Saturday, 22 February, 2020

Asian markets quiet as investors shrug off the US-China trade deal

US, China reach phase one trade deal, source says US President Donald Trump and China officials announce tariff rollback deal in trade war
Noel Elliott | 18 December, 2019, 00:30

BEIJING -The most immediate benefit for China of the "phase one" trade deal - once it is signed - will likely be an expansion in its purchase of United States agriculture products, such as pork, poultry and soybeans, say experts.

On Friday, Washington and Beijing announced a "phase one" agreement. Bullish bets rose the most in three years in the days leading up to Friday's announcement that China will buy more American farm products.

The preliminary deal between Washington and Beijing reached last week will double USA exports to China, White House adviser Larry Kudlow told Fox News on Monday.

The early-stage deal includes that China is set to make "substantial additional purchases" of USA products and services moving forward, the USTR said.

However, some have described it as a "purchase agreement" and not a "deal agreement" since the deal is not expected to address numerous more hard issues that triggered the trade tensions, such as China's subsidies for certain industries.

Lower supply next year due to a planned cut by the Organization of the Petroleum of Exporting Countries (OPEC) and associated producers like Russian Federation - a grouping known as 'OPEC+' - and stronger economic growth expected because of the improved trade outlook between United States and China will combine to tighten the oil supply-demand balance next year, analysts from JP Morgan said.

The dollar rose on Tuesday amid concerns about a hard deadline for Britain to reach a new trade deal with the European Union, while global equity markets edged higher, lifted by a resurgent USA housing market that bodes well for the economy.

Turkey: US Senate vote on 'Armenia genocide' a 'political show'
His remarks came after the US Senate unanimously passed Thursday a resolution that recognises the so-called Armenian "genocide" . Graham had said his objection to the measure was not "to sugarcoat history or try to rewrite it, but to deal with the present".

"Chinese enterprises will import more competitive products and services from the USA and other countries according to market and commercial principles", he said while in Ljubljana, Slovenia.

Evidence of a global economic revival is becoming increasingly clear, said Jim Paulsen, chief investment strategist at Leuthold Group in Minneapolis, citing U.S., Chinese and European data. Some Chinese officials admitted that while "phase one" is certainly a big achievement, things aren't done yet and if something goes South, the country will withdraw from the agreement.

"Trump will also force China to buy a lot of USA energy and manufacturing products at this stage or the next stage", Shi told a forum in Beijing on Monday. "We agree that we need to realign our relationship with China, but tariffs that harm American businesses, workers and consumers are not the answer and can not be allowed to continue".

The deal suspended a threatened round of USA tariffs on US$156 billion (RM646.2 billion) of Chinese exports that was scheduled to take effect on Sunday.

The suspension covers the 10-percent and 5-percent additional tariffs, respectively, on the imported products, according to the commission. The United States, Mexico, Canada agreement is an update of the 25-year-old NAFTA treaty.

Above all, Lighthizer said: "It's enforceable". "If the hardliners make decisions, we will get a result".

He said it would not solve all of the problems between the United States and China, because integrating China's state-dominated economic system with America's private-sector led system will take years.

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