Asian, European Stocks Rebound Ahead of US-China Trade Talks

Screenshot  CNN

Screenshot CNN

The two days of meetings are aimed at carrying out the December 1 truce by Presidents Donald Trump and Xi Jinping that postponed additional tariff hikes, the Chinese Ministry of Commerce announced Friday.

A sharp drop in Chinese economic growth will hit the profits of US firms but sales by Apple Inc and other American companies should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said on Thursday. Its one-sentence announcement gave no other details of the agenda or who else would take part.

Lighthizer opposed China's entry into the World Trade Organisation in the 1990s and more recently was a driving force behind Trump's decision to impose tariffs on roughly $US250 billion worth of Chinese goods.

Trade negotiations could still be affected due to the diplomatic row following the arrest of Huawei's Chief Financial Officer Meng Wanzhou in Canada at the request of the U.S. for allegedly violating sanctions against Iran.

The New York Federal Reserve bank said in an analysis Friday that "higher import tariffs had immediate impacts on U.S. domestic prices", raising the consumer and producer prices by 0.3 percentage points higher than they would otherwise have been.

The European Union filed its own challenged in the World Trade Organization in June against Chinese regulations the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology.

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The country´s manufacturing sector has also been hit by the trade dispute, contracting last month for the first time in over two years, according to official data.

Now China and the United States face a March deadline for talks to end the damaging trade war, or Washington could proceed with a sharp hike in USA tariffs and Beijing could retaliate.

The makeup of the USA team was announced Friday by the trade representative's office.

The Commerce Ministry last week said that Beijing was preparing to work with Washington to implement the broad consensus reached, referring to the agreement reached in Argentina between Xi and Trump.

Chinese officials are unhappy with United States curbs on exports of "dual use" technology with possible military applications.

Donald Trump said Thursday that US Treasury Department has gained billions of dollars from tariffs on Chinese imports, duties that he said were necessary due to Beijing's unfair trade practices. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. An escalating trade war would make the situation even worse.

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