Markets

Trump Says 'Big Progress' Is Being Made On Trade Deal

Trump Says 'Big Progress' Is Being Made On Trade Deal

In his message to Trump, Xi said China-US relations have experienced ups and downs and made historic progress over the past four decades, state news agency Xinhua said.

Xi has repeatedly pledged his support for reform this year, as China marks 40 years since landmark changes to its economic model, amid mounting pressure to improve market access for foreign companies as a trade war with the United States weighs.

Stocks also got a boost in early December when the USA and China agreed to a truce on trade, but then plunged when it was unclear what exactly both sides had agreed upon.

Trump said he had a "long and very good call" with Xi and that a possible trade deal between the USA and China was progressing well.

China has pledged to take measures to step-up American imports and investments to meet the US' demand of bringing down the United States dollars 375 billion bilateral trade deficit.

The U.S. formally established ties with the People's Republic of China on January 1, 1979, cementing a rapprochement that began seven years earlier with President Richard Nixon's landmark visit to Beijing.

These would be the first face-to-face talks since the truce was agreed by both nation's leaders on the sidelines of the G20 summit meeting in Buenos Aires.

Trump has long complained about China's unfair trade practices and blamed previous USA leaders for failing to address the matter, which he has said has not only cost U.S.jobs but has threatened national security.

December was a particularly trying month for U.S. equities. Trump added: "Deal is moving along very well".

Tottenham stumbles in Premier League title race by losing to Wolves
It's not enough to play 60 or 70 minutes. "You need to play not only with quality but with energy and it was hard to find energy".

It was unclear who initiated the call between Trump and Xi.

Many key USA economic indicators stayed robust even as business leaders recoiled at Trump's rising protectionism, with unemployment lingering at a 49-year low, corporate earnings notching their strongest growth in eight years, and business and consumer sentiment remaining well above historic trends.

White House officials have denied Trump intends to fire Powell, but many market watchers say the possibility has further pressured stocks, especially given the president's penchant for setting policy by tweet without consulting his advisors.

United States stocks, beaten down recently by concerns about an escalating tariff war, got a boost from news of the upcoming talks.

Also in Argentina, the United States and China reached a 90-day agreement to postpone more tariff hikes and allow for further negotiations, after Xi agreed to purchase "a very substantial amount" of American goods, including in the agricultural, energy, and industrial sectors, to reduce the USA trade deficit with China.

"History has proved that co-operation is the best choice for both sides", Xi said. He said that the government would keep growth from slowing too quickly and follow through on a tax cut as part of an effort "to ease the burden on enterprises".

In return, Trump agreed to postpone the planned step-up in tariffs on $200 billion worth of Chinese goods from 10 percent to 25 percent that would have commenced on January 1. Beijing so far has pledged to resume buying US soybeans and to at least temporarily lower retaliatory tariffs on USA autos. Still, the paper sounded a note of caution.

In the same year, late paramount leader Deng Xiaoping, often credited with China's "Reform and Opening" policy which led to its economic transformation, met U.S. president Jimmy Carter in the United States.

Besides worries over the hard U.S. "China will not accept any terms which are counter to the general direction of China's reform and opening up, or that impair China's national interests".


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