Global shares gain as fears of US-China trade war ease

People walk past an electronic board showing Japan's Nikkei average outside a brokerage at a business district in Tokyo

Alarm over a possible trade war between the world's two largest economies has chilled financial markets as investors foresee dire consequences should trade barriers go up due to President Donald Trump's bid to cut the United States deficit with China.

Global stock markets rose sharply Thursday as investors grew increasingly confident that a trade war between the US and China would be averted. S&P 500 futures added 0.5 per cent to 2,672.80.

Last Thursday and Friday, the Dow lost more than a total of 1,100 points amid increasing signs of a looming trade war between the two major trading partners.

The Trump administration sent a letter to China last week seeking lower tariffs on American automobiles, more purchases of American semiconductors and greater access to its financial sector by American companies, The Wall Street Journal reported Monday. Optimistic messages from both Washington and Beijing apparently eased investor fears.

Fears in financial markets of a potential trade war between the USA and China have eased somewhat after China's government said it is open to negotiating with Washington.

A person familiar with the discussions said these were among the asks from Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they pursue talks with Beijing.

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The Chinese government announced a list of retaliatory tariffs it would impose on about $3 billion worth of USA exports, in response to a separate set of US tariffs on steel and aluminum imports.

Neither officials from China confirmed the reports nor North Korea's state-run media reported about the sudden delegation visit to China. The administration said the plan is to reduce the trade deficit by roughly a third, a decrease of $100 billion this year. "China is certain that it can safeguard its own interests".

Li vowed at a news conference that China would no longer force foreign firms to transfer technology and appropriate intellectual property rights.

"We have always said China is willing to negotiate to appropriately manage and control differences with the United States on the basis of mutual respect and mutual benefit", Hua said. "The message over the weekend, though, was far less confrontational and suggested the USA would be open to scrapping the tariffs in exchange for certain other concessions such as reduced tariffs on imported cars".

"As with overall funding trend in AI, there are far fewer deals in China in 2017 than the U.S., but far greater funding", The Times reports CB Insights senior analyst Deepashri Varadharajan as saying.

CGTN's Mike Walter talks with David Nelson, chief strategist with Belpointe Asset Management, about the trade negotiations between China and the U.S.

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