Indexes climb on fresh hope of U.S.-China trade deal
Oct 11 2019
"They want to make a deal, but do I?"
"I'm driving a tough bargain, but I have to", Trump told reporters at the White House Wednesday.
To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.6 per cent to close at 26,497, the S&P 500 closed 0.6 per cent higher at 2938 and the NASDAQ added 0.6 per cent to 7951.
The world's two biggest economies are deadlocked over USA allegations that China steals technology and pressures foreign companies to hand over trade secrets as part of a sharp-elbowed drive to become a world leader in advanced industries such as robotics and self-driving cars. "If we can make a deal, we're going to make a deal, there's a really good chance", said Trump.
Without significant progress during the talks, US President Donald Trump is set to hike the tariff rate on US$250 billion worth of Chinese goods to 30 per cent from 25 per cent next Tuesday.
"I think that could lead to a decision by the U.S. administration not to put forward a tariff rate hike on October 15", he said.
Chinese side came with great sincerity.
"I think both sides are needing to have a win".
Just since Monday, Washington has slapped visa restrictions on senior Chinese officials and blacklisted more than two dozen Chinese firms, accusing them of persecuting ethnic Muslims in China's western Xinjiang region.
The measures have outraged Beijing and in the process penalized major players in the artificial intelligence sector, an area where the United States and China are intense rivals.
With expectations of a breakthrough so low, markets would be satisfied with at least a "partial" deal to defuse the economically damaging trade war, or at least a commitment to not raise further tariffs.
He faces an intensifying impeachment probe by Democrats and stinging bipartisan criticism for allowing a Turkish assault on Washington's Kurdish partners to go forward by pulling American forces away from the border in northeast Syria.
A so-called currency pact which Washington reportedly said had been agreed to earlier this year before the trade negotiations started will potentially be the first stage of an anticipated deal with Beijing. Those include laws around intellectual property theft and the forced transfer of foreign technology.