Markets rise on hopes of US-China trade deal


Trump was referring to Xi's indication on Tuesday that China will step up efforts to open its markets.

The speech at the Boao Forum for Asia in the southern province of Hainan had been widely anticipated as one of Xi's first major addresses in a year in which the ruling Communist Party marks the 40th anniversary of its landmark economic reforms and opening up under former leader Deng Xiaoping.

Xi Jinping filled his speech at an annual business summit on Tuesday with aphorisms about hard work and openness.

Even as China's trade surplus narrowed overall in the first three months of the year, its surplus with the USA surged 19.4 percent to $58.25 billion from a year earlier, customs data showed on Friday. For trade talks to take place under the current environment is "even more impossible".

Also, the burden of the proposed US tariff increases on Chinese products will be shouldered by the whole industrial chain, putting pressure on exporters, raw material providers and retailers, as well as USA buyers, rather than by Chinese enterprises only, according to Wang. On Tuesday, Chinese leader Xi Jinping warned USA against "arrogance", issuing a veiled warning to Trump with a promise to lower levies.

China is a rival of the U.S. on two dimensions: power and ideology.

"The U.S. side will likely want to see deeds, not just words, before it considers softening its protectionist stance", Bloomberg Economics Chief Asia Economist Tom Orlik wrote in a note.

Global stock markets recovered their poise Thursday and the price of oil came off three-year highs as investors digested U.S. President Donald Trump's defiant comments on the Middle East conflict.

China directs India to Hong Kong government in Nirav Modi case
The agency had also told them to contact the nearest Indian embassy to get temporary travel documents, but they refused to do so. Nirav Modi is the prime accused in the Dollars 2 billion PNB bank fraud case and is believed to in Chinese territory.

On Friday, Trump had warned of tariffs on an additional $100-billion (R1.2-billion) worth of Chinese imports, to which Beijing responded by saying it would stand firm.

China's trade surplus with the United States grew 13 percent year on year to 1.87 trillion yuan last year, data showed.

The threatened tariff war was spurred by a US Trade Representative investigation into China's intellectual property practices, which alleged wide-scale theft and forced technology transfers. The future for the Dow Jones industrial average sank 0.7 percent to 24,185.00 and the future for the S&P 500 lost 0.3 percent to 2,633.70, auguring early losses on Wall Street.

But Commerce Ministry spokesman Gao noted the measures were proactive and had nothing to do with the trade frictions.

That helped narrow its surplus with the March alone to $15.43 billion from $20.96 billion in February, but that was still almost 18 percent higher than March 2017. "The wielding the big stick of sanctions while keeping saying they are willing to talk..." "I am not sure who the putting on such acts for".

In his remarks, Xi sought to calm any USA fears that China aimed to challenge its supremacy.

China has repeatedly voiced its commitment to further opening up and support for economic globalization to facilitate both domestic and global development.