Published: Sat, October 12, 2019

Shoe Industry Not ‘Fully Satisfied’ With US-China Partial Trade Deal

Shoe Industry Not ‘Fully Satisfied’ With US-China Partial Trade Deal

With the agreement the White House will hold off on a massive tariff increase planned for next week, US Treasury Secretary Steven Mnuchin told reporters.

China will continue to increase purchases of U.S. farm exports and pledge to refrain from currency manipulation while Washington will suspend a tariff increase, Bloomberg reported.

The President announced a substantial phase 1, deal and said that once the deal was written the two parties would begin to work on phase 2.

The United States has reached a "very substantial" Phase 1 trade deal with China, President Donald Trump announced on here Friday, giving a boost to the stock market in NY.

"The Chinese side has come with great sincerity and is willing to make serious exchanges with the US on issues of common concern such as trade balance, market access and investor protection, and promote positive progress in the consultations", Liu said. In return, Washington suspended the tariff hikes on Chinese goods scheduled for next week.

China has agreed to open its markets to US banks and other financial services providers, Mnuchin said.

It could take up to five weeks to commit the agreement to paper, Trump said.

The British pound jumped against the dollar, recording its biggest two-day gain since December 2008, while shares of United Kingdom banks and homebuilders advanced as investors grew more optimistic about the U.K.'s divorce deal with the European Union.

The strength was attributed to a tweet by U.S. President Donald Trump that said he is set to meet with Chinese Vice Premier Liu He on Friday. The stock bounce came as a new University of MI consumer sentiment survey indicated that optimism among American consumers rebounded in October to the highest level in three months, due in part to easing concern over the US-China trade war.

As part of the agreement, Beijing agreed to purchase "up to $40 billion to $50 billion" in agricultural products from the United States. Trump launched a tariff campaign early past year as part of a strategy to end China's decades-long unfair trade practices.

"The idea is to make investors more confident so they're willing to invest", he said.

"It's beyond a trade deal", Trump said.

China's securities regulator on Friday unveiled a firm timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies for the first time.

China Daily, an English-language newspaper owned by the Communist Party of China, released an editorial on Friday saying, "A partial deal is a more feasible objective".

The trade war between the world's top two economies, now in its 15th month, has sent shockwaves through the global economy.

He also said that both sides were very close to finalizing enforcement provisions and "a workable dispute settlement mechanism". In May U.S. officials accused China of walking away from a sweeping agreement that was almost finished over a refusal to make changes to Chinese laws that would have ensured its enforceability.

News of the partial agreement and the trade pause sent stocks higher during the trading day on Friday.

Chinese central bank chief Yi Gang also attended the trade talks.

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