Bannon Condemns Mnuchin's Trade Truce as China Giveaway

22 May, 2018, 09:43 | Author: Arnold Perez
  • Bannon Condemns Mnuchin's Trade Truce as China Giveaway

On Saturday, there was a sign of hope that ongoing trade tensions between Washington and Beijing could be remedied.

The affirmative but vague repositioning on trade talks includes the United States putting tariffs of $150 billion worth of Chinese imports on hold.

In the statement, Beijing committed to "significantly increase" its purchases of American goods and services, saying that the increase would "meet the growing consumption needs of the Chinese people and the need for high-quality economic development".

President Donald Trump is defending his administration's trade dealings with China a day after his Treasury secretary said the two countries were putting a trade war "on hold". In effect, Mnuchin's statement will put the implementation of those tariffs on hold until after the planned summit between President Trump and Korea's Kim Jong Un in June.

Global stock markets got a bounce Monday after the USA and China effectively called a truce in what had been a spiraling trade dispute, letting investors heave a sigh of relief. He will plant the crop across about 400 acres in about three weeks, hoping that China resumes USA imports soon after ending its anti-dumping probe.

"I view it as part of the process", Hettver, president of the Minnesota Corn Growers Association, said of the latest stage of the U.S.

Last Saturday's pledge by the USA and China to stop slapping tariffs on each other, thus averting a "trade war", hides the fact that China is the unequivocal "winner" of this round of bilateral trade negotiations.

"They failed to drill down on the biggest frictions facing USA businesses and on those where we are most able to move the Chinese", said Mary Lovely, a Syracuse University economist who specializes in trade.

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Already, China is the third-biggest buyer of LNG from Cheniere Energy Inc's Sabine Pass terminal in Louisiana, and it is poised to nab more cargoes from USA shores as developers seek to build new export plants from the Gulf Coast to Alaska. "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 US president".

"We don't really know the details of this agreement", Peter Cardillo of Spartan Capital told AFP, "but the market is very sensitive to the trade war threat and investors think the negotiations seem to be going in the right direction".

As of Sunday, farmers had planted 81 percent of the U.S. corn crop, 56 percent of the nation's soybeans and 36 percent of sorghum, a grain used for livestock feed, according to U.S. Department of Agriculture data issued on Monday. This is particularly true in a high oil price environment.

But Frisbie said he wanted to see further progress in addressing USA businesses' complaints about how they are treated in China.

Though tensions abated, the two countries haven't reached a final resolution yet. One remedy, which will likely not materialize in the near future, would be to let the Chinese yuan (RNB) have a floating exchange rate that is determined by market forces.

Other steel stocks in the United States are down as well.

The easing of the trade dispute also boosted chipmakers, whose major clients include Chinese firms, with the Philadelphia chip index gaining 1.1 per cent. Technology sector rose 0.8 per cent. Tesla jumped 2.8 per cent on pricing of the Model 3's fully loaded version and after brokerage Berenberg raised its already bullish price target.



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