Vice premier of China to visit Washington for trade talks

Vice premier of China to visit Washington for trade talks

U.S. West Texas Intermediate crude futures rose 0.78 percent to $61.88 per barrel, recovering some ground after sinking 1.36 percent on Tuesday.

Besides, there is already a bipartisan consensus between the Republicans and the Democrats over using trade war to gain leverage over China, which means Trump has the backing of Congress over his latest onslaught against Beijing.

U.S. President Donald Trump tweeted over the weekend that he would raise additional tariffs on $200 billion worth of Chinese goods to 25% on Friday - up from the current 10%. "China trade war has now risen substantially - which would be a drag on both the economies, especially China".

In March China's exports unexpectedly jumped 14.2 percent, and analysts caution it is hard to compare trends at the start of the year owing to the Chinese New Year holiday, which fell in February.

"The outlook for Chinese exports is challenging".

"China has just informed us that they (Vice-Premier) are now coming to the USA to make a deal", Trump said.

"Even if a last-minute deal is struck this week to avoid further tariffs, the downbeat prospects for global growth will probably mean that export growth remains subdued".

April exports sank 2.7% from a year ago to $193.5 billion, a reverse from March's 14.2% growth, customs data showed. The imported volume of crude oil, copper and coal increased from a year earlier in April.

"Over the course of the last week or so, we have seen an erosion in commitments by China. It could disrupt the symbiosis between China and the United States", said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

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Despite the political fallout back home, senators seemed intent on not breaking ranks with the White House at this crucial moment in the trade talks. Complaining that trade talks with China were moving too slowly, he also said he would impose tariffs on $325 billion United States worth of products from China, accounting for all of its exports. "We do not think Beijing will submit to bullying by the USA president".

Factory surveys for April suggested demand was improving at a much slower rate at home and overseas, adding to the debate over how much more stimulus China needs to generate a sustainable recovery, without risking a rapid jump in debt.

Apart from that, US President Donald Trump had also confirmed his firm stance on Chinese monetary policy reform on a Monday (May 6th) tweet, saying that he would no longer be tolerating a growing trade deficit with China.

The American side is led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Trump will be traveling to Japan later this month after raising hopes for a new trade deal with Prime Minister Shinzo Abe.

The world's two leading economies face a possible make-or-break moment when top negotiators meet in Washington this week following months of fraught talks.

Major stock indexes in trade-reliant Asia continued to fall on Wednesday, tracking a slide on Wall Street.

"There is real risk of double dip in growth, and Beijing can not afford to stop easing yet", Lu wrote in a note.

"With the 2020 US presidential election season beginning to spin in the media, an impatient USA president is turning to bullying to try to push trade talks to a conclusion", said Carl Weinberg, chief global economist with High Frequency Economics, in a research note.

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