US, China Back Away From Tariff War

The U.S. and China have agreed to back away from imposing tough new tariffs on each other’s exports, a day after reaching a deal for China to buy more American goods to “substantially reduce” the huge trade deficit with the U.S.

U.S. Treasury Secretary Steven Mnuchin told Fox News the world’s two biggest economic powers “made very meaningful progress and we agreed on a framework” to resolve trade issues. “So right now we have agreed to put the tariffs on hold while we try to execute the framework,” he said.

China’s state-run news agency Xinhua quoted Vice Premier Liu He, who led Chinese negotiators in trade talks in Washington this past week, as saying, “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other.”

Liu said the agreement was a “necessity.” But he added, “At the same time, it must be realized that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time.”

U.S. President Donald Trump had threatened to impose new tariffs on $ 150 billion worth of Chinese imports and Beijing had responded that it would do the same on American goods.

Source : Voanews


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Stock market opens flat, but fights to bounce back after rising rates rattle Wall Street

U.S. stocks opened little changed to slightly higher on Wednesday as investors wrestled with rising rates, with bond yields holding at multiyear peaks after surging on Tuesday on brisker-than-expected retails sales and manufacturing.

The Dow Jones Industrial Average was trading flat, up less than 0.1% at 24,711 after halting an eight session rally Tuesday as investors were spooked by the climb in the 10-year Treasury note to the highest level since 2011 above 3% on Tuesday. on Wednesday rates mostly held their ground as investors digested the recent moves in government paper.

The S&P 500 index advanced slightly, picking up 0.1% at 2,714, while the Nasdaq Composite Index rose about 0.1% to 7,358.

Source: marketwatch

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Sumber : bpfnews.com

Asia Stocks Climb; Japan Shares Rise On the Back of Weaker Yen

Asia stocks rose as a weaker yen supported Japanese equities at the start of Tuesday trading after the dollar climbed while investors maintained focus on the U.S. Treasury market, where the 10-year note is approaching 3 percent.

The MSCI Asia Pacific Index gained 0.3 percent 173.09 as of 10:48 a.m. in Hong Kong. The greenback strengthened overnight, with the 10-year Treasury yield remaining just below its highest level since 2014. With the yen weakening, equities in Japan climbed, so did indexes in Hong Kong and Australia.

Source : Bloomberg

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Sumber : bpfnews.com

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