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China's President Promises To Cut Auto Import Tariff, Files US Tariff Complaint

14 Avril 2018

We stand by to engage with you, the government of China and President Xi, on that matter, she said. "No, it sounds like STUPID TRADE - going on for years!"

Russian assets extended Monday's slide as investors digested the new round of USA sanctions targeting Russian tycoons.

FED MINUTES: At its most recent meeting in March, Federal Reserve policymakers said they felt the US central bank might have to raise interest rates faster than expected to keep up with quickening economic growth and rising inflation that's coming close their 2 per cent target, according to the latest minutes.

He also said "Cold War mentality" and arrogance had become obsolete and would be repudiated.

Chinese Vice Premier Liu He promised at the World Economic Forum in January that China would roll out fresh market openings this year, and that it would lower auto import tariffs in an "orderly way".

Trump's move last week to threaten China with tariffs on $50 billion United States in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of USA intellectual property and forced technology transfers from USA companies.

"What you are seeing in the market is an alleviation of trade war fears and people trying to get back in and reposition themselves for what they hope - no trade war", said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY. And yet few of his pledges signaled much change. It's still unclear when that will happen.

Boeing and Caterpillar both rose more than 3 percent as concerns of a trade war were alleviated.

"The market's increasing expectation is that the two sides will sit down now", said Paul Christopher, head of global market strategy for Wells Fargo Investment Institute, although stocks could bounce around as those negotiations proceed.

U.S. -China trade talks said to stall over high-tech industry. That would cause China more economic pain.

China in a retaliatory measure, made a decision to impose additional tariff of 25 per cent on 106 products under 14 categories worth Dollars 50 billion.

Earlier in the day, Trump tweeted about the "STUPID TRADE" with China, saying that when a Chinese-made vehicle is sent to the US, the tariff is only 2.5 per cent, while American cars exported to China are slapped with a 25 per cent tariff. Interestingly, just a few hours before Xi's speech, Trump had tweeted, "When a auto is sent to the United States from China, there is a tariff to be paid of 2.5 per cent".

So Gao Feng, a spokesman for China's Ministry of Commerce, gathered reporters Friday - on a national holiday at 8 p.m. - to warn the country "would immediately fight back with a major response" if Trump enacted the levies.

Silvecrest Asset Management chief strategist Patrick Chovanec, tweeted "My guess is that Xi's "conciliatory" tone is more about posing as the reasonable one on trade, and trying to divide potential allies from Trump, than caving to Trump". A commentary in the official People's Daily after the speech said Beijing would never open at the expense of its interests - a signal that it would continue supporting "Made in China 2025".

"Stronger IPR protection is the requirement of foreign enterprises, and even more so of Chinese enterprises", Xi said.

"Does that sound like free or fair trade".

The long-planned speech-marking 40 years after the first economic reforms transformed China-was being closely watched after Trump's plan to hit hundreds of Chinese products with duties.

"That could be a source of unresolved tension in coming days".

Some still viewed Xi's speech as a welcome de-escalation after last week's antics.

Asian markets rose earlier in the day as fears about a potentially catastrophic China-US trade war were tempered by hopes the two sides would be able to hammer out an agreement.

Last month, the United States rejected Broadcom Ltd's hostile takeover of Qualcomm Inc, sending a message that his administration won't look kindly on any deal that would give China an edge in critical technology.

"This is a very important action by China".

China's President Promises To Cut Auto Import Tariff, Files US Tariff Complaint