USA stocks jump as trade war fears subside

Is the US trade deficit a bad thing

Is the US trade deficit a bad thing

Contradicting Mr. Trump's assertion that he was the first to get China to reduce trade barriers, Mr. Alden noted that decade-long negations with China for its entry to the World Trade Organization resulted in the communist country lowering myriad tariffs and barriers.

For the entirety of his adult life, Donald Trump has been telling people he's a brilliant businessman-a habit he continued, to great effect, on the campaign trail, assuring voters that he would use his Apprentice-honed skills to strike deals for the US beyond the wildest dreams of his predecessors.

This would help level the playing field between China and not only the USA but other trading partners that take issue with China, including European Union members. Beijing promised to "significantly" increase purchases of US goods and services, but there was no dollar figure attached, despite White House assurances that China would cave to its demand for a $200 billion annual reduction in the trade gap.

The piece took issue with the official USA trade deficit amount, stating that it was $275.8 billion in 2017 instead of $375.2 billion as US trade figures show.

Asked about the administration's evolving China trade strategy, several Republicans said the White House needed to fill them in on what was happening, as majority had only heard and read media reports about the developing talks over the weekend.

Trump also suggested that the North Korea embargo is showing cracks before the nuclear summit with the USA scheduled for June 12.

Trade tensions receded as Treasury Secretary Steven Mnuchin said the US will suspend its efforts to apply tariffs to $150 billion in Chinese imports.

Wall Street rallied amid optimism that the United States is backing off its recent protectionist stance in an effort to resolve an global trade dispute with China.

President Donald Trump just did a 180 on trade with China, and steel stocks are under pressure. Stocks have rallied several times on the belief that trade tensions were easing, only to slide as sentiment changed. "Of course, we do not want to see any reversal", said Lu.

Lawmakers urge Trump administration to clarify strategy on China after trade war pause

The United States appeared to have won promises of more imports by China, although there were few specifics on Monday.

China also agreed in principle to move toward a more level playing field in trade relations and to address the country's theft or forced transfer of intellectual property from American firms doing business in China.

The trade deficit reached a record $375 billion a year ago, according to Bloomberg.

Some U.S. farmers scrapped plans to plant sorghum this spring, opting for corn instead, after China's probe halted U.S. sorghum imports.

It's "difficult to contemplate" how the two countries could cut their trade imbalance by $200 billion, said Victor Shih, a professor at the University of California in San Diego who studies China's politics and finance.

The statement, however, provided no dollar amounts on how much China might boost its purchases of American products. These include outright cybertheft of USA companies' trade secrets and China's demands that American corporations hand over technology in exchange for access to the Chinese markets.

In this regard the Global Times piece is correct, at least as far as stating that China will purchase more USA goods to its own benefit. Trump raised eyebrows last week when he instructed officials to give the company a lifeline.

"We have an interest in diversifying our sources of supply", a European source said. "The broader tension is not resolved".

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