The Trump administration is dropping its designation of China as a currency manipulator in advance of the signing Wednesday of a Phase 1 U.S.-China trade agreement. The preliminary pact that the two sides are set to sign this week includes a section that’s intended to prevent China from manipulating its currency to gain trade advantages.
Three Republican Senators have tabled legislation in the United States Senate to prevent World bank from lending to China on projects that would be used against religious and ethnic minorities.
China on Friday said it was withdrawing tariffs on soybeans and pork imported from the US amid talks to conclude the first phase of a deal to de-escalate an ongoing trade war between the two largest economies.
Investors also played their bets cautiously in view of India's rating outlook cut by Moody's Investors Services last week. Opening marginally lower, the Indian currency dropped to a low of 71.54 to the US dollar before settling at 71.47, showing a fall of 19 paise
President Donald Trump on Friday ruled out a complete roll back of US tariffs on the import of Chinese products, saying he was not in a hurry on a trade deal with Beijing, days after announcing that he was considering signing the first phase of the long-awaited agreement with that country.
Asian stock markets have risen after Washington and Beijing announced a truce on tariff hikes in a trade war. Benchmarks in Shanghai, Hong Kong and Seoul advanced. Japanese markets were closed for a holiday.
The world's two largest economies have been locked in a bruising trade war since Trump in March last year imposed tariff hikes of up to 25 per cent on USD 250 billion of Chinese goods.
IMF spokesman Gerry Rice recalled at a news conference at the organization's headquarters in Washington on Thursday that it had previously characterized the trade tensions as a threat, Efe news reported.
US President Donald Trump has announced to delay his proposed in a massive increase in Chinese import tariffs by 15 days. Describing this as a goodwill gesture, Trump said on Wednesday night that he had moved the increased tariffs on USD 250 billion worth of goods October 1 to October 15.
Imports of U.S. goods fell 22% in August from a year earlier to $10.3 billion following Chinese tariff hikes and orders to companies to cancel orders, customs data showed Sunday.
The ongoing US-China trade war is headed for further escalation, global rating firm Moody's said on Wednesday. "Of the three plausible scenarios for US-China trade tensions, the risk of a 'hardened stance' scenario has increased," Moody's said in a note and added that any further deterioration in tensions could serve as potential catalyst for a severe downturn.
US President Donald Trump's trade war with China, the problems with protecting intellectual property and restrictions on doing business have prompted many US companies to look for other places to move or expand operations.
US President Donald Trump on Saturday said China wants to settle trade issues with America as it is experiencing the "worst year" in decades but reiterated that he was not ready for a deal. The US has imposed 25 per cent additional import tariffs on more than USD 250 billion worth of Chinese products. An additional 10 per cent import duties on remaining nearly USD 300 billion worth of Chinese products is all set to come into effect on September 1.
Huawei announces its new operating system called 'HarmonyOS' in a wake of the US-China trade war.
Since the commencement of trade war last year China and US have so far hit each other with punitive tariffs covering more than USD 360 billion in two-way trade. Trump kicked off the trade war demanding China to reduce massive trade deficit which last year climbed to over USD 539 billion. He is also insisting on China to workout verifiable measures for protection of intellectual property rights (IPR) technology transfer and more access to American goods to Chinese markets.
Sun, who is headed to New Delhi on Saturday to take charge of his office, spoke to the Indian media in Beijing on a range of issues ranging from border dispute to trade deficit and US' trade war to the forthcoming informal summit between President Xi Jinping and Indian Prime Minister Narendra Modi.
India and the UK have agreed to set up three new bilateral working groups to tackle barriers to trade in specific sectors of food and drink, healthcare and data services as part of the Joint Economic and Trade Committee (JETCO) meeting in London on Monday.
Huawei is planning to lay off workers at a research facility called Futurewei Technologies that employs 850 people in research labs including in Texas, California and Washington state.
Microsoft has denied reports claiming the shift of production of its Xbox gaming console
The world will grow at a rate slowest in 10 years if the upcoming US-China trade talks fail and the US imposes 25 per cent tariffs on the remaining $300 billion of imports from China
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