The prospect of the Trump-Xi talks increases the hope of melting in the commercial war
The prospect of the Trump-Xi talks increases the hope of melting in the commercial war
With China and the United States opening the door to a meeting next month between Presidents Xi Jinping and Donald Trump, hopes are rising for a potential relief from the tensions in the trade war between the two largest economies in the world.
Concerns about the increase in tariffs that the two sides imposed on each other contributed to a vertiginous crisis of volatility in the financial markets this week. Higher tariffs raise costs for companies in both countries, and economists say if they remain in effect indefinitely, they could depress economic growth.
A meeting of Xi-Trump, if it happens, would take place during a summit of leaders of the Group of the 20 largest economies in the world in Argentina at the end of November.
"I do not think any decision has been made regarding a meeting," Treasury Secretary Steven Mnuchin told reporters on Saturday. Bali, Indonesia, where he attends world finance meetings.
However, Larry Kudlow, Trump's chief economic adviser, said in Washington on Friday that preparations for the talks were underway.
"It seems there will be a meeting in Buenos Aires in the G-20," Kudlow said in an interview with CNBC. "We are seeing it, the Chinese are watching it, preparations are being made, I can not say with 100 percent certainty, but there is no doubt that everyone is looking at it."
Kudlow said that until now, the government considered that China's negotiating offers were "quite unsatisfactory," but that "maybe the talks between the two heads of state will pay off."
When asked if China would have to make specific concessions for such a meeting to be held, Mnuchin said: "As long as we can move towards a meeting, I would encourage it and that is something we are talking about, but for the moment There are no preconditions, the president will decide on that. "
The trade dispute has been fueled by US accusations that China incurs cyber theft and forces foreign companies to provide technology in exchange for access to the Chinese market, as well as Trump's wrath over China's trade surplus. with the United States. It is far from It is clear that EE. UU could be preparing to consider the increase of tariffs to about $ 250 billion of Chinese products.
Mnuchin repeated the Trump administration's determination to achieve a more balanced trade relationship that does not require foreign companies to form joint ventures to transfer technology and gain access to the market.
Lu Kang, a spokesman for China's Foreign Ministry, offered no details on Friday, but said: "I have also seen the relevant reports."
The Wall Street Journal and the Washington Post have quoted officials saying that Trump decided to continue with a meeting with Xi.
Global indices recovered sharply on Friday after their recent declines, following news of the possible presidential meeting, along with China's solid export data. Japan's Nikkei 225 index gained 0.5 percent to 22,694.66 after a loss of nearly 4 percent on Thursday.
Hang Seng of Hong Kong rose 2.1 percent to 25,801.49. The Shanghai Composite index advanced 0.9 percent to 2,606.91. Shares recovered in Taiwan and rose throughout Southeast Asia.
On Wall Street, the Dow Jones Industrial Average rose 305 points, or 1.2 percent, in morning trading, and the Nasdaq compound rose 138 points, or 1.9 percent. Later, both stock indices waived much of their profits.
Friday's volatility faded over the previous two days, which wiped out 1,300 Dow points and dragged the S & P 500 to more than 5 percent.
Reports that Mnuchin has advised against labeling China as a currency manipulator, a state that could generate sanctions, were also seen as a reduction in tensions. The Chinese currency has been falling in value against the dollar in recent months, causing concern that Beijing is devaluing its currency to make Chinese products more competitive against US products.
In his comments in Bali, Mnuchin did not say what the next Treasury report, which will come out next week, will conclude about China's exchange practices. In the past, the Treasury placed China on a watch list, but found that Beijing did not reach the threshold to be labeled as currency manipulator.
Mnuchin met Thursday with Yi Gang, head of China's central bank.
"I expressed my concern about the weakness of the currency." Mnuchin said.
He said that in the conversations he had with the Chinese, they had made it clear that they did not see a further weakening of the Chinese yuan in their interest.
Concern has been expressed that China, the largest foreign holder of Treasuries in the United States, could begin to dispose of its holdings as a way to put pressure on the United States in the trade dispute. But Mnuchin said that this possibility did not worry him because it would be contrary to Beijing's economic interests to start getting rid of his holdings in the Treasury.
"That would be very expensive for them," said Mnuchin.
China's surplus with the United States expanded to a record $ 34.1 billion in September, as exports to the US market increased 13 percent from the previous year to $ 46.7 billion, a slight decrease from the growth of the United States. 13.4 percent in August. Imports of US products increased 9 percent to $ 12.6 billion, compared to 11.1 percent growth in August.
Exports from Beijing to the United States have at least temporarily challenged forecasts that they would weaken after being affected by US punitive tariffs of up to 25 percent.
September marked the second consecutive record of the Chinese monthly trade surplus with the United States. Producers who rushed to fill orders before US tariffs increased increased export numbers. But they also benefit from "strong US demand" and a weaker Chinese currency, which makes their products cheaper abroad, said Louis Kuijs of Oxford Economics in a report.
The Chinese yuan has lost almost 10 percent of its value against the dollar this year. That prompted suggestions that Beijing could weaken the exchange rate to help exporters. But that could harm China's economy by encouraging a capital outflow. The central bank has tightened controls on currency trading to prevent further falls.
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Crutsinger reported from Washington. Associated Press writers Joe McDonald in Beijing and Annabelle Liang in Singapore and Elaine Kurtenbach in Bali, Indonesia, contributed to this report.
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