships for decades to come.

The rawness of this issue is likely to become more pronounced as China spreads its superfast 5G technology across the globe in competition with the more expensive Nokia and Ericsson systems. Huawei technology accounts for about 30% of the world’s mobile technology market, double the reach of its nearest rivals.

America and its allies fear Huawei’s penetration – indeed dominance – of the market for 5G will give the Chinese company, and China itself, a “backdoor” into communications systems globally.

The battle over Huawei is merely the most visible manifestation of the conflict between the US, the longtime leader in technology, and China, the emerging technology superpower. China’s advances in areas like artificial intelligence are already turning assumptions about American technological superiority upside down.

What is in peril is a global communications system in which various players find ways to integrate their technologies. A technology wrangle involving combatants in a fight for dominance in a data-hungry world is giving new meaning to the word “disruption”.

China’s displeasure with Australia’s role

Behind the scenes, China has made no secret of its angst over Australia’s role as what it perceives to be a stalking horse for Washington in a campaign against Huawei and, by extension, other Chinese technology companies.

A lobbying campaign conducted in 2018 by Andrew Shearer, then deputy head of the Office of National Intelligence, particularly incensed Beijing. He had sought to persuade the UK to exclude Huawei from its 5G build-out.

In 2018, Australia became the first country to bar Huawei from providing 5G technology. Shearer is now cabinet secretary and close to Prime Minister Scott Morrison.

No Australian prime minister has visited Beijing since Malcolm Turnbull in 2016.

Cool relations between Canberra and Beijing can be attributed in great part to these behind-the-scenes lobbying activities against Huawei by a member of the so-called “Five Eyes” intelligence-sharing establishment (in partnership with the US, UK, Canada and New Zealand).

The UK’s decision, despite pressure from US President Donald Trump, to enable Huawei to help build non-core elements of its 5G network is causing a crisis of confidence among “Five Eyes” participants.

How to deal with China in a new era in which American technological dominance is eroding fast lies at the centre of this argument.

Fallout in Australia from internal “Five Eyes” wrangling over the Chinese company emerged in the past week or so. It was revealed Anthony Byrne, the deputy chair of the Australian Parliament’s intelligence committee, had upbraided visiting British Foreign Secretary Dominic Raab over the UK’s decision to allow Huawei to help build its 5G network.

That confrontation was leaked to the media and caused the cancellation of a visit to the UK by leaders of the intelligence committee. Committee chair Andrew Hastie and Byrne will now travel to Washington instead of for consultations on the Huawei issue.

In some respects, these arguments among friends and allies might be regarded as a storm in a teacup since Australian parliamentary committees are relatively powerless.

However, it is not overstating the case to say differences among the “Five Eyes” on the Huawei issue pose a threat to a long-standing Western consensus about how to manage relations with China more generally.

Fighting words from the US 
 
These cracks were visible at the just-concluded Munich security conference. US Secretary of State Mike Pompeo and Defence Secretary Mark Esper warned that alliances, including the future of NATO itself, were in jeopardy if European countries went ahead with using Huawei technology in their 5G networks.

In an unusually sharp and direct criticism of China, Esper described Huawei as the “China poster child for its nefarious industrial strategy”, one that is “fuelled by theft and coercion and the exploitation of free-market, private companies and universities”. He added: "Reliance on Chinese 5G vendors could render our partners’ critical systems vulnerable to disruption, manipulations and espionage. The Chinese Communist Party is heading even faster and further in the wrong direction with more internal repression, more predatory behaviour, more heavy-handedness and a more aggressive military posture. It is essential that the international community wake up to the challenge."

These are fighting words, but it is at least questionable whether Washington, with the assistance of allies like Australia, will prevail in its efforts to shut Huawei and other Chinese technology companies out of the biggest and most lucrative market of the 21st century – advanced technology.

If there was a consensus among the participants in Munich, it was that Western countries needed to tread warily in absorbing Chinese technology into their communications systems to the point where dependence on China would become irreversible.

A smattering of officials, including Fu Ying, former ambassador to Britain and Australia, represented Beijing at the conference. She posed a rhetorical question that will have resonated with some attendees: "Do you really think the democratic system is so fragile it could be threatened by this single high-tech company, Huawei?"

US moves in court against Huawei 
 
Meanwhile, Washington added fuel to an already heated “technology war” by charging Huawei and two of its subsidiaries with federal racketeering and conspiracy to steal trade secrets from US companies.

This represents a significant escalation in the US campaign against Huawei.

Washington is accusing Huawei of purloining trade secrets, including source codes and wireless technology, from six companies. These were not named but are believed to include US technology giants Cisco and Motorola.

These “racketeering” charges are separate from extradition hearings in Canada involving Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder.

Washington is seeking Meng’s extradition on charges of participating in a decade-long attempt by the company to steal state secrets, obstruct a criminal investigation and evade economic sanctions against Iran.

Whether it likes it or not, the Australian government finds itself attached to an American campaign against Huawei and, in turn, a slew of other Chinese companies.

Leaving aside a conventional trade war between the US and China over soybeans and consumer durables, a technology conflict will prove longer-lasting and certainly more disruptive.

(Tony Walker is Adjunct Professor, School of Communications, La Trobe University)

(This article was originally published on The Conversation. <a href="https://theconversation.com/why-the-global-battle-over-huawei-could-prove-more-disruptive-than-trumps-trade-war-with-china-131828">Read the original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

China’s ambassador to Australia, Cheng Jingye, let the cat out of the bag this week when he lambasted Canberra over its decision to exclude Huawei from the build-out of Australia’s 5G network.

China’s ambassador to Australia, Cheng Jingye, let the cat out of the bag this week when he lambasted Canberra over its decision to exclude Huawei from the build-out of Australia’s 5G network. In uncharacteristically sharp diplomatic language, Cheng described Australia’s campaign against Huawei as “politically motivated” and “discriminatory”. This is not the first time Chinese officials have voiced their country’s displeasure with the Australian government’s campaign against Huawei. But Cheng’s public intervention represents the most direct criticism of Australia in what is shaping as a defining issue in relations between China and the West. A burgeoning technology war with China It is now clear America and its allies are engaged in what has the makings of a full-blown technology war. The ultimate destination of this conflict is unclear, but its ramifications will scar international relationships for decades to come. The rawness of this issue is likely to become more pronounced as China spreads its superfast 5G technology across the globe in competition with the more expensive Nokia and Ericsson systems. Huawei technology accounts for about 30% of the world’s mobile technology market, double the reach of its nearest rivals. America and its allies fear Huawei’s penetration – indeed dominance – of the market for 5G will give the Chinese company, and China itself, a “backdoor” into communications systems globally. The battle over Huawei is merely the most visible manifestation of the conflict between the US, the longtime leader in technology, and China, the emerging technology superpower. China’s advances in areas like artificial intelligence are already turning assumptions about American technological superiority upside down. What is in peril is a global communications system in which various players find ways to integrate their technologies. A technology wrangle involving combatants in a fight for dominance in a data-hungry world is giving new meaning to the word “disruption”. China’s displeasure with Australia’s role Behind the scenes, China has made no secret of its angst over Australia’s role as what it perceives to be a stalking horse for Washington in a campaign against Huawei and, by extension, other Chinese technology companies. A lobbying campaign conducted in 2018 by Andrew Shearer, then deputy head of the Office of National Intelligence, particularly incensed Beijing. He had sought to persuade the UK to exclude Huawei from its 5G build-out. In 2018, Australia became the first country to bar Huawei from providing 5G technology. Shearer is now cabinet secretary and close to Prime Minister Scott Morrison. No Australian prime minister has visited Beijing since Malcolm Turnbull in 2016. Cool relations between Canberra and Beijing can be attributed in great part to these behind-the-scenes lobbying activities against Huawei by a member of the so-called “Five Eyes” intelligence-sharing establishment (in partnership with the US, UK, Canada and New Zealand). The UK’s decision, despite pressure from US President Donald Trump, to enable Huawei to help build non-core elements of its 5G network is causing a crisis of confidence among “Five Eyes” participants. How to deal with China in a new era in which American technological dominance is eroding fast lies at the centre of this argument. Fallout in Australia from internal “Five Eyes” wrangling over the Chinese company emerged in the past week or so. It was revealed Anthony Byrne, the deputy chair of the Australian Parliament’s intelligence committee, had upbraided visiting British Foreign Secretary Dominic Raab over the UK’s decision to allow Huawei to help build its 5G network. That confrontation was leaked to the media and caused the cancellation of a visit to the UK by leaders of the intelligence committee. Committee chair Andrew Hastie and Byrne will now travel to Washington instead of for consultations on the Huawei issue. In some respects, these arguments among friends and allies might be regarded as a storm in a teacup since Australian parliamentary committees are relatively powerless. However, it is not overstating the case to say differences among the “Five Eyes” on the Huawei issue pose a threat to a long-standing Western consensus about how to manage relations with China more generally. Fighting words from the US These cracks were visible at the just-concluded Munich security conference. US Secretary of State Mike Pompeo and Defence Secretary Mark Esper warned that alliances, including the future of NATO itself, were in jeopardy if European countries went ahead with using Huawei technology in their 5G networks. In an unusually sharp and direct criticism of China, Esper described Huawei as the “China poster child for its nefarious industrial strategy”, one that is “fuelled by theft and coercion and the exploitation of free-market, private companies and universities”. He added: "Reliance on Chinese 5G vendors could render our partners’ critical systems vulnerable to disruption, manipulations and espionage. The Chinese Communist Party is heading even faster and further in the wrong direction with more internal repression, more predatory behaviour, more heavy-handedness and a more aggressive military posture. It is essential that the international community wake up to the challenge." These are fighting words, but it is at least questionable whether Washington, with the assistance of allies like Australia, will prevail in its efforts to shut Huawei and other Chinese technology companies out of the biggest and most lucrative market of the 21st century – advanced technology. If there was a consensus among the participants in Munich, it was that Western countries needed to tread warily in absorbing Chinese technology into their communications systems to the point where dependence on China would become irreversible. A smattering of officials, including Fu Ying, former ambassador to Britain and Australia, represented Beijing at the conference. She posed a rhetorical question that will have resonated with some attendees: "Do you really think the democratic system is so fragile it could be threatened by this single high-tech company, Huawei?" US moves in court against Huawei Meanwhile, Washington added fuel to an already heated “technology war” by charging Huawei and two of its subsidiaries with federal racketeering and conspiracy to steal trade secrets from US companies. This represents a significant escalation in the US campaign against Huawei. Washington is accusing Huawei of purloining trade secrets, including source codes and wireless technology, from six companies. These were not named but are believed to include US technology giants Cisco and Motorola. These “racketeering” charges are separate from extradition hearings in Canada involving Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder. Washington is seeking Meng’s extradition on charges of participating in a decade-long attempt by the company to steal state secrets, obstruct a criminal investigation and evade economic sanctions against Iran. Whether it likes it or not, the Australian government finds itself attached to an American campaign against Huawei and, in turn, a slew of other Chinese companies. Leaving aside a conventional trade war between the US and China over soybeans and consumer durables, a technology conflict will prove longer-lasting and certainly more disruptive. (Tony Walker is Adjunct Professor, School of Communications, La Trobe University) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Why global battle over Huawei could prove more disruptive than Donald Trump’s trade war with China

<a href="https://www.wionews.com/business-economy/sensex-hits-42000-for-first-time-nifty-at-a-record-high-274544">Indian markets </a>have climbed to&nbsp;a record high with the announcement of phase one trade deal between the<a href="https://www.wionews.com/opinions-blogs/us-iran-conflict-a-high-stakes-bet-on-who-blinks-first-274636"> US</a> and<a href="https://www.wionews.com/india-news/it-isnt-like-youve-got-china-on-your-border-when-trump-shocked-modi-with-his-remark-274653"> China</a>.

<a href="https://www.wionews.com/world/key-elements-of-the-us-china-trade-deal-a-pact-to-pause-the-economic-conflict-274516">Also read:&nbsp;Key elements of the US-China trade deal: A pact to pause the economic conflict</a>

Although it's just the first step, this deal between the world's two largest economies can benefit <a href="https://www.wionews.com/south-asia/family-of-british-explorer-return-old-buddha-statue-to-sri-lankan-temple-274652">Asia</a>'s third-largest economy India in several areas.

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Firstly, if <a href="https://www.wionews.com/opinions/wion-edit-inside-chinas-trafficking-problem-266666">China</a> starts exporting goods to the US which is its biggest market, then there will probably be a reduction&nbsp;in the dumping of unsold goods to&nbsp;India.

The global trade wars have increased the apprehensions of the global economies which are getting into recession and&nbsp;demand slowing.

So, this deal will indirectly help India by keeping the demand intact in many other markets.

But the trade deal will have a negatives side as well.&nbsp;

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The renewed demand in these economies will yield a price hike in oil prices which will, in turn, will impact India as it imports over 80 per cent of its crude oil.

With the pre-trade war levels due to this deal, India will also miss the opportunity to be the manufacturing hub of the world, as some companies had earlier shown interest in shifting their manufacturing base to India from China, owing to high US tariffs.

Indian markets have climbed to a record high with the announcement of phase one trade deal between the US and China. Also read: Key elements of the US-China trade deal: A pact to pause the economic conflict Although it's just the first step, this deal between the world's two largest economies can benefit Asia's third-largest economy India in several areas.

Indian markets have climbed to a record high with the announcement of phase one trade deal between the US and China. Also read: Key elements of the US-China trade deal: A pact to pause the economic conflict Although it's just the first step, this deal between the world's two largest economies can benefit Asia's third-largest economy India in several areas. × Firstly, if China starts exporting goods to the US which is its biggest market, then there will probably be a reduction in the dumping of unsold goods to India. The global trade wars have increased the apprehensions of the global economies which are getting into recession and demand slowing. So, this deal will indirectly help India by keeping the demand intact in many other markets. But the trade deal will have a negatives side as well. × The renewed demand in these economies will yield a price hike in oil prices which will, in turn, will impact India as it imports over 80 per cent of its crude oil. With the pre-trade war levels due to this deal, India will also miss the opportunity to be the manufacturing hub of the world, as some companies had earlier shown interest in shifting their manufacturing base to India from China, owing to high US tariffs.

US-China trade deal: Hits and misses for India

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal.

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">Also Read: US designates China a currency manipulator as yuan hits record low</a>

According to a report by Bloomberg, the US Treasury Department will take the step in a long-delayed semi-annual report to be released soon.

President Donald Trump's administration said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers.

Watch Video:

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Meanwhile, the deal between Washington and Beijing is aimed at de-escalating the tit-for-tat tariff war the two countries have engaged in since 2018.

US Senate Democratic leader Chuck Schumer, a fierce critic of &nbsp;China's currency and trade practices attacked the Trump administration asserting that it effectively "backed down" from labelling China as a currency manipulator.

The US in August had accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade.

However, China's central bank denied it had intervened to weaken the yuan, and had said Washington's designation of China as a currency manipulator seriously harmed international rules.

Meanwhile, the yuan recently reached its five-month highs amid heavy demand ahead of this week's trade deal. 
&nbsp;

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal.

The Trump administration is planning to lift China's designation as a "currency manipulator", as leaders of the two economies get set to sign the phase 1 trade deal. Also Read: US designates China a currency manipulator as yuan hits record low According to a report by Bloomberg, the US Treasury Department will take the step in a long-delayed semi-annual report to be released soon. President Donald Trump's administration said it made the change because China had agreed to refrain from devaluing its currency to make its own goods cheaper for foreign buyers. Watch Video: Meanwhile, the deal between Washington and Beijing is aimed at de-escalating the tit-for-tat tariff war the two countries have engaged in since 2018. US Senate Democratic leader Chuck Schumer, a fierce critic of China's currency and trade practices attacked the Trump administration asserting that it effectively "backed down" from labelling China as a currency manipulator. The US in August had accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. However, China's central bank denied it had intervened to weaken the yuan, and had said Washington's designation of China as a currency manipulator seriously harmed international rules. Meanwhile, the yuan recently reached its five-month highs amid heavy demand ahead of this week's trade deal.

Now, US may lift China's 'currency manipulator' designation

The <a href="https://www.wionews.com/photos/united-states-china-trade-war-in-10-dates-230517">United States&nbsp;and Chinese officials</a> are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war.

Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal.

The report helped move Wall Street futures into positive territory.

US officials have reiterated that any final decision by the American camp belongs to President Donald Trump.

For two months, the two sides have struggled to finalise a partial deal that Trump announced in October.

Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections.

But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close."

<a href="https://www.wionews.com/world/ready-for-more-united-states-prisoner-swaps-iran-267212">Trump</a> launched his trade war in March 2018, demanding that China end practices widely seen as unfair,&nbsp;such as forced technology transfers from US firms, and massive subsidies given to Chinese firms.

But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party.

<a href="https://www.wionews.com/world/witnesses-named-for-trump-impeachment-hearing-in-united-states-house-265830">Trump has also sought pledges</a> from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China.

Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday.

The United States and Chinese officials are working on a deal to postpone a round of tariffs set to hit Chinese imports in five days, according to a media report on Tuesday. Delaying the new duties, which cover about $160 billion in imports, including consumer favourites like mobile phones, could help reassure markets the two sides are making progress towards ending their trade war. Officials on both sides say they now expect to continue talking past December 15, when the tariffs are due to kick in, according to The Wall Street Journal. The report helped move Wall Street futures into positive territory. US officials have reiterated that any final decision by the American camp belongs to President Donald Trump. For two months, the two sides have struggled to finalise a partial deal that Trump announced in October. Statements by US officials have run hot and cold in recent days, with markets swooning last week after Trump said a deal could wait until after next year's elections. But Larry Kudlow, a top White House economic aide, said Friday a deal was "still close." Trump launched his trade war in March 2018, demanding that China end practices widely seen as unfair, such as forced technology transfers from US firms, and massive subsidies given to Chinese firms. But observers say Beijing is highly unlikely to make profound changes to the structure of its economy sought by Washington, which could politically undermine the Communist Party. Trump has also sought pledges from Beijing to make enormous purchases of US farm exports that experts say may exceed demand in China. Should the December 15 tariffs take effect, virtually all the merchandise the United States imports annually from China will be covered by punitive tariffs.

United States, China working to delay December 15 tariffs: Report

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US&nbsp;trade war.

Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3&nbsp;per cent&nbsp;last week on the news that OPEC and its allies would deepen output cuts.

West Texas Intermediate oil futures were down 28 cents, or 0.47&nbsp;per cent&nbsp;to $58.92 a barrel, having risen about 7&nbsp;per cent&nbsp;last week on the prospects for lower production from '<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">OPEC+</a>', which is made up of the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a>) and associated producers including Russia.

Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1&nbsp;per cent&nbsp;from a year earlier - a sharp reversal from expectations for a 1per cent&nbsp;rise in a Reuters poll.

The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand.

The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief&nbsp;Asia market strategist at AxiTrader.

Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details.

Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal.

On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent&nbsp;of global production.

"What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note.

"This would effectively take OPEC+ cuts to 2.1 million BPD," ING said.

Still, US&nbsp;production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction.

Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US&nbsp;drill count fell in the week to December&nbsp;6 a seventh week of decline.

Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war.

Oil prices fell on Monday after data showing China's overall exports of goods and services shrank for a fourth straight month, sending shivers through a market already concerned about damage being down to global demand by the Sino-US trade war. Brent futures were down 21 cents, or 0.3 per cent, at $64.18 per barrel by 0220 GMT, after gaining about 3 per cent last week on the news that OPEC and its allies would deepen output cuts. West Texas Intermediate oil futures were down 28 cents, or 0.47 per cent to $58.92 a barrel, having risen about 7 per cent last week on the prospects for lower production from 'OPEC+', which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia. Monday's sudden chill came after customs data released on Sunday showed exports from the world's second-biggest economy in November fell 1.1 per cent from a year earlier - a sharp reversal from expectations for a 1per cent rise in a Reuters poll. The weak start to the week came despite data showing China's crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the US-China trade row that has stymied global growth and oil demand. The sagging export data is "a casualty again of the protracted trade war," said Stephen Innes chief Asia market strategist at AxiTrader. Washington and Beijing have been trying to agree on a trade deal that will end tit-for-tat tariffs, but talks have dragged on for months as they wrangle over key details. Monday's declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments. The price drops also put an end to a strong run in previous sessions fuelled by hopes for the OPEC+ production curb deal. On Friday, those producers agreed to deepen their output cuts from 1.2 million barrels per day (BPD) to 1.7 million BPD, representing about 1.7 per cent of global production. "What made the announcement constructive was the fact that Saudi Arabia said it will produce around 400,000 BPD below its new quota level," ING Economics said in a note. "This would effectively take OPEC+ cuts to 2.1 million BPD," ING said. Still, US production has surged since the OPEC+ cuts were first introduced in 2017 in an attempt to drain a supply glut that had long weighed on prices. American output has risen even as the drill count has fallen, reflecting more efficient well extraction. Energy services firm Baker Hughes said in its closely watched weekly drilling report on Friday that the US drill count fell in the week to December 6 a seventh week of decline. Drilling companies cut five oil rigs, leaving a total of 661, the lowest since April 2017.

Oil prices slip as weak China exports highlights trade war impact

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election.

US&nbsp;stocks sold off for a third consecutive session overnight, while Asian shares extended losses as hopes for a quick preliminary agreement between the world's two biggest economies were dashed.

A full-blown global trade war is currently seen as the biggest threat to world markets. Fresh US tariffs on Argentina and Brazil, plus a threaten to impose duties on French goods, are fuelling fears that risks are tilting towards an escalation of the crisis.

"Any doubts about the vulnerability of equity markets to the mood of the US&nbsp;President should have been dispelled, as his recent tweets and comments have nearly wiped out the entirety of November's gains," said Ian Williams, economics &amp; strategy analyst at Peel Hunt.

The pan-European equity index STOXX 600, which had slumped 2.2 per cent&nbsp;since the beginning of the month, rose 0.4 per cent&nbsp;but futures markets were still pointing to a slightly negative open on Wall Street.

The mood on the European trading floor is subject to change, with investors awaiting a salvo of surveys on the health of the service sector of major European countries.

"For some months now there has been a concern that the weakness in the manufacturing sector might start to weigh on services activity and there has been some evidence of that in recent months, though not quite to the same extent," wrote Michael Hewson, chief market analyst at CMC Markets, to clients.

The latest trade war scare has put the brakes on a rally that had lifted the S&amp;P 500 since early October when top diplomats from China and the United States met and outlined an initial agreement that Trump said he hoped could be sealed within weeks.

US&nbsp;Commerce Secretary Wilbur Ross said that if no substantial progress was made soon, another round of duties on Chinese imports including cell phones, laptops and toys would take effect on December 15.

The US&nbsp;House of Representatives' passage of a bill proposing a stronger response to a crackdown on Muslims in China's west also added yet another layer of tension, drawing swift condemnation from Beijing on Wednesday.

Beijing's handling of civil unrest in Hong Kong has also drawn criticism from Washington.

"The market was too complacent, thinking both superpowers would be able to compartmentalize these issues away from the broader trade narrative," Stephen Innes chief&nbsp;Asia market strategist at AxiTrader,&nbsp;said in a note.

In currency markets, the euro was flat against the dollar at 1.1081. The Japanese yen and Swiss franc, seen as safe havens stood during market storms were making gains, up 0.17 per cent and 0.13 per cent&nbsp;respectively.

European yields continued their descent on Wednesday as investors continued to fret about the impact of America's trade war, falling between one and two basis points.

The yield on benchmark 10-year US&nbsp;Treasuries fell as low as 1.6930 per cent&nbsp;overnight, the sharpest fall since May and was trading at 1.7105 per cent&nbsp;on Wednesday.

Gold XAU= rose 0.4 per cent&nbsp;to $1,482.9 per ounce.

Brent crude futures were up 0.58 per cent at $61.17 a barrel while US&nbsp;West Texas Intermediate crude gained 0.52 per cent&nbsp;to $56.39 per barrel.

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US President Donald Trump surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election.

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US President Donald Trump surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election. US stocks sold off for a third consecutive session overnight, while Asian shares extended losses as hopes for a quick preliminary agreement between the world's two biggest economies were dashed. A full-blown global trade war is currently seen as the biggest threat to world markets. Fresh US tariffs on Argentina and Brazil, plus a threaten to impose duties on French goods, are fuelling fears that risks are tilting towards an escalation of the crisis. "Any doubts about the vulnerability of equity markets to the mood of the US President should have been dispelled, as his recent tweets and comments have nearly wiped out the entirety of November's gains," said Ian Williams, economics & strategy analyst at Peel Hunt. The pan-European equity index STOXX 600, which had slumped 2.2 per cent since the beginning of the month, rose 0.4 per cent but futures markets were still pointing to a slightly negative open on Wall Street. The mood on the European trading floor is subject to change, with investors awaiting a salvo of surveys on the health of the service sector of major European countries. "For some months now there has been a concern that the weakness in the manufacturing sector might start to weigh on services activity and there has been some evidence of that in recent months, though not quite to the same extent," wrote Michael Hewson, chief market analyst at CMC Markets, to clients. The latest trade war scare has put the brakes on a rally that had lifted the S&P 500 since early October when top diplomats from China and the United States met and outlined an initial agreement that Trump said he hoped could be sealed within weeks. US Commerce Secretary Wilbur Ross said that if no substantial progress was made soon, another round of duties on Chinese imports including cell phones, laptops and toys would take effect on December 15. The US House of Representatives' passage of a bill proposing a stronger response to a crackdown on Muslims in China's west also added yet another layer of tension, drawing swift condemnation from Beijing on Wednesday. Beijing's handling of civil unrest in Hong Kong has also drawn criticism from Washington. "The market was too complacent, thinking both superpowers would be able to compartmentalize these issues away from the broader trade narrative," Stephen Innes chief Asia market strategist at AxiTrader, said in a note. In currency markets, the euro was flat against the dollar at 1.1081. The Japanese yen and Swiss franc, seen as safe havens stood during market storms were making gains, up 0.17 per cent and 0.13 per cent respectively. European yields continued their descent on Wednesday as investors continued to fret about the impact of America's trade war, falling between one and two basis points. The yield on benchmark 10-year US Treasuries fell as low as 1.6930 per cent overnight, the sharpest fall since May and was trading at 1.7105 per cent on Wednesday. Gold XAU= rose 0.4 per cent to $1,482.9 per ounce. Brent crude futures were up 0.58 per cent at $61.17 a barrel while US West Texas Intermediate crude gained 0.52 per cent to $56.39 per barrel.

Stocks in tentative rebound after Trump's trade war scare

Chinese President Xi Jinping today asserted his country's interest in working out a <a href="https://www.wionews.com/world/will-strive-to-reach-phase-one-trade-deal-with-us-china-263620">preliminary trade deal</a> with the United States. He added that he believes in avoiding a trade war, but is nonetheless afraid of retaliating when necessary.

"We want to work for a 'phase one' agreement on the basis of mutual respect and equality," Xi told representatives of an international forum, Reuters reported.

"When necessary, we will fight back, but we have been working actively to try not to have a trade war. We did not initiate this trade war and this is not something we want", Jinping added.

Xi was at the Great Hall of the People responding to questions from representatives of the New Economy Forum organised by Bloomberg LP in Beijing.

Yesterday, former US secretary of state <a href="https://www.wionews.com/world/us-china-trade-dispute-could-spark-a-real-war-world-war-i-broke-out-over-relatively-minor-crisis-former-us-secretary-of-state-henry-kissinger-263637">Henry Kissinger</a> warned that an armed conflict could break out between the United States and China if they fail to resolve their trade war.

Kissinger was instrumental in normalising diplomatic relations between Washington and Beijing, came at a conference in Beijing on the future of the two economic giants.

"If a conflict is permitted to run unconstrained, the outcome could be even worse than it was in Europe", he said at the Bloomberg New Economy Forum.

"World War I broke out because of a relatively minor crisis ... and today the weapons are more powerful," the former top diplomat said. 
 
Watch: China seeks sanctions on US at World Trade Organisation

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-wallet-china-seeks-sanctions-on-us-in-world-trade-organisation-257427/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Earlier, China said that it is willing to work with the United States to resolve each other's core concerns on the basis of equality and mutual respect, and will try hard to reach a "phase one" deal.&nbsp;

"This is in line with the interests of both China and the United States, and of the world," Gao Feng, a spokesman at the ministry, told reporters.&nbsp;

Economists warn that the prolonged trade dispute between China and the United States is escalating risks to the global economy by disrupting supply chains, discouraging investment and dampening business confidence.

Completion of a phase one deal could slide into next year, trade experts and people close to the White House told Reuters previously, as Beijing presses for more extensive tariff rollbacks and the US administration counters with heightened demands of its own.

(With inputs from Reuters)

Chinese President Xi Jinping today asserted his country's interest in working out a preliminary trade deal with the United States. He added that he believes in avoiding a trade war, but is nonetheless afraid of retaliating when necessary.

Chinese President Xi Jinping today asserted his country's interest in working out a preliminary trade deal with the United States. He added that he believes in avoiding a trade war, but is nonetheless afraid of retaliating when necessary. "We want to work for a 'phase one' agreement on the basis of mutual respect and equality," Xi told representatives of an international forum, Reuters reported. "When necessary, we will fight back, but we have been working actively to try not to have a trade war. We did not initiate this trade war and this is not something we want", Jinping added. Xi was at the Great Hall of the People responding to questions from representatives of the New Economy Forum organised by Bloomberg LP in Beijing. Yesterday, former US secretary of state Henry Kissinger warned that an armed conflict could break out between the United States and China if they fail to resolve their trade war. Kissinger was instrumental in normalising diplomatic relations between Washington and Beijing, came at a conference in Beijing on the future of the two economic giants. "If a conflict is permitted to run unconstrained, the outcome could be even worse than it was in Europe", he said at the Bloomberg New Economy Forum. "World War I broke out because of a relatively minor crisis ... and today the weapons are more powerful," the former top diplomat said. Watch: China seeks sanctions on US at World Trade Organisation Earlier, China said that it is willing to work with the United States to resolve each other's core concerns on the basis of equality and mutual respect, and will try hard to reach a "phase one" deal. "This is in line with the interests of both China and the United States, and of the world," Gao Feng, a spokesman at the ministry, told reporters. Economists warn that the prolonged trade dispute between China and the United States is escalating risks to the global economy by disrupting supply chains, discouraging investment and dampening business confidence. Completion of a phase one deal could slide into next year, trade experts and people close to the White House told Reuters previously, as Beijing presses for more extensive tariff rollbacks and the US administration counters with heightened demands of its own. (With inputs from Reuters)

Want to 'work out' preliminary trade deal with US but not afraid of retaliating: Chinese President Xi Jinping

By Rodrigo Olivares-Caminal

Moody’s, one of the big three credit rating agencies, is not upbeat about the prospects for the world’s debt in 2020 – to put it mildly. If we were to try to capture the agency’s view of where we are heading on a palette of colours, we would be pointing at black – pitch black.

Moody’s rates the creditworthiness of 142 countries, which represent about $62.2 trillion (£48 trillion) of debt. It sees a disruptive political environment both within various countries and at the international level.

This, it says, is aggravating the slow-motion stagnation of global GDP growth that has been a problem since the financial crisis of 2008-09. Together, these difficulties have the potential to worsen the effects of unresolved structural issues in different countries, such as fast-ageing populations, income inequality, poor competitiveness, low currency reserves and poor policies for managing sovereign debt. The net result could be sovereign debt defaults that could trigger new economic and financial shocks and lead to serious instability in the months ahead.

As a professor of banking and finance law, I broadly agree with this prognosis. So where are the most serious flashpoints, and what can politicians and civil servants do to minimise the risks?

Welcome to the cauldron 
 
Unfortunately, the world is sitting on a sovereign debt timebomb that could be triggered at any time by the smallest event. This is confirmed by the IMF’s data, which identifies 32 countries as being at high risk of unsustainable debt. Their borrowings have more than tripled in just two years. We have to remember how serious the consequences can be when a country’s finances spiral out of control: take Venezuela, which is facing a humanitarian crisis with projected inflation of 10,000,000 per cent&nbsp;by the end of this year.

Moody’s argues convincingly that the main drivers of the problems threatening to tip these high debt levels into crisis are twofold: the recent disruption to world trade and the weakening of global and national institutions. World trade in goods is heading for its worst year since 2009, mainly driven by the geopolitical tensions resulting from the trade war between the US and China, and to a lesser extent the Brexit uncertainty in Europe.

The US-China standoff has affected trade volumes between the two superpowers. It has also meant that countries which play an important role in the global supply chain, such as Belgium, the Czech Republic, Ireland, Malaysia, Singapore and Vietnam, will face a slowdown in their economic activity.

Beyond this are indirect consequences that could kick off a crisis: confidence is reducing across the board, and short and medium-term growth is projected to slow down. This threatens to reduce foreign direct investment and capital flows into many countries – Moody’s argues this is already evident in the Asia-Pacific region.

The same thing looks likely to happen to those countries with large account deficits who are more reliant on overseas capital, such as Argentina, Lebanon, Mongolia, Pakistan, Sri Lanka, Tunisia, Turkey and to a lesser extent Indonesia. Capital flight will send their currencies plummeting and make their dollar-denominated debts even more unsustainable, raising the prospect of political strife and contagion.

The division bell

Nationalism and populism are ascendant across the world, undermining the effectiveness of domestic, regional and global policy now that the era of centrist political consensus has ended. As Moody’s notes, this lack of international cohesion has made it harder for institutions, such as the World Trade Organisation and G20, to help coordinate policy responses to economic difficulties.

It doesn’t help that there is also a large amount of bilateral antagonism at present – not only US/China and UK/EU, but also Japan and Korea, China and Japan, North Korea and the US, India and Pakistan, Russia and Ukraine and the ever-present tensions in the Gulf.

In this climate, populist movements are turning the growing anger over rising income inequality to their advantage, as we have seen in the likes of Argentina, Ecuador, Mexico and particularly Chile. Other countries facing similar issues include Ethiopia, Iraq, Lebanon and Tunisia.

In response, governments are being forced to shift their policies. For example, Argentina’s government had to reinstate price controls, which was one of its most criticised policies. Any quick populist fix may quiet discontent, but it doesn’t address structural challenges and only serves to highlight weak governments.

This is not just restricted to emerging markets: Moody’s also recently changed the outlook of the UK to negative, amid the uncertainty surrounding Brexit and the log-jammed parliament. Similarly in the US, the ongoing impeachment process against President Trump and political polarisation are distracting policymakers from more essential and pressing matters – not least the sluggish economy. A ratings downgrade cannot be ruled out entirely.

This should all serve as a wake-up call to other countries with longstanding unresolved structural challenges. Sri Lanka, for example, has large account deficits that cannot be reduced, while India’s credit outlook has also been downgraded to negative because its government’s economic policies have been ineffective at producing growth. Many countries, meanwhile, need to do more to address other challenges, such as robotisation and the emergence of AI, or simply reform fatigue.

Put this all together and it looks like a very toxic mix. Countries need to recognise their mutual interest in avoiding a full-blown debt crisis. They need to try to overcome their differences and embrace a cohesive approach towards development and tackling the debt problem.

It may even be too late. There are some parts of the world, such as Africa, where debt is already getting very close to a regional crisis. Latin America and the Caribbean are also at risk, although some countries are already restructuring their debts.

At any rate, the international community must do what it can before time runs out. For the future, there are two vital lessons: Countries need to tackle their structural issues early, and borrowing must be used for investment and not simply to finance budget deficits. If the world can make genuine progress on these fronts, situations like this can hopefully be avoided in the future. 
 
(Rodrigo Olivares-Caminal is Professor of Banking and Finance Law, Queen Mary University of London)

(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/buckle-up-for-turbulence-why-a-global-debt-crisis-looks-very-hard-to-avoid-127260">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) &nbsp;

By Rodrigo Olivares-Caminal Moody’s, one of the big three credit rating agencies, is not upbeat about the prospects for the world’s debt in 2020 – to put it mildly.

By Rodrigo Olivares-Caminal Moody’s, one of the big three credit rating agencies, is not upbeat about the prospects for the world’s debt in 2020 – to put it mildly. If we were to try to capture the agency’s view of where we are heading on a palette of colours, we would be pointing at black – pitch black. Moody’s rates the creditworthiness of 142 countries, which represent about $62.2 trillion (£48 trillion) of debt. It sees a disruptive political environment both within various countries and at the international level. This, it says, is aggravating the slow-motion stagnation of global GDP growth that has been a problem since the financial crisis of 2008-09. Together, these difficulties have the potential to worsen the effects of unresolved structural issues in different countries, such as fast-ageing populations, income inequality, poor competitiveness, low currency reserves and poor policies for managing sovereign debt. The net result could be sovereign debt defaults that could trigger new economic and financial shocks and lead to serious instability in the months ahead. As a professor of banking and finance law, I broadly agree with this prognosis. So where are the most serious flashpoints, and what can politicians and civil servants do to minimise the risks? Welcome to the cauldron Unfortunately, the world is sitting on a sovereign debt timebomb that could be triggered at any time by the smallest event. This is confirmed by the IMF’s data, which identifies 32 countries as being at high risk of unsustainable debt. Their borrowings have more than tripled in just two years. We have to remember how serious the consequences can be when a country’s finances spiral out of control: take Venezuela, which is facing a humanitarian crisis with projected inflation of 10,000,000 per cent by the end of this year. Moody’s argues convincingly that the main drivers of the problems threatening to tip these high debt levels into crisis are twofold: the recent disruption to world trade and the weakening of global and national institutions. World trade in goods is heading for its worst year since 2009, mainly driven by the geopolitical tensions resulting from the trade war between the US and China, and to a lesser extent the Brexit uncertainty in Europe. The US-China standoff has affected trade volumes between the two superpowers. It has also meant that countries which play an important role in the global supply chain, such as Belgium, the Czech Republic, Ireland, Malaysia, Singapore and Vietnam, will face a slowdown in their economic activity. Beyond this are indirect consequences that could kick off a crisis: confidence is reducing across the board, and short and medium-term growth is projected to slow down. This threatens to reduce foreign direct investment and capital flows into many countries – Moody’s argues this is already evident in the Asia-Pacific region. The same thing looks likely to happen to those countries with large account deficits who are more reliant on overseas capital, such as Argentina, Lebanon, Mongolia, Pakistan, Sri Lanka, Tunisia, Turkey and to a lesser extent Indonesia. Capital flight will send their currencies plummeting and make their dollar-denominated debts even more unsustainable, raising the prospect of political strife and contagion. The division bell Nationalism and populism are ascendant across the world, undermining the effectiveness of domestic, regional and global policy now that the era of centrist political consensus has ended. As Moody’s notes, this lack of international cohesion has made it harder for institutions, such as the World Trade Organisation and G20, to help coordinate policy responses to economic difficulties. It doesn’t help that there is also a large amount of bilateral antagonism at present – not only US/China and UK/EU, but also Japan and Korea, China and Japan, North Korea and the US, India and Pakistan, Russia and Ukraine and the ever-present tensions in the Gulf. In this climate, populist movements are turning the growing anger over rising income inequality to their advantage, as we have seen in the likes of Argentina, Ecuador, Mexico and particularly Chile. Other countries facing similar issues include Ethiopia, Iraq, Lebanon and Tunisia. In response, governments are being forced to shift their policies. For example, Argentina’s government had to reinstate price controls, which was one of its most criticised policies. Any quick populist fix may quiet discontent, but it doesn’t address structural challenges and only serves to highlight weak governments. This is not just restricted to emerging markets: Moody’s also recently changed the outlook of the UK to negative, amid the uncertainty surrounding Brexit and the log-jammed parliament. Similarly in the US, the ongoing impeachment process against President Trump and political polarisation are distracting policymakers from more essential and pressing matters – not least the sluggish economy. A ratings downgrade cannot be ruled out entirely. This should all serve as a wake-up call to other countries with longstanding unresolved structural challenges. Sri Lanka, for example, has large account deficits that cannot be reduced, while India’s credit outlook has also been downgraded to negative because its government’s economic policies have been ineffective at producing growth. Many countries, meanwhile, need to do more to address other challenges, such as robotisation and the emergence of AI, or simply reform fatigue. Put this all together and it looks like a very toxic mix. Countries need to recognise their mutual interest in avoiding a full-blown debt crisis. They need to try to overcome their differences and embrace a cohesive approach towards development and tackling the debt problem. It may even be too late. There are some parts of the world, such as Africa, where debt is already getting very close to a regional crisis. Latin America and the Caribbean are also at risk, although some countries are already restructuring their debts. At any rate, the international community must do what it can before time runs out. For the future, there are two vital lessons: Countries need to tackle their structural issues early, and borrowing must be used for investment and not simply to finance budget deficits. If the world can make genuine progress on these fronts, situations like this can hopefully be avoided in the future. (Rodrigo Olivares-Caminal is Professor of Banking and Finance Law, Queen Mary University of London) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Why a global debt crisis looks very hard to avoid

Chinese telecoms giant <a href="https://www.wionews.com/business-economy/huawei-pushes-5g-in-southeast-asia-brushing-off-tech-war-with-us-259636">Huawei Technologies</a> said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting.

The world's largest telecoms equipment provider has said it has been trying to find alternatives to US&nbsp;hardware after the United States all but banned it in May from doing&nbsp;business&nbsp;with American firms, disrupting its ability to source key parts.

The cash is a mark of recognition for work in the face of US&nbsp;pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said.

The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said.

Details of Huawei's plan were first reported by the South China Morning Post on Tuesday.

Many in the US&nbsp;government believe that <a href="https://www.wionews.com/business-economy/huawei-tightens-china-market-hold-with-42-share-at-expense-of-iphones-report-258794">Huawei's equipment</a>, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations.

Although granted reprieves from much of the US&nbsp;exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US&nbsp;sanctions on its smaller Chinese rival ZTE Corp in early 2017.

The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent&nbsp;rise in third-quarter revenue last month.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.

Chinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting. The world's largest telecoms equipment provider has said it has been trying to find alternatives to US hardware after the United States all but banned it in May from doing business with American firms, disrupting its ability to source key parts. The cash is a mark of recognition for work in the face of US pressure, Huawei's human resources department said in a notice to staff seen by Reuters. It will also double pay this month for almost all its 190,000 workers, a company spokesman said. The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said. Details of Huawei's plan were first reported by the South China Morning Post on Tuesday. Many in the US government believe that Huawei's equipment, particularly its 5G networks, pose a security risk, because of the company's allegedly close ties to the Chinese government. Huawei has denied the Chinese government plays any role in its operations. Although granted reprieves from much of the US exclusion, Huawei had been working to find alternatives after it witnessed the crippling effect of US sanctions on its smaller Chinese rival ZTE Corp in early 2017. The company is also the world's second-largest maker of smartphones and a surge in shipments of devices helped it to report a 27 per cent rise in third-quarter revenue last month.

Huawei to give staff $286 million bonus for helping it ride out US curbs

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

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