Markets

Gold prices firm with US-China trade tensions in focus

Gold prices firm with US-China trade tensions in focus

President Trump says he will raise tariffs on $200bn (£152bn) of Chinese goods on Friday with his officials accusing China of reneging on promises.

The Trump government has threatened to expand tariffs that were 25% in Chinese imports to a different $325 billion, covering all China ships into the USA.

U.S. oil prices slid and U.S. Treasury yields fell as investors sought safe-haven assets.

US President Donald Trump speaks during a rally at the Aaron Bessant Amphitheater on May 9, 2019 in Panama City Beach, Florida.

The Chinese products hit by USA tariffs since the beginning of the trade war have been wide-ranging, from machinery to motorcycles.

Since July a year ago, China has cumulatively imposed counter-tariffs of up to 25% on about US$110 billion of United States products. "China has rebuilt their country because of us".

The recent backsliding that irked Trump may indicate that Beijing has misread him and expects the unconventional US leader to make the same choice, Friedberg said.

The administration and analysts have been reluctant to specify what commitments the Chinese government has backpedaled on, but both have acknowledged that as the two countries have neared the finish line, there is a faction in Beijing that has found it hard to agree to commitments that would be enforceable under the deal.

A protracted trade war between the United States and China would damage the world economy, disrupt supply chains and rattle investors already nervous over a global slowdown.

Google I/O 2019 Livestream: How to Watch the Keynote
This will be good news to the ears of smart watch enthusiasts since Google skipped the Pixel watch on lasts years I/O event. This is the only Pixel phone on the market with a 3.5mm headphone jack , a feature lacking in the more expensive Pixel 3.

Gao described accusations about Chinese firms stealing tech secrets as unreasonable and said they were not based on facts.

The International Monetary Fund (IMF) said the escalation of US-China trade tension was one factor to have contributed to a "significantly weakened global expansion" late previous year as it cut its 2019 global growth forecast.

The tariffs would target chemicals, building materials, furniture and some consumer electronics among other goods.

US Trade Representative Robert Lighthizer released an official notice on Wednesday making the tariff increase a virtual fait accompli.

Trump, who has adopted protectionist policies as part of his "America First" agenda aimed at rebalancing global trade and boosting USA manufacturing, accused Beijing of reneging on commitments made during months of negotiations. Major European indexes also finished lower. The S&P 500 was up 1.84 points, or 0.06%, at 2,885.89 and the Nasdaq Composite was up 3.11 points, or 0.04%, at 7,966.87.

While China's overall economic growth has remained steady so far this year, the outlook for exporters has been challenging.

On Tuesday, May 7, the Dow Jones Industrial Average (DJIA) fell nearly 500 points, or close to 2%. Analysts expected a gain.

Anthony Nieves, who heads a survey of the services sector by the Institute for Supply Management, told reporters on Wednesday the tariffs were hitting China "a lot more than what we're feeling over here in the states". "The effects on business confidence and financial markets around the world could be more significant, potentially adding to reasons for renewed policy loosening".


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