Published: Tue, April 10, 2018
Markets | By Noel Gibbs

China's President Promises 'Significantly Lower' Auto Tariffs

China's President Promises 'Significantly Lower' Auto Tariffs

Of note, Xi told the forum that globalisation is an irreversible trend, adding that China will do its part by taking major measures to open up its economy as soon as possible and widen market access to foreign-funded firms.

Chinese President Xi Jinping will deliver a keynote speech at the Boao Forum for Asia on Tuesday.

Stocks in Moscow calculated in US dollars fell as much as 4.8 percent after dropping more than 11 percent on Monday, but shaved most of Tuesday's loss to be down -0.8 percent.

President Donald Trump expressed optimism the USA will be able to reach a deal with China that diffuses trade tensions between the world's two biggest economies.

He said China will take measures to liberalise automobile investment, reduce tariffs on cars this year and protect intellectual property - all areas that have been high on the list of demands by Washington.

Josh Crabb, head of Asian equities at Old Mutual Global Investors, has also increased allocation to Chinese equities on the view they are still cheap and that the trade dispute will be resolved. Trump has called on Beijing to ease trade barriers "because it is the right thing to do".

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"On Sino-US trade, China has made its position very clear". "Then we could see a rapid uptick of USA investment in China" due to companies buying up stakes in financial services, automobiles and other industries.

Still, Trump insisted Wednesday that '[w] e are not in a trade war with China.

Karst added: "This latest trade action [by China], if it is on soybeans, if it does come about, it will have a devastating impact on USA soy farmers, and by extension all United States farmers".

The businessman-turned-world leader today lashed out at tariffs placed on American cars sold in China, saying the current system levies a 2.5 per cent tariff on every Chinese auto imported to the usa, while placing a 25 per cent duty on cars going the other way.

Trump has long said he considers bullish stock indices to be a sign of his success, but the threat posed by his trade policies seems to run counter to that. U.S. President Donald Trump's tariffs on Chinese goods triggered another bout of market volatility.

China's global surpluses are now far below the USA negotiating targets of a few years ago, China has spent about $1 trillion propping up its currency, and intellectual-property protections are far better enforced.

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Trump said in a statement Thursday evening that his latest proposed tariffs came 'in light of China's unfair retaliation'.

On more than one occasion, the Chinese administration has stressed that it doesn't wish to engage in an all-out trade war and would prefer a more negotiation-focused approach.

Xi's remarks follow weeks of tit-for-tat tariffs between Beijing and Washington and mutual threats of more levies on hundreds of billions of dollars worth of products that have raised fears of a trade war that could lacerate the global economy.

The speech - marking 40 years after the first economic reforms transformed China - was being closely watched after Trump's plan to hit hundreds of Chinese products with duties. China is a major buyer of USA pork, and the 25-percent tariff on pork would slice into sales of US meat, knocking April hog futures near 50 cents per pound.

The Permian basin in Texas is leading the way as USA oil production has reached an all-time high, but the prolific output is causing bottlenecks as pipelines transporting the crude have filled up more quickly than expected, depressing prices in the region.

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