China wins Round 1 in trade spat with US

China wins Round 1 in trade spat with US

China wins Round 1 in trade spat with US

And there was no mention of ZTE in the two countries' joint statement on the trade talks, keeping the company in limbo. In recent months the two have threatened to impose punitive tariffs on billions of dollars in each other's exports.

"He's going to be looking into a number of areas where we're going to have greatly significant increases", including energy, liquefied natural gas, agriculture and manufacturing, Kudlow said in an interview with ABC's "This Week".

As for the United States, "there is a lot of different dynamics at play and many different stakeholders in Washington", Parker said.

China's pledge to significantly boost its purchases of American goods and services touches on a key demand from the Trump administration.

On Monday, Trump defended his administration's trade tactics on Twitter. Not all USA business leaders welcomed the trade war truce, with some cautioning that Washington would find it tough to rebuild momentum to address what they see as troubling Chinese policies.

Not only does China need to offset the trade imbalance with the US, but it also needs American natural gas.

USA stocks climbed on Monday after the United States and China put their trade differences "on hold" to work on a wider agreement, while sentiment was also buoyed by the almost $28 billion worth of merger activity.

"It is likely that this agreement, weak and vague though it is, will serve as grounds to at least delay the imposition of tariffs", said Eswar Prasad, an economist and trade expert at Cornell University.

Still, President Donald Trump framed the weekend's talks as a clear victory for the U.S. Mr. Trump said in a tweet that "Fair Trade, plus, with China will happen!"

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Speaking to Bloomberg, the former Cambridge Analytica vice president condemned the USA attempting to call a truce amid concerns of a brewing trade war with China. The economic truce came Sunday after a few days of talks aimed at bringing down America's massive trade deficit with Beijing.

Other U.S. agricultural products that could benefit from increased Chinese imports include sorghum and distillers dried grains, according to Li.

Industrial companies and banks made some of the biggest gains Monday.

Last month, the administration proposed tariffs on $50 billion of Chinese imports to protest the forced technology transfers. Trump later ordered Lighthizer to seek up to an additional $100 billion in Chinese goods to tax.

China is promising to increase its imports of U.S. agriculture and energy goods, much to the White House's pleasure. "China has to import a certain amount of energy from someone and needs to import either animal feed or meat to satisfy Chinese domestic demand", Setser said, adding that what Trump got from China is "the kind of deal that China would be able to offer any USA president".

The ban amounted to a death sentence for ZTE, which relies heavily on US parts, and the company announced that it was halting operations.

Trump, at the behest of Chinese President Xi Jinping, a week ago "instructed" Commerce Secretary Ross to intervene to save the company and prevent the loss of Chinese jobs.

The company, publicly traded but whose largest shareholder is a Chinese state-owned enterprise, had been hit with penalties for breaking a 2017 agreement after it was caught illegally shipping US goods to Iran and North Korea, in an investigation dating to the Obama administration.

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