Thursday, 27 February, 2020

Oil Hits Three-Month High On Trade Deal Optimism

Donald Trump met with trade advisers on a deal that could be announced as soon as today according to people briefed on the Donald Trump met with trade advisers on a deal that could be announced as soon as today according to people briefed on the
Irene Mckinney | 14 December, 2019, 00:25

China's vice commerce minister Wang Shouwen said that part of the "phase one" trade deal with the United States includes a progressive rollback of tariffs that have threatened to roil the global economy.

On Wednesday, the Bloomberg had reported the U.S. and China are moving closer to "agreeing on the amount of tariffs to be rolled back in a phase-one trade deal", news agency Reuters reported.

The US has agreed to suspend tariffs on $US160 billion ($233 billion) in Chinese goods which were due to go into effect on December 15, Mr Trump said.

The president, at that time, said the first portion of the pact would be written over the next several weeks and would cover intellectual property and financial services, along with the purchase of up to $50 billion worth of agricultural products by China.

Calling the phase one pact "an awesome deal for all", Trump said phase two negotiations will begin "immediately" rather than wait until after the 2020 election.

The current deal appears far more limited than what the White House had announced at that time, including China agreeing to help protect for U.S. intellectual property and to that country opening its doors to USA financial services firms.

The deal announced Friday leaves unresolved some of the thorniest issues.

The agreement was announced as the US House Judiciary Committee voted in Washington to charge US President Donald Trump with abuse of power and obstruction during an impeachment inquiry.

Washington has set its terms for the first part of the so-called "phased deal", offering to suspend some tariffs on Chinese goods and cut others in exchange for Beijing buying more American farm goods, US sources have said.

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The US has agreed to suspend a planned tariff increase on Dollars 160 billion of Chinese imports due to take effect on Sunday and to reduce existing tariffs, Brilliant said.

Experts say Beijing is just as eager to resolve the trade deal.

The 17-month-long trade war was initiated last July when United States levied tariffs on Chinese goods in an attempt to compel the communist regime to address a range of unfair trade practices, including theft of USA intellectual property, forced technology transfer, subsidies for domestic industries, and currency manipulation.

Chinese retaliatory tariffs led to a 53% year-on-year plunge in American exports of agricultural products to one of the industry's largest markets in 2018, according to USA data.

The announcement came two days before $160 billion in new USA levies on Chinese products were set to take effect. "They want it, and so do we!"

The United States will maintain 25 percent tariffs on approximately $250 billion of Chinese imports, he said, adding that there would be 7.5 percent tariffs on about $120 billion of Chinese imports-marking a 50 percent reduction in those tariffs. Trump tweeted in a markedly optimistic tone, although it was unclear if he would officially confirm the agreement on Thursday.

Beijing's silence, however, fuelled questions over whether the two sides can come to a truce in their bitter trade war before a new round of tit-for-tat tariffs takes effect on Sunday. "We've heard this song and dance from China before".

But Republicans praised President Trump for persistence in holding Beijing accountable on trade.

The steep climb kicked off after President Trump's morning tweet saying the United States and China were "Getting VERY close to a BIG DEAL ..." Gao declined to comment on possible retaliatory steps if Washington imposes more tariffs on Chinese goods this weekend.

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