Published: Wed, October 31, 2018
Markets | By Noel Gibbs

Trump Predicts a "Great Deal" With China as Bilateral Trade Row Persists

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Broad gains in the USA equity market turned global stocks higher on Tuesday after President Donald Trump said a "great deal" could be struck with China that would relieve fears of a growing trade war between the world's two largest economies.

The two nations had already imposed tariffs on Dollars 50 billion of each other's goods before the September sanctions.

Those threats were given new life this week when three unnamed sources were cited by Bloomberg as confirming that the Trump administration would go through with tariffs on the remaining US$260 billion of imports from China if upcoming talks between the two countries' leaders did not go well.

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China's ambassador to the United States said on Tuesday that the "goodwill" and "wisdom" of the Chinese and American people would carry the countries through a tense period in their relations, and that "we have heard enough" of trade war threats and territorial sabre rattling.

The Dow was up more than 350 points earlier in the day before swinging more than 900 points and closing 9 percent below its all time high.

The pan-European STOXX 600 index rose 0.01 percent.

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Trump has long threatened to impose tariffs on all remaining Chinese imports into the United States if Beijing fails to meet USA demands for sweeping changes to Chinese trade, technology transfer and industrial subsidy policies.

Chinese Foreign Ministry spokesman Lu Kang said China and the USA have all along been in communication about exchanges at all levels, including a possible Xi-Trump meeting in Argentina.

US President Donald Trump and China's Xi Jinping are expected to meet on 30 November-1 December. Still, multiple factors make such a drop unlikely, including prospects the US might not go so far and China's various options to sustain growth. "I just say they (the Chinse) are not ready", he said. "I think that's consequential no matter how you look at it and we'll see what happens when they sit down". Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year. USDCNH has weakened ever since trade wars started earlier this year, with the weaker CNH negating some of the effects of US-imposed tariffs. "We don't know if they're uncoordinated, or if they're negotiating in bad faith".

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As another option, the White House is also considering excluding trade from the meeting agenda but it is unlikely to cancel it altogether, according to two people familiar with the matter.

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