Stocks jump on USA trade progress at G-7

Stocks jump on USA trade progress at G-7

But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signaled he did not plan to follow through with a demand that USA firms close operations in China. "They understand how life works".

Trump also said the USA is "very close to a major deal with Japan".

But Asian investors later pared steep losses when the president said that a fresh round of talks between U.S. and Chinese negotiators would "start very shortly".

"Today's move suggests that the market is beginning to wonder if Trump isn't shooting himself and the United States economy in the foot with his endless trade war", he wrote.

The day began with steep selloffs in Hong Kong, China, Japan and South Korea asinvestors fretted about whether tariff hikes announced by both countries in recent days would fuel a severe global economic slowdown.


Reuters reported that "Liu, China's top trade negotiator, was speaking at a tech conference in Chongqing in southwest China" when he made the remarks. He added that China hopes the USA moves back to the path of rationality and "decoupling" won't resolve the current impasse.

Trump says he'll say more about China later Monday.

The latest comments emerging from the Group-of-Seven meeting on Monday in Biarritz, France are a turnaround from Friday's escalation in the trade conflict, when China threatened to impose additional tariffs on $75 billion of American goods. Morgan Stanley warned that the spiral of trade measures could result in a global downturn within nine months. But a spokesman for China's foreign ministry said Monday that he didn't know what calls Trump was talking about.

Earlier in the conversation, Trump followed up by defending the fight with China, reassuring the country that talks continued. Its offshore counterpart rose to 7.1497 before trading at 7.1545 as of 0721 GMT.

"I have second thoughts about everything", he conceded to reporters when asked if he regretted his decision on Friday to ramp up tariffs on all Chinese imports, worth some $550 billion, in retaliation for Beijing's earlier hike of levies on USA goods.


Liu spoke an event focused on high-tech industries such as big data, artificial intelligence, semi-conductors and 5G.

"We will continue to create a good investment environment, protect intellectual property rights, promote the development of smart intelligent industries with our market open, resolutely oppose technological blockades and protectionism, and strive to protect the completeness of the supply chain".

On Friday, Trump said existing 25% tariffs on some $250 billion in imports from China would rise to 30% come October 1, the 70th anniversary of the founding of the People's Republic of China. In addition, the tariffs would be raised to 15 percent from 10 percent on $300 billion worth of Chinese goods starting from September 1.

China's retaliatory tariffs set off the barrage of tweets from President Trump that ignited a wave of selling as investors fled stocks in favour of United States government bonds, pushing yields higher.

Iranian Foreign Minister Mohammad Javad Zarif arrived in Biarritz on Sunday, but his spokesman said he did not plan to meet with USA officials. At the same time, the blog said that this stance didn't preclude fighting back. "I can't say what they've been doing to the U.K. and to other places, but from the standpoint of the United States, what [China] has done is outrageous".


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