The European Union should shake off its ill will and build a good relationship with Britain as sovereign equals, Britain's top EU adviser David Frost said on Sunday, promising to stand up for the country's interests.&nbsp;

Writing in the Sunday Telegraph, Frost again defended Britain's unilateral move to smooth post-Brexit trade between Britain and Northern Ireland, over which the EU has promised to launch legal action for breaching the terms of the Brexit deal.&nbsp;

Since Britain left the EU last year, relations between the two have soured, with both sides accusing the other of acting in bad faith in relation to part of their trade agreement that covers goods movements to Northern Ireland.&nbsp;

Frost, who led Britain's negotiations to secure a trade deal with the bloc, was appointed as a minister and Prime Minister Boris Johnson's main point man for future ties with the EU earlier this year and looks set to take a firmer approach.&nbsp;

"I hope they will shake off any remaining ill will towards us for leaving, and instead build a friendly relationship, between sovereign equals," he wrote in an opinion piece.&nbsp;

"That is what I will be working towards, acting constructively when we can, standing up for our interests when we must – as a sovereign country in full control of our own destiny."&nbsp;

He again defended the British government's extension of a grace period for checks on some food products imported by retailers to Northern Ireland as being 'lawful and consistent with the progressive and good faith implementation' of part of the post-Brexit trade deal called the Northern Ireland protocol.&nbsp;

But he added, "Without this threat of disruption, we can continue our discussions with the EU to resolve difficulties arising from the protocol constructively and we aim to do so."&nbsp;

Northern Ireland's future was bitterly contested during the Brexit negotiations. London ultimately agreed to leave the British-ruled province aligned to the EU's single market for goods to avoid a hard border between Northern Ireland and EU member Ireland, fearing it could be detrimental to the 1998 peace agreement that ended decades of conflict in the province.&nbsp;

This has required checks on some items arriving in Northern Ireland from elsewhere in the United Kingdom, which some businesses say has made it difficult to bring in supplies. To address that issue, the British government extended the grace period for some checks until October 1.&nbsp;

The EU disputes that the grace period extension was in line with the agreement, saying London should honour what it signed up to. It has promised to launch legal action, or a so-called 'infringement procedure' against Britain.&nbsp;

(With inputs from agencies)&nbsp;

The European Union should shake off its ill will and build a good relationship with Britain as sovereign equals, Britain's top EU adviser David Frost said on Sunday, promising to stand up for the country's interests.

The European Union should shake off its ill will and build a good relationship with Britain as sovereign equals, Britain's top EU adviser David Frost said on Sunday, promising to stand up for the country's interests. Writing in the Sunday Telegraph, Frost again defended Britain's unilateral move to smooth post-Brexit trade between Britain and Northern Ireland, over which the EU has promised to launch legal action for breaching the terms of the Brexit deal. Since Britain left the EU last year, relations between the two have soured, with both sides accusing the other of acting in bad faith in relation to part of their trade agreement that covers goods movements to Northern Ireland. Frost, who led Britain's negotiations to secure a trade deal with the bloc, was appointed as a minister and Prime Minister Boris Johnson's main point man for future ties with the EU earlier this year and looks set to take a firmer approach. "I hope they will shake off any remaining ill will towards us for leaving, and instead build a friendly relationship, between sovereign equals," he wrote in an opinion piece. "That is what I will be working towards, acting constructively when we can, standing up for our interests when we must – as a sovereign country in full control of our own destiny." He again defended the British government's extension of a grace period for checks on some food products imported by retailers to Northern Ireland as being 'lawful and consistent with the progressive and good faith implementation' of part of the post-Brexit trade deal called the Northern Ireland protocol. But he added, "Without this threat of disruption, we can continue our discussions with the EU to resolve difficulties arising from the protocol constructively and we aim to do so." Northern Ireland's future was bitterly contested during the Brexit negotiations. London ultimately agreed to leave the British-ruled province aligned to the EU's single market for goods to avoid a hard border between Northern Ireland and EU member Ireland, fearing it could be detrimental to the 1998 peace agreement that ended decades of conflict in the province. This has required checks on some items arriving in Northern Ireland from elsewhere in the United Kingdom, which some businesses say has made it difficult to bring in supplies. To address that issue, the British government extended the grace period for some checks until October 1. The EU disputes that the grace period extension was in line with the agreement, saying London should honour what it signed up to. It has promised to launch legal action, or a so-called 'infringement procedure' against Britain. (With inputs from agencies)

Britain asks EU to shake off ill will over post-Brexit trade 

Brazil posted a trade surplus of $1.2 billion in February, more than the consensus forecast in a poll for a $900 million surplus, but around half of the $2.3 billion surpluses in the same month last year.

World Business Watch: Brazil posts $1.2 billion trade surplus in February

Taiwan President Tsai Ing-wen called on people to eat more pineapples to help farmers on Friday, saying Taiwan had been 'ambushed' by a ban on the fruit by neighbouring long-time rival China, which claims the island as its own.&nbsp;

China said on Friday that starting in March, it would suspend imports of pineapples from sub-tropical Taiwan, citing 'harmful creatures' it said could come with the fruit, threatening China's own agriculture.&nbsp;

The move prompted condemnation from Taiwan's ruling party and Tsai said in a Facebook post that the island's agricultural exports met international standards.&nbsp;

"China sent an ambush-like notice, unilaterally suspending the imports of Taiwan pineapples. This obviously was not a normal trade decision," Tsai wrote without elaboration.&nbsp;

"To support the farmers, let's eat pineapples all together!"&nbsp;

Taiwan's ruling Democratic Progressive Party (DPP) said on top of ongoing 'military intimidation', Beijing is also using the import ban to exert economic pressure on Taiwan, which counts China among its top trading partners despite political tensions.&nbsp;

"This is not the first time China has used agricultural exports to other countries as political threats," the DPP said in a statement.&nbsp;

Beijing, which has never renounced the use of force to bring Taiwan under its control, has carried out repeated air missions in the southwestern corner of Taiwan's air defence identification zone in recent months.&nbsp;

Taiwan's air force scrambled for a second straight day last weekend after a dozen Chinese fighter aircraft and bombers carried out drills close to Taiwan-controlled islands in the disputed South China Sea.&nbsp;

Taiwan exported about 46,000 metric tonnes of pineapples last year, and more than 90% of them were sold to China, the DPP said.&nbsp;

Taiwan President Tsai Ing-wen called on people to eat more pineapples to help farmers on Friday, saying Taiwan had been 'ambushed' by a ban on the fruit by neighbouring long-time rival China, which claims the island as its own.

Taiwan President Tsai Ing-wen called on people to eat more pineapples to help farmers on Friday, saying Taiwan had been 'ambushed' by a ban on the fruit by neighbouring long-time rival China, which claims the island as its own. China said on Friday that starting in March, it would suspend imports of pineapples from sub-tropical Taiwan, citing 'harmful creatures' it said could come with the fruit, threatening China's own agriculture. The move prompted condemnation from Taiwan's ruling party and Tsai said in a Facebook post that the island's agricultural exports met international standards. "China sent an ambush-like notice, unilaterally suspending the imports of Taiwan pineapples. This obviously was not a normal trade decision," Tsai wrote without elaboration. "To support the farmers, let's eat pineapples all together!" Taiwan's ruling Democratic Progressive Party (DPP) said on top of ongoing 'military intimidation', Beijing is also using the import ban to exert economic pressure on Taiwan, which counts China among its top trading partners despite political tensions. "This is not the first time China has used agricultural exports to other countries as political threats," the DPP said in a statement. Beijing, which has never renounced the use of force to bring Taiwan under its control, has carried out repeated air missions in the southwestern corner of Taiwan's air defence identification zone in recent months. Taiwan's air force scrambled for a second straight day last weekend after a dozen Chinese fighter aircraft and bombers carried out drills close to Taiwan-controlled islands in the disputed South China Sea. Taiwan exported about 46,000 metric tonnes of pineapples last year, and more than 90% of them were sold to China, the DPP said.

Taiwan urges people to eat more ‘forbidden fruit’ pineapples after China ban 

Australia’s biggest trade partner China has threatened economic retaliation ramping up tensions between Beijing and Canberra. China has now imposed anti-dumping measures on Australian wine in its latest trade retaliation.

China imposes anti-dumping measures on Australian wine

After several invitations of Regional Comprehensive Economic Partnership(RCEP), India rejects to be a part of the world's biggest free trade deal even as an observer as India wants to cut economic ties with china

India rejects RCEP invitation because of China

Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump.

Asia forms world's biggest trade bloc, a China-backed group excluding US

The Final Debate between Donald Trump & Joe Biden looked much more like a normal debate. The MUTE button amplified the starkly divergent visions of America. With dialed back anger, candidates clashed over pandemic, trade, climate & immigration. WION reports.

Key takeaways from final debate showdown

Vendors and manufacturers in Yiwu are at pains to try and save Christmas this year, as the novel coronavirus pandemic upends international business travel, forcing countries including China to place stringent curbs on entry into the country by foreigners.

In China’s Santa workshop, sellers fret over saving Christmas

The White House has asked U.S. government agencies for extensive details of any funding that seeks to counter China's global influence and business practices, or supports Beijing, amid growing tensions between Washington and Beijing.

Video: US Tightens Grip of Dealing With China

The president of the United Arab Emirates (UAE) scrapped an economic boycott against Israel. He allowed trade and financial agreements between the countries in another key step towards normalising ties.

UAE opens gates for Israeli citizens & firms to trade

One of the areas that have seen extensive reform in the last few years is trade facilitation. The steps have recorded India is recording massive improvement in the trading across border ranking. Watch report.

Documentary compliance costs high in India: Improving trading across borders

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday. 
 
Britain's first post-Brexit international trade secretary Liam Fox and Kenya's former WTO general council chair Amina Mohamed threw their hats in the ring in the final hours before the 1600 GMT deadline. 
 
They join candidates from Egypt, Mexico, Moldova, Nigeria and South Korea. 
 
The WTO is staging a swift contest to replace outgoing director-general Roberto Azevedo. The Brazilian career diplomat is stepping down a year early at the end of August.

Also read:&nbsp;<a href="/world/global-trade-set-to-shrink-185-in-q2-defying-worst-fears-wto-307910" hreflang="en">Global trade set to shrink 18.5% in Q2, defying worst fears: WTO</a> 
 
The new leader will be taking on an institution that was beset with mammoth challenges even before the pandemic-driven global economic crisis struck. 
 
"As the world seeks to recover from the shared challenge of the COVID-19 pandemic, the role of free and fair trade has never been more crucial," British Prime Minister Boris Johnson said in his letter to the WTO, nominating Fox. 
 
He said the former defence minister, 58, could implement the necessary reforms "to ensure the global trading system truly delivers for all WTO members." 
 
The new chief must revive stalled trade talks, lay the ground for the 2021 ministerial conference -- one of the WTO's major events -- and thaw relations with Washington.

Also read:&nbsp;<a href="/world/mike-pompeo-criticises-hsbc-for-corporate-kowtow-to-beijing-304822" hreflang="en">Mike Pompeo criticises HSBC for 'corporate kowtow' to Beijing</a> 
 
The United States, which has threatened to leave the WTO, has blocked the organisation's dispute settlement appeal system since December, and wants China moved up from the developing economies category. 
 
In a surprise move in mid-May, Azevedo, 62, announced that he would end his second four-year term early for personal reasons, forcing the Geneva-based WTO's 164 member states to come up with a successor in just three months instead of the usual nine. 
 
Rather than an election, the selection procedure relies on finding consensus, with candidates gradually being eliminated in turn. 
 
The WTO finds itself caught in the middle of rising tensions between the United States and China, and if the process becomes "heavily politicised, that could block things up", a diplomatic source told AFP. 
 
If a consensus cannot be reached in time, one of the four deputy directors-general will take the reins in September on a caretaker basis.

&nbsp;First African WTO boss? 
Besides Fox and Mohamed, the other candidates are South Korean Trade Minister Yoo Myung-hee; Mexico's former WTO deputy director-general Jesus Seade Kuri; former Nigerian foreign and finance minister Ngozi Okonjo-Iweala; Egyptian former diplomat Hamid Mamdouh; and former Moldovan foreign minister Tudor Ulianovschi. 
 
Since the WTO was created in 1995, three of its directors-general were from Europe, while one each came from Oceania, Asia and South America.

Also read:&nbsp;<a href="/business-economy/covid-19-could-lead-to-deepest-economic-recession-of-our-lifetime-wto-291380" hreflang="en">COVID-19 could lead to deepest economic recession of our lifetime: WTO</a> 
 
Africa fancies its chances this time, even though there is no regional rotation principle at the global trade body. 
 
However, African nations have so far failed to convene around a single candidate. 
 
Mamdouh, 67, a veteran former senior WTO official who is also a Swiss national, is the only contender from the continent with any express backing from the African Union. 
 
Nigeria's decision to stand Okonjo-Iweala against him has triggered a legal dispute with the AU. 
 
Nevertheless, Okonjo-Iweala "is gaining ground within Africa," a diplomatic source said. 
 
Okonjo-Iweala,&nbsp;66, who chairs the board of Gavi, the Vaccine Alliance, said she was receiving "tremendous support". 
 
The former World Bank number two insisted that the WTO -- which has never had a female leader -- must choose is next chief "on merit". 
 
"And then, if it happens to be a woman or an African, that is also good," she told reporters in Geneva at a virtual press conference in late June. 
 
Kenya's sports minister Mohamed, 58, first ran for the post in 2013. Her candidacy this time means there are three women and three Africans in the contest. 
 
Yoo, 53, is the other female candidate. 
 
The youngest contender is 37-year-old Ulianovschi, while Seade, at 73, is the oldest. He has led posts at the World Bank and the International Monetary Fund.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday.

Seven candidates are vying to become the next head of the beleaguered World Trade Organization -- with two entering the race just before the close of nominations on Wednesday. Britain's first post-Brexit international trade secretary Liam Fox and Kenya's former WTO general council chair Amina Mohamed threw their hats in the ring in the final hours before the 1600 GMT deadline. They join candidates from Egypt, Mexico, Moldova, Nigeria and South Korea. The WTO is staging a swift contest to replace outgoing director-general Roberto Azevedo. The Brazilian career diplomat is stepping down a year early at the end of August. Also read: Global trade set to shrink 18.5% in Q2, defying worst fears: WTO The new leader will be taking on an institution that was beset with mammoth challenges even before the pandemic-driven global economic crisis struck. "As the world seeks to recover from the shared challenge of the COVID-19 pandemic, the role of free and fair trade has never been more crucial," British Prime Minister Boris Johnson said in his letter to the WTO, nominating Fox. He said the former defence minister, 58, could implement the necessary reforms "to ensure the global trading system truly delivers for all WTO members." The new chief must revive stalled trade talks, lay the ground for the 2021 ministerial conference -- one of the WTO's major events -- and thaw relations with Washington. Also read: Mike Pompeo criticises HSBC for 'corporate kowtow' to Beijing The United States, which has threatened to leave the WTO, has blocked the organisation's dispute settlement appeal system since December, and wants China moved up from the developing economies category. In a surprise move in mid-May, Azevedo, 62, announced that he would end his second four-year term early for personal reasons, forcing the Geneva-based WTO's 164 member states to come up with a successor in just three months instead of the usual nine. Rather than an election, the selection procedure relies on finding consensus, with candidates gradually being eliminated in turn. The WTO finds itself caught in the middle of rising tensions between the United States and China, and if the process becomes "heavily politicised, that could block things up", a diplomatic source told AFP. If a consensus cannot be reached in time, one of the four deputy directors-general will take the reins in September on a caretaker basis. First African WTO boss? Besides Fox and Mohamed, the other candidates are South Korean Trade Minister Yoo Myung-hee; Mexico's former WTO deputy director-general Jesus Seade Kuri; former Nigerian foreign and finance minister Ngozi Okonjo-Iweala; Egyptian former diplomat Hamid Mamdouh; and former Moldovan foreign minister Tudor Ulianovschi. Since the WTO was created in 1995, three of its directors-general were from Europe, while one each came from Oceania, Asia and South America. Also read: COVID-19 could lead to deepest economic recession of our lifetime: WTO Africa fancies its chances this time, even though there is no regional rotation principle at the global trade body. However, African nations have so far failed to convene around a single candidate. Mamdouh, 67, a veteran former senior WTO official who is also a Swiss national, is the only contender from the continent with any express backing from the African Union. Nigeria's decision to stand Okonjo-Iweala against him has triggered a legal dispute with the AU. Nevertheless, Okonjo-Iweala "is gaining ground within Africa," a diplomatic source said. Okonjo-Iweala, 66, who chairs the board of Gavi, the Vaccine Alliance, said she was receiving "tremendous support". The former World Bank number two insisted that the WTO -- which has never had a female leader -- must choose is next chief "on merit". "And then, if it happens to be a woman or an African, that is also good," she told reporters in Geneva at a virtual press conference in late June. Kenya's sports minister Mohamed, 58, first ran for the post in 2013. Her candidacy this time means there are three women and three Africans in the contest. Yoo, 53, is the other female candidate. The youngest contender is 37-year-old Ulianovschi, while Seade, at 73, is the oldest. He has led posts at the World Bank and the International Monetary Fund.

Seven candidates battling for WTO leadership

Australian officials and leading universities on Wednesday rejected China's claims students should be "cautious" in choosing to study Down Under because of concerns over racist incidents during the coronavirus pandemic.

China had&nbsp;urged its citizens currently studying or planning to study abroad to exercise caution while considering Australia as their destination.

The advisory was the latest in an escalating dispute between Beijing and Canberra that was deepened by&nbsp;Australia's call for an independent inquiry into the origin and handling of the coronavirus in central China last year.

Also read: <a href="https://www.wionews.com/world/china-warns-citizens-against-studying-in-racist-australia-304516">China warns citizens against studying in 'racist' Australia</a>

To make its point, China referred to a series of racist incidents that targeted Asians in Australia, especially in the backdrop of COVID-19.

Australian Education Minister Dan Tehan hit back Wednesday, saying the country was a multicultural society that welcomed international visitors.

"Our success at flattening the curve means we are one of the safest countries in the world for international students to be based in right now," he said in a statement.

"We reject China's assertion that&nbsp;Australia&nbsp;is an unsafe destination for international students."

Racism toward Asians has reportedly increased during the pandemic, with the New South Wales anti-discrimination commission saying instances included people being bullied for wearing a face mask, spat at and harassed in public, and racist language written across cars and private property.

Australian universities are already facing massive losses as an indefinite coronavirus border closure locks out the foreign students who pump billions of dollars a year into the sector.

Beijing's travel advice was largely symbolic but could interfere with a proposal to create a "secure corridor" for overseas students to return to&nbsp;Australia.

Education is&nbsp;Australia's fourth-largest export -- behind iron ore, coal and natural gas --&nbsp;with more than 500,000 international students enrolled last year, bringing about Aus$37 billion into the economy.

Australian officials and leading universities on Wednesday rejected China's claims students should be "cautious" in choosing to study Down Under because of concerns over racist incidents during the coronavirus pandemic.

Australian officials and leading universities on Wednesday rejected China's claims students should be "cautious" in choosing to study Down Under because of concerns over racist incidents during the coronavirus pandemic. China had urged its citizens currently studying or planning to study abroad to exercise caution while considering Australia as their destination. The advisory was the latest in an escalating dispute between Beijing and Canberra that was deepened by Australia's call for an independent inquiry into the origin and handling of the coronavirus in central China last year. Also read: China warns citizens against studying in 'racist' Australia To make its point, China referred to a series of racist incidents that targeted Asians in Australia, especially in the backdrop of COVID-19. Australian Education Minister Dan Tehan hit back Wednesday, saying the country was a multicultural society that welcomed international visitors. "Our success at flattening the curve means we are one of the safest countries in the world for international students to be based in right now," he said in a statement. "We reject China's assertion that Australia is an unsafe destination for international students." Racism toward Asians has reportedly increased during the pandemic, with the New South Wales anti-discrimination commission saying instances included people being bullied for wearing a face mask, spat at and harassed in public, and racist language written across cars and private property. Australian universities are already facing massive losses as an indefinite coronavirus border closure locks out the foreign students who pump billions of dollars a year into the sector. Beijing's travel advice was largely symbolic but could interfere with a proposal to create a "secure corridor" for overseas students to return to Australia. Education is Australia's fourth-largest export -- behind iron ore, coal and natural gas -- with more than 500,000 international students enrolled last year, bringing about Aus$37 billion into the economy.

Australia rejects China's racism warning to students, assures safety

China has urged its citizens currently studying or planning to study abroad to exercise caution while considering Australia as their destination.

This statement comes in the middle of the spat between two countries, which has resulted in trade tensions.

To make its point, China referred to a series of racist incidents that targeted Asians in Australia, especially in the backdrop of COVID-19.

The statement was given by China’s Ministry of Education. Earlier, the country’s tourism ministry had warned citizens against travelling to Australia citing racial discrimination again, and suggesting that violence may be possible.

Also read:&nbsp;<a href="wionews.com/world/australia-says-china-unresponsive-to-its-pleas-to-ease-tensions-304131" hreflang="en">Australia says China unresponsive to its pleas to ease tensions</a>

The education ministry called upon “overseas students to conduct a good risk assessment and be cautious about choosing to go to Australia or return to Australia to study."

The Sydney Morning Herald, an Australian newspaper conducted a survey to map out racist attacks in the country and found that 386 racially charged incidents had taken place in the country since April 2.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://wionews.com/videos/gravitas-india-australia-join-hands-to-counter-china-303728/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

These incidents included physical abuse, spitting, and intimidation.

Australia was one of the first countries to formally suggest an enquiry into the pandemic which originated in Wuhan, China. After this, China has been attempting to sideline Australia in terms of trade and international visibility.

Also read:&nbsp;<a href="wionews.com/india-news/amid-dispute-with-china-india-australia-strengthen-ties-303674" hreflang="en">Amid dispute with China, India &amp; Australia strengthen ties</a>

Since then, China has imposed tariffs on imports of Australian barley, and has also stalled beef imports from the country. However, China denies that these decisions have anything to do with Australia’s calls for an international enquiry into China’s mishandling of the pandemic.

Australian administration has vocally criticised China for its handling of the virus, which has now spread across the globe, and also called out China for attempting to enforce security laws in Hong Kong, which it claims is intended to undermine the freedom of the democratic city.

New information suggests that coronavirus may have started spreading in China as early as August 2019. It was only in December of 2019 that public attention was brought to COVID-19, which has now spread across the globe.

Coronavirus has infected over 7 million people globally, as per data from the Johns Hopkins University. Currently, 7,113,366 people have had the virus, while 406,413 people have lost their lives to the pandemic, which went global six months ago.

(With inputs from Reuters and AFP)

China has urged its citizens currently studying or planning to study abroad to exercise caution while considering Australia as their destination. This statement comes in the middle of the spat between two countries, which has resulted in trade tensions.

China has urged its citizens currently studying or planning to study abroad to exercise caution while considering Australia as their destination. This statement comes in the middle of the spat between two countries, which has resulted in trade tensions. To make its point, China referred to a series of racist incidents that targeted Asians in Australia, especially in the backdrop of COVID-19. The statement was given by China’s Ministry of Education. Earlier, the country’s tourism ministry had warned citizens against travelling to Australia citing racial discrimination again, and suggesting that violence may be possible. Also read: Australia says China unresponsive to its pleas to ease tensions The education ministry called upon “overseas students to conduct a good risk assessment and be cautious about choosing to go to Australia or return to Australia to study." The Sydney Morning Herald, an Australian newspaper conducted a survey to map out racist attacks in the country and found that 386 racially charged incidents had taken place in the country since April 2. These incidents included physical abuse, spitting, and intimidation. Australia was one of the first countries to formally suggest an enquiry into the pandemic which originated in Wuhan, China. After this, China has been attempting to sideline Australia in terms of trade and international visibility. Also read: Amid dispute with China, India & Australia strengthen ties Since then, China has imposed tariffs on imports of Australian barley, and has also stalled beef imports from the country. However, China denies that these decisions have anything to do with Australia’s calls for an international enquiry into China’s mishandling of the pandemic. Australian administration has vocally criticised China for its handling of the virus, which has now spread across the globe, and also called out China for attempting to enforce security laws in Hong Kong, which it claims is intended to undermine the freedom of the democratic city. New information suggests that coronavirus may have started spreading in China as early as August 2019. It was only in December of 2019 that public attention was brought to COVID-19, which has now spread across the globe. Coronavirus has infected over 7 million people globally, as per data from the Johns Hopkins University. Currently, 7,113,366 people have had the virus, while 406,413 people have lost their lives to the pandemic, which went global six months ago. (With inputs from Reuters and AFP)

China warns citizens against studying in 'racist' Australia

Pakistan has reopened its major border crossings with Afghanistan in the Khyber Pakhtunkhwa and Balochistan provinces for trade and movement of people, according to an official notification issued on Saturday.

The border crossings at Torkham in the Khyber Pakhtunkhwa and Chaman in Balochistan were closed on March 27 as a precautionary measure to contain the spread of the coronavirus pandemic. In April, they were opened for three days a week.

According to the notification, a decision about the opening of the border was taken at the meeting of the National Command and Operation Center.

<a href="https://www.wionews.com/india-news/pakistan-army-shells-forward-areas-along-loc-in-poonch-299160">Also read:&nbsp;Pakistan Army shells forward areas along LoC in Poonch</a>

Both the border crossings will remain open around the clock for six days except for Saturdays which will be reserved for pedestrian movements.

The Standard Operating Procedures (SOPs) will be implemented for pedestrians as well, the notification added.

During the six days, an unlimited number of trucks will be allowed to cross per day while ensuring proper SOPs and guidelines for both Afghan Bilateral Trade and Afghan Transit Trade.

The decision has been hailed by the business community, terming it a milestone in promotion of trade between Pakistan and Afghanistan.

Pakistan has reopened its major border crossings with Afghanistan in the Khyber Pakhtunkhwa and Balochistan provinces for trade and movement of people, according to an official notification issued on Saturday.

Pakistan has reopened its major border crossings with Afghanistan in the Khyber Pakhtunkhwa and Balochistan provinces for trade and movement of people, according to an official notification issued on Saturday. The border crossings at Torkham in the Khyber Pakhtunkhwa and Chaman in Balochistan were closed on March 27 as a precautionary measure to contain the spread of the coronavirus pandemic. In April, they were opened for three days a week. According to the notification, a decision about the opening of the border was taken at the meeting of the National Command and Operation Center. Also read: Pakistan Army shells forward areas along LoC in Poonch Both the border crossings will remain open around the clock for six days except for Saturdays which will be reserved for pedestrian movements. The Standard Operating Procedures (SOPs) will be implemented for pedestrians as well, the notification added. During the six days, an unlimited number of trucks will be allowed to cross per day while ensuring proper SOPs and guidelines for both Afghan Bilateral Trade and Afghan Transit Trade. The decision has been hailed by the business community, terming it a milestone in promotion of trade between Pakistan and Afghanistan.

Pakistan opens key border crossings with Afghanistan for trade

While millions are forced to quarantine at home, farmers in Bolivia and Colombia must work to supply the food needs of large cities yet precaution measures, such as wearing masks and avoiding human contact, are not regularly applied in the field, leaving farmers at risk.

Latin American farmers risk illness to feed their nations amid coronavirus outbreak

The trade impact of the coronavirus epidemic for India is estimated to be about 348 million dollars and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report.

Estimates published by United Nations Conference on Trade and Development (UNCTAD) Wednesday said that the slowdown of manufacturing in China due to the coronavirus (COVID-19) outbreak is disrupting world trade and could result in a 50 billion dollar decrease in exports across global value chains.

The most affected sectors include precision instruments, machinery, automotive and communication equipment.

Among the most affected economies are the European Union ($15.6 billion), the United States ($5.8 billion), Japan ($5.2 billion), South Korea ($3.8 billion), Taiwan Province of China ($2.6 billion) and Vietnam ( $2.3 billion).

India is among the 15 most-affected economies due to the coronavirus epidemic and slow down in production in China, with a trade impact of 348 million dollars.

Also read: <a href="https://www.wionews.com/business-economy/sensex-nifty-inch-higher-virus-fears-limit-gains-284413">Sensex, Nifty inch higher, virus fears limit gains</a>

The trade impact for India is less as compared to other economies such as EU, the US, Japan and South Korea.

Trade impact for Indonesia is 312 million dollars.

For India, the trade impact is estimated to be the most for the chemicals sector at 129 million dollars, textiles and apparel at 64 million dollars, automotive sector at 34 million dollars, electrical machinery at 12 million dollars, leather products at 13 million dollars, metals and metal products at 27 million dollars and wood products and furniture at 15 million dollars.

Besides its worrying effects on human life, the novel strain of coronavirus (COVID-19) has the potential to significantly slowdown not only the Chinese economy but also the global economy. China has become the central manufacturing hub of many global business operations. Any disruption of China's output is expected to have repercussions elsewhere through regional and global value chains, UNCTAD said.

Over the last month, China has seen a dramatic reduction in its manufacturing Purchasing Manager's Index (PMI) to 37.5, its lowest reading since 2004.

Also see: <a href="https://www.wionews.com/world/coronavirus-in-india-live-updates-coronavirus-cases-in-india-live-news-latest-updates-one-intel-employee-potentially-exposed-to-coronavirus-under-quarantine-284099">Coronavirus live updates: 29 positive coronavirus cases in India, including 16 Italians, says Health Minister Harsh Vardhan</a>

This drop implies a 2 per cent reduction in output on an annual basis.

This has come as a direct consequence of the spread of corona virus (COVID-19).

The 2 per cent contraction in China's output has ripple effects through the global economy and thus far has caused an estimated drop of about $50 billion across countries,"UNCTAD said.

"The most affected sectors include precision instruments, machinery, automotive and communication equipment, it added.

UNCTAD said because China has become the central manufacturing hub of many global business operations, a slowdown in Chinese production has repercussions for any given country depending on how reliant its industries are on Chinese suppliers.

Also read: <a href="https://www.wionews.com/business-economy/nifty-sensex-end-lower-as-coronavirus-cases-jump-to-28-284272">Nifty, Sensex end lower as coronavirus cases jump to 28</a>

In addition to grave threats to human life, the coronavirus outbreak carries serious risks for the global economy, UNCTAD Secretary-General Mukhisa Kituyi said.

Any slowdown in manufacturing in one part of the world will have a ripple effect in economic activity across the globe because of regional and global value chains, he said.

Pamela Coke-Hamilton, who heads UNCTAD's Division on International Trade and Commodities, said for developing economies that are reliant on selling raw materials, the effects could be felt very, very intensely.

Assuming that it is not mitigated in the short-term, it's likely that the overall impact on the global economy is going to be significant in terms of a negative downturn, she said.

The estimated global effects of COVID-19 are subject to change depending on the containment of the virus and or changes in the sources of supply.

Watch: 

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Meanwhile, the extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus as UN economists announced a likely $50 billion drop in worldwide manufacturing exports in February alone.

Highlighting the ongoing uncertainty surrounding the economic impact of the epidemic, in which there have been more than 90,000 confirmed cases in more than 70 countries (the majority in China) and over 3,000 deaths, Coke-Hamilton said that US measures in terms of visitor arrivals, cancelling various meetings were having a knock-on effect in terms of demand.

So right now, we're not clear on where it will go a lot will depend on what happens with COVID-19; if they are able to come up with a vaccine then hallelujah, hopefully it will end very quickly, but if not, the impact can be severe, she said.

The trade impact of the coronavirus epidemic for India is estimated to be about 348 million dollars and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report.

The trade impact of the coronavirus epidemic for India is estimated to be about 348 million dollars and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report. Estimates published by United Nations Conference on Trade and Development (UNCTAD) Wednesday said that the slowdown of manufacturing in China due to the coronavirus (COVID-19) outbreak is disrupting world trade and could result in a 50 billion dollar decrease in exports across global value chains. The most affected sectors include precision instruments, machinery, automotive and communication equipment. Among the most affected economies are the European Union ($15.6 billion), the United States ($5.8 billion), Japan ($5.2 billion), South Korea ($3.8 billion), Taiwan Province of China ($2.6 billion) and Vietnam ( $2.3 billion). India is among the 15 most-affected economies due to the coronavirus epidemic and slow down in production in China, with a trade impact of 348 million dollars. Also read: Sensex, Nifty inch higher, virus fears limit gains The trade impact for India is less as compared to other economies such as EU, the US, Japan and South Korea. Trade impact for Indonesia is 312 million dollars. For India, the trade impact is estimated to be the most for the chemicals sector at 129 million dollars, textiles and apparel at 64 million dollars, automotive sector at 34 million dollars, electrical machinery at 12 million dollars, leather products at 13 million dollars, metals and metal products at 27 million dollars and wood products and furniture at 15 million dollars. Besides its worrying effects on human life, the novel strain of coronavirus (COVID-19) has the potential to significantly slowdown not only the Chinese economy but also the global economy. China has become the central manufacturing hub of many global business operations. Any disruption of China's output is expected to have repercussions elsewhere through regional and global value chains, UNCTAD said. Over the last month, China has seen a dramatic reduction in its manufacturing Purchasing Manager's Index (PMI) to 37.5, its lowest reading since 2004. Also see: Coronavirus live updates: 29 positive coronavirus cases in India, including 16 Italians, says Health Minister Harsh Vardhan This drop implies a 2 per cent reduction in output on an annual basis. This has come as a direct consequence of the spread of corona virus (COVID-19). The 2 per cent contraction in China's output has ripple effects through the global economy and thus far has caused an estimated drop of about $50 billion across countries,"UNCTAD said. "The most affected sectors include precision instruments, machinery, automotive and communication equipment, it added. UNCTAD said because China has become the central manufacturing hub of many global business operations, a slowdown in Chinese production has repercussions for any given country depending on how reliant its industries are on Chinese suppliers. Also read: Nifty, Sensex end lower as coronavirus cases jump to 28 In addition to grave threats to human life, the coronavirus outbreak carries serious risks for the global economy, UNCTAD Secretary-General Mukhisa Kituyi said. Any slowdown in manufacturing in one part of the world will have a ripple effect in economic activity across the globe because of regional and global value chains, he said. Pamela Coke-Hamilton, who heads UNCTAD's Division on International Trade and Commodities, said for developing economies that are reliant on selling raw materials, the effects could be felt very, very intensely. Assuming that it is not mitigated in the short-term, it's likely that the overall impact on the global economy is going to be significant in terms of a negative downturn, she said. The estimated global effects of COVID-19 are subject to change depending on the containment of the virus and or changes in the sources of supply. Watch: × Meanwhile, the extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus as UN economists announced a likely $50 billion drop in worldwide manufacturing exports in February alone. Highlighting the ongoing uncertainty surrounding the economic impact of the epidemic, in which there have been more than 90,000 confirmed cases in more than 70 countries (the majority in China) and over 3,000 deaths, Coke-Hamilton said that US measures in terms of visitor arrivals, cancelling various meetings were having a knock-on effect in terms of demand. So right now, we're not clear on where it will go a lot will depend on what happens with COVID-19; if they are able to come up with a vaccine then hallelujah, hopefully it will end very quickly, but if not, the impact can be severe, she said.

Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report

US President Donald Trump will be reaching India today and right from the time US announced Trump's visit to India, the aspect of trade has dominated this course in both countries. Trade will remain high on the agenda during discussions. watch report:

WION Wallet: Will India-US hammer out limited trade package?

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.S. President Donald Trump.

The United States has long urged India to strengthen protection for intellectual property and that has been a cause of friction on top of trade disputes between the two countries.

Information and Broadcasting Minister Prakash Javadekar said approval for an MoU with the United States was secured at a cabinet meeting presided over by Prime Minister Narendra Modi.

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.

India's cabinet on Wednesday approved a plan to sign an initial pact on intellectual property rights with the United States, a government minister said, days ahead of a visit by U.S. President Donald Trump. The United States has long urged India to strengthen protection for intellectual property and that has been a cause of friction on top of trade disputes between the two countries. Information and Broadcasting Minister Prakash Javadekar said approval for an MoU with the United States was secured at a cabinet meeting presided over by Prime Minister Narendra Modi.

India clears accord on intellectual property rights with US

Foreign direct investment (FDI) in&nbsp;China&nbsp;in 2019 grew the most in two years, though outbound investment declined amid continuing capital controls.

Also read:&nbsp;<a href="https://www.wionews.com/world/china-confirms-person-to-person-spread-of-the-new-virus-as-fourth-death-reported-275590">China confirms person-to-person spread of the new virus as fourth death reported</a>

FDI was up 5.8 per cent&nbsp;year-on-year to 941.5 billion yuan ($136.71 billion) last year, the commerce ministry said on Tuesday, the biggest rise since 2017 when it grew 7.9 per cent&nbsp;in yuan terms.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/xi-jinping-bolsters-relationship-with-myanmar-what-does-this-mean-for-india-275031">Xi Jinping bolsters relationship with Myanmar, what does this mean for India?</a>

<a href="https://www.wionews.com/.../china-four-people-killed-due-to-deadly- coronavirus-275596">China</a>&nbsp;remained the second-largest recipient of FDI globally, said Chinese Vice Commerce Minister Qian Keming at a news briefing on Tuesday in Beijing.

China's outbound direct investment (ODI) declined 8.2 per cent&nbsp;to $110.6 billion in 2019, said Qian.

The structure of ODI is more "balanced" with most flows to rental and commercial services, manufacturing, distribution and retail, he said.

China's non-financial ODI rose just 0.3 per cent&nbsp;in 2018 having dropped sharply in 2017 as authorities kept a tight grip on outflows for what they termed "irrational" overseas projects.

Qian said $15 billion of investment accounting for 13.6 per cent&nbsp;of the total flowed to countries that are along the Belt and Road,&nbsp;China's ambitious plan to build a modern version of the Silk Road to link&nbsp;China&nbsp;with Asia, Europe and beyond through large-scale infrastructure projects.

Investment by Chinese firms was once a significant driver of global asset prices from property to mergers and acquisitions. But it has fallen sharply since Beijing tightened capital controls in 2016.

In yuan terms,&nbsp;China's total ODI declined 6 per cent&nbsp;to 807.95 billion yuan in 2019.

Foreign direct investment (FDI) in China in 2019 grew the most in two years, though outbound investment declined amid continuing capital controls. Also read: China confirms person-to-person spread of the new virus as fourth death reported FDI was up 5.

Foreign direct investment (FDI) in China in 2019 grew the most in two years, though outbound investment declined amid continuing capital controls. Also read: China confirms person-to-person spread of the new virus as fourth death reported FDI was up 5.8 per cent year-on-year to 941.5 billion yuan ($136.71 billion) last year, the commerce ministry said on Tuesday, the biggest rise since 2017 when it grew 7.9 per cent in yuan terms. Also read: Xi Jinping bolsters relationship with Myanmar, what does this mean for India? China remained the second-largest recipient of FDI globally, said Chinese Vice Commerce Minister Qian Keming at a news briefing on Tuesday in Beijing. China's outbound direct investment (ODI) declined 8.2 per cent to $110.6 billion in 2019, said Qian. The structure of ODI is more "balanced" with most flows to rental and commercial services, manufacturing, distribution and retail, he said. China's non-financial ODI rose just 0.3 per cent in 2018 having dropped sharply in 2017 as authorities kept a tight grip on outflows for what they termed "irrational" overseas projects. Qian said $15 billion of investment accounting for 13.6 per cent of the total flowed to countries that are along the Belt and Road, China's ambitious plan to build a modern version of the Silk Road to link China with Asia, Europe and beyond through large-scale infrastructure projects. Investment by Chinese firms was once a significant driver of global asset prices from property to mergers and acquisitions. But it has fallen sharply since Beijing tightened capital controls in 2016. In yuan terms, China's total ODI declined 6 per cent to 807.95 billion yuan in 2019.

China's 2019 FDI up 5.8 per cent, outbound investment slumps

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

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

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

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

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

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

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

US stocks climb to new peak after trade deal

In an unexpected turn of events, Norway has recently claimed that its new huge oil facility is good for the environment.

The Johan Sverdrup field was opened by the Norwegian prime minister last week. The authorities claim that the facility will ''reduce emissions'' as it&nbsp;operates solely on renewable energy.

"Johan Sverdrup is now open. That's good news for our investors, for Norway,&nbsp;and for emissions," announced Equinor, the state company with jurisdiction over the field.

Also read:&nbsp;<a href="https://www.wionews.com/world/climate-change-caused-15-disasters-costing-over-1-billion-this-year-sources-270576">Climate change caused 15 disasters costing over $1 billion this year</a>

Many critics, however, perceive the third-largest oil field in Norway as a signifier of the country's hypocrisy when it comes to climate change.&nbsp;

The expansive field is situated 140 kilometres away from the coast and was named after the country's first prime minister.

The fields boasts 2.7 billion barrels of oil, which could last for over half a century, and could bring more than $100m into the country.

CNN reported that the operation runs on hydroelectric power, generated from the ocean. This is a first, for most oil fields employ diesel generators to fulfill their needs.&nbsp;

Norway has been at the helm of positive climate change. It was not only the first country to ratify the Paris Agreement, but has continuously reinstated its faith in achieving the climate-neutral status by 2030.

<h6><img alt="iiii" data-entity-type="file" data-entity-uuid="01f0fec4-f6b5-4457-99b9-5a45ce19043e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%281%29_56.jpg" /> 
Image:&nbsp;A worker at an&nbsp;oil&nbsp;field owned by Bashneft, Bashkortostan, Russia, January 28, 2015 | Reuters 
&nbsp;</h6>

The country also offers electric cars at a subsidised rate, with a fully enforced ban on deforestation.&nbsp;

"Norway has a schizophrenic relationship with climate and oil and gas," Lars-Henrik Paarup Michelsen, CEO of the Norwegian Climate Foundation think tank, told CNN.

Besides all this action to battle and limit climate change, Norway continues to be a major fossil fuel producer. Pumping out over two million barrels of oil a day, Norway is Europes's second-biggest producer after Russia, as per the figures provided by the International Energy Agency.

&nbsp;Norway's natural gas production is also way more than any other European country.

"We are great at adopting ambitious emission targets, but at the same time we plan for oil and gas production for decades to come", Michelsen added in conversation with CNN.

Over the last few decades, Norway has invested heavily in renewable energy, especially hydropower. Much of its clean energy is used to sustain the country, while pollution-causing oil and gas are sold to foreign players.

The parent company of the field is hell-bent on asserting the efficiency of the field. "Average CO2 emissions from international fields are 25 times higher, (with) 18 kg CO2 emitted per barrel produced versus 0.67 kg CO2 emitted per barrel produced from Sverdrup," Equinor spokesperson Morten Eek told CNN.

<h6><img alt="iii" data-entity-type="file" data-entity-uuid="0bef3dfc-a3ac-4fcd-aec3-afa1156efb25" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design_49.jpg" /> 
Image:&nbsp;Climate change activists take part in a demonstration of the Fridays for Future movement in Lausanne, Switzerland January 17, 2020 | Reuters&nbsp; 
&nbsp;</h6>

However, Michelsen told CNN that this is barely sufficient in the longer run. He said that emissions from production account for only five per cent of global oil emissions.&nbsp;

"The big problem is the combustion, in sectors like transport and industry," he said.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/denmark-sweden-norway-are-worlds-best-countries-to-raise-children-india-bags-59th-spot-275134">Denmark, Sweden, Norway are world's best countries to raise children; India bags 59th spot</a>

For a better understanding, emissions within Norway accounted for 53 million tonnes of CO2 equivalents in 2017, while emissions caused by Norwegian oil and gas exports caused 470 million tonnes of emissions, as per data in the United Nations' Emission Gap Report.

Besides planning to become climate neutral by 2030, Norway also intends to become a low-emission society by 2050. Almost 30 per cent reduction in emissions can be expected by 2020, and over 40 per cent by 2030.

Norway currently operates 87 fields, with production planned until at least 2070. The country's production is slated to hit a record high in 2023.

In an unexpected turn of events, Norway has recently claimed that its new huge oil facility is good for the environment. The Johan Sverdrup field was opened by the Norwegian prime minister last week.

In an unexpected turn of events, Norway has recently claimed that its new huge oil facility is good for the environment. The Johan Sverdrup field was opened by the Norwegian prime minister last week. The authorities claim that the facility will ''reduce emissions'' as it operates solely on renewable energy. "Johan Sverdrup is now open. That's good news for our investors, for Norway, and for emissions," announced Equinor, the state company with jurisdiction over the field. Also read: Climate change caused 15 disasters costing over $1 billion this year Many critics, however, perceive the third-largest oil field in Norway as a signifier of the country's hypocrisy when it comes to climate change. The expansive field is situated 140 kilometres away from the coast and was named after the country's first prime minister. The fields boasts 2.7 billion barrels of oil, which could last for over half a century, and could bring more than $100m into the country. CNN reported that the operation runs on hydroelectric power, generated from the ocean. This is a first, for most oil fields employ diesel generators to fulfill their needs. Norway has been at the helm of positive climate change. It was not only the first country to ratify the Paris Agreement, but has continuously reinstated its faith in achieving the climate-neutral status by 2030. Image: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015 | Reuters The country also offers electric cars at a subsidised rate, with a fully enforced ban on deforestation. "Norway has a schizophrenic relationship with climate and oil and gas," Lars-Henrik Paarup Michelsen, CEO of the Norwegian Climate Foundation think tank, told CNN. Besides all this action to battle and limit climate change, Norway continues to be a major fossil fuel producer. Pumping out over two million barrels of oil a day, Norway is Europes's second-biggest producer after Russia, as per the figures provided by the International Energy Agency. Norway's natural gas production is also way more than any other European country. "We are great at adopting ambitious emission targets, but at the same time we plan for oil and gas production for decades to come", Michelsen added in conversation with CNN. Over the last few decades, Norway has invested heavily in renewable energy, especially hydropower. Much of its clean energy is used to sustain the country, while pollution-causing oil and gas are sold to foreign players. The parent company of the field is hell-bent on asserting the efficiency of the field. "Average CO2 emissions from international fields are 25 times higher, (with) 18 kg CO2 emitted per barrel produced versus 0.67 kg CO2 emitted per barrel produced from Sverdrup," Equinor spokesperson Morten Eek told CNN. Image: Climate change activists take part in a demonstration of the Fridays for Future movement in Lausanne, Switzerland January 17, 2020 | Reuters However, Michelsen told CNN that this is barely sufficient in the longer run. He said that emissions from production account for only five per cent of global oil emissions. "The big problem is the combustion, in sectors like transport and industry," he said. Also read: Denmark, Sweden, Norway are world's best countries to raise children; India bags 59th spot For a better understanding, emissions within Norway accounted for 53 million tonnes of CO2 equivalents in 2017, while emissions caused by Norwegian oil and gas exports caused 470 million tonnes of emissions, as per data in the United Nations' Emission Gap Report. Besides planning to become climate neutral by 2030, Norway also intends to become a low-emission society by 2050. Almost 30 per cent reduction in emissions can be expected by 2020, and over 40 per cent by 2030. Norway currently operates 87 fields, with production planned until at least 2070. The country's production is slated to hit a record high in 2023.

New oil facility will 'reduce emissions', says Norway; gets labelled hypocrite

Recently India taught Malaysia a lesson for commenting on the Citizenship law. The government changed rules to bar the import of palm oil from Malaysia. Now, reports show that Turkey is also on India's radar. Is India weaponising trade? WION's Palki Sharma explains.

Gravitas: First Malaysia, Now Turkey: Is Indian Government Weaponising Trade?

There is a sense of optimism across the world after the U.S. and China signed the Phase 1 of the trade deal. While the conflict is far from over, this is a welcome development. So how will impact India and the world? WION's Palki Sharma explains.

Gravitas: Phase 1 Of U.S.-China trade deal: Impact on India & world

Japanese carmaker Honda unveiled its vision for the future of autonomous driving at the Consumer Electronics Show in Las Vegas, introducing its Augmented Driving Concept.

Concept cars unveiled at CES aim to be 'extension of driver'

The start of winter sales in Paris on Wednesday (January 8) - traditionally a big event for French retailers - is unlikely to make up for a dismal Christmas period, store directors and owners bemoaned as shoppers pushed through the doors of high-end department stores such as the Galeries Lafayette and Printemps.

Winter sales offer little relief for retailers in Paris, worried over continuing strikes

<a href="https://www.wionews.com/world/worlds-biggest-trade-deal-to-be-delayed-to-2020-draft-asean-statement-259667">America's trade deficit</a> continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy.

Lowering the deficit has been a chief goal of <a href="https://www.wionews.com/world/all-is-well-so-far-so-good-says-trump-after-irans-missile-strikes-at-us-bases-in-iraq-272818">President Donald Trump</a>'s aggressive trade policy but whether the decline will be sustained remains in question.

The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy.

The trade gap - the difference between what the <a href="https://www.wionews.com/world/us-criticises-russia-china-at-un-over-failure-to-condemn-baghdad-embassy-attack-272600">United States</a> buys from and sells to international trading partners -&nbsp;fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data.

Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-to-new-high-after-iran-attacks-us-bases-in-iraq-272812">Crude oil</a> imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer.

Autos and parts bucked the trend, with imports rising $1.1 billion.

Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines.

Imports to rebound?

Even that modest gain put exports at a new record.

But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever.

Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest.

"This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis.

Some tariff rates on <a href="https://www.wionews.com/world/taiwan-to-vote-in-shadow-of-china-pressure-hong-kong-protests-272816">Chinese</a> goods are due to fall that month as part of the partial deal announced in December between the United States and China.

Trump announced that Washington and Beijing are due to sign a partial <a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">agreement</a> in Washington next week, halting the escalation in their trade conflict of nearly two years.

But many of the trade barriers remain, including retaliatory tariffs on some US goods.

Despite the November increase, &nbsp;Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines.

The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year.

Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet.

Watch: Trump says 'all is well' after Iran's missile attack

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In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year.

With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent.

Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday. That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy. Lowering the deficit has been a chief goal of President Donald Trump's aggressive trade policy but whether the decline will be sustained remains in question. The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy. The trade gap - the difference between what the United States buys from and sells to international trading partners - fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data. Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers. Crude oil imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer. Autos and parts bucked the trend, with imports rising $1.1 billion. Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines. Imports to rebound? Even that modest gain put exports at a new record. But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever. Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest. "This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis. Some tariff rates on Chinese goods are due to fall that month as part of the partial deal announced in December between the United States and China. Trump announced that Washington and Beijing are due to sign a partial agreement in Washington next week, halting the escalation in their trade conflict of nearly two years. But many of the trade barriers remain, including retaliatory tariffs on some US goods. Despite the November increase, Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines. The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year. Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet. Watch: Trump says 'all is well' after Iran's missile attack × In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year. With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent. Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

Plunging US imports push trade deficit to 3-year low in November

U.S. consumers, companies and workers will pay the biggest price for proposed 100% tariffs on French Champagne and other sparkling wines, cheese, porcelain, enamel cookware and handbags, witnesses told the U.S. government on Tuesday (January 7).

Sour grapes as U.S. wine sellers fear looming luxury tariffs on France

A partial new <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">US-China trade</a> agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks.

"I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15," Trump tweeted moments before Wall Street was due to open.

"The ceremony will take place at the White House. High-level representatives of China will be present."

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I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15. The ceremony will take place at the White House. High level representatives of China will be present. At a later date I will be going to Beijing where talks will begin on Phase Two!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1212014713808273410?ref_src=twsrc%5Etfw">December 31, 2019</a></blockquote>
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Trump said he would then travel to Beijing to continue negotiations "at a later date."

Word of the deal, and the de-escalation of the trade conflict, has driven a Wall Street rally this month but US stocks were lower at the open early Tuesday.

The two sides earlier this month announced a "Phase One" deal in their nearly two-year trade confrontation, with Washington cancelling and reducing some tariffs in exchange for Chinese pledges to increase purchases of US exports and adopt trade reforms.

The text of the agreement has not yet been made public pending legal and translation reviews, US officials say, and details remain scant.

Watch:&nbsp;U.S-China Trade War: Certain US Goods exempted by China

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US and Chinese officials said <a href="https://www.wionews.com/business-economy/what-trade-war-chinese-companies-wow-with-third-quarter-report-card-263154">the agreement</a> includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.

A partial new US-China trade agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks.

A partial new US-China trade agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks. "I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15," Trump tweeted moments before Wall Street was due to open. "The ceremony will take place at the White House. High-level representatives of China will be present." I will be signing our very large and comprehensive Phase One Trade Deal with China on January 15. The ceremony will take place at the White House. High level representatives of China will be present. At a later date I will be going to Beijing where talks will begin on Phase Two! — Donald J. Trump (@realDonaldTrump) December 31, 2019 × Trump said he would then travel to Beijing to continue negotiations "at a later date." Word of the deal, and the de-escalation of the trade conflict, has driven a Wall Street rally this month but US stocks were lower at the open early Tuesday. The two sides earlier this month announced a "Phase One" deal in their nearly two-year trade confrontation, with Washington cancelling and reducing some tariffs in exchange for Chinese pledges to increase purchases of US exports and adopt trade reforms. The text of the agreement has not yet been made public pending legal and translation reviews, US officials say, and details remain scant. Watch: U.S-China Trade War: Certain US Goods exempted by China US and Chinese officials said the agreement includes protections for intellectual property, food and farm goods, financial services and foreign exchange, and a provision for dispute resolution.

US-China 'phase one' trade deal to be signed January 15: Trump

<a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Oil prices</a> fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "<a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">very shortly</a>".

Brent crude was down 16 cents, or 0.2 per cent, at $65.98 a barrel by 0730 GMT. West Texas Intermediate was down 22 cents, or 0.4 per cent, at $60.22 a barrel.

A so-called <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">phase one deal</a> was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and <a href="https://www.wionews.com/world/trump-hopes-us-china-trade-deal-will-be-signed-by-middle-of-november-256808">roiled global growth</a>.

The United States is to agree to <a href="https://www.wionews.com/world/trump-will-make-final-call-on-china-tariffs-likes-direction-of-talks-larry-kudlow-266889">reduce some tariffs</a> in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January.

"We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday.

The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand.

"Oil prices will continue to benefit from the positive developments in the <a href="https://www.wionews.com/world/donald-trump-xi-jinping-give-positive-signals-on-trade-deal-after-phone-call-269443">US-China&nbsp;trade</a>," said <a href="https://www.wionews.com/business-economy/gold-prices-subdued-as-investors-await-trade-deal-details-palladium-dips-268837">Stephen Innes</a>, chief&nbsp;Asia market strategist at <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">AxiTrader</a>.

"With a more constructive global macro outlook than at any time in the last year, oil is well-supported by both fundamental factors and sentiment now," he said.

US&nbsp;drillers may be anticipating higher prices as well and last week increased the number of their oil rigs by the most in a week since February 2018.

Drillers added 18 oil rigs in the week to December&nbsp;20, bringing the total to 685, the most since November, <a href="https://www.wionews.com/business-economy/oil-drops-as-us-inventory-build-record-output-rekindles-supply-worries-264998">Baker Hughes</a>, an energy services company, said in its weekly report.

US&nbsp;economic growth nudged up in the third quarter, latest data shows, and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labour market.

Many investors are on holiday already with the end of the year around the corner and trading is thin, potentially accentuating market moves due to the lack of liquidity.

"With the holiday season upon us with much-reduced volumes and liquidity, some choppy daily moves can&nbsp;be expected," said <a href="https://www.wionews.com/business-economy/oil-rises-on-hopes-for-deeper-opec-output-cuts-us-china-trade-talks-255148">Jeffrey Halley</a>, senior market analyst at OANDA.

Oil prices fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "very shortly".

Oil prices fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "very shortly". Brent crude was down 16 cents, or 0.2 per cent, at $65.98 a barrel by 0730 GMT. West Texas Intermediate was down 22 cents, or 0.4 per cent, at $60.22 a barrel. A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and roiled global growth. The United States is to agree to reduce some tariffs in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January. "We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday. The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand. "Oil prices will continue to benefit from the positive developments in the US-China trade," said Stephen Innes, chief Asia market strategist at AxiTrader. "With a more constructive global macro outlook than at any time in the last year, oil is well-supported by both fundamental factors and sentiment now," he said. US drillers may be anticipating higher prices as well and last week increased the number of their oil rigs by the most in a week since February 2018. Drillers added 18 oil rigs in the week to December 20, bringing the total to 685, the most since November, Baker Hughes, an energy services company, said in its weekly report. US economic growth nudged up in the third quarter, latest data shows, and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labour market. Many investors are on holiday already with the end of the year around the corner and trading is thin, potentially accentuating market moves due to the lack of liquidity. "With the holiday season upon us with much-reduced volumes and liquidity, some choppy daily moves can be expected," said Jeffrey Halley, senior market analyst at OANDA.

Oil eases but supported by trade deal hopes

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