Trump calls trade war with China 'little squabble;' says talks ongoing

Trump calls trade war with China 'little squabble;' says talks ongoing

This move was in retaliation to the White House raising duties on $200 billion in Chinese goods to 25% from 10%.

Most global stock markets followed Wall Street higher Wednesday after President Donald Trump downplayed his escalating tariff war with Beijing and said a settlement is possible.

TARIFFS IN HAND Trump also said on Monday that he expected to meet with Chinese President Xi Jinping at a G20 leaders summit in Japan in late June.

But the Chinese government's top diplomat said China and the United States both have the "ability and wisdom" to reach a trade deal that is good for both.

Trump on Monday said that his administration was planning to provide about $15 billion in aid to help USA farmers whose products were targeted by Chinese retaliatory tariffs.

The U.S. had been shipping $12 billion worth of soybeans a year to China, but Beijing's imposition of the tariff severely cut down on the U.S. exports as China bought the beans from other countries.

But shares in Europe rebounded and the future contracts for the Dow Jones Industrial Average and S&P 500 were up 0.5 percent and 0.6 percent, respectively.

"Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy.This money will come from the massive Tariffs being paid to the United States for allowing China, and others, to do business with us".

"We've been understanding during this negotiation process, but we can not withstand another year in which our most important foreign market continues to slip away", said John Heisdorffer, ASA Chairman and soy grower from Keota, Iowa.

Latest Apple iPhone 11 leak points at exciting upcoming features
The International Business Times previously reported that the 2019 iPhone XR is going to have a dual-camera setup at the back. Apple's Greg Joswiak said a year ago that the iPhone XR had outsold the XS and XS Max "each and every day" since its release.

Jets fire GM Mike Maccagnan; coach Adam Gase acting GM
According to ESPN , Maccagnan also had a significant role in initially hiring Gase, which only makes the move more shocking. ESPN suggests the GM position could be taken up by Philadelphia Eagles executive Joe Douglas, who has some ties to Gase.

Prince William, Kate Middleton meet royal baby Archie for the first time
The rest of Archie isn't included in the shot, but he is wrapped in what appears to be the same white blanket by G.H. Hurt & Son from the photo shoot last Wednesday when Baby Sussex was introduced to the world.

"We are in a fantastic position", he wrote on Twitter, calling on U.S. companies to make more products in the United States and praising his tariffs on imported steel for boosting domestic producers. "It will all happen, and much faster than people think!"

"The trade war is driving markets at the moment", said Rory McPherson, head of investment strategy at Psigma Investment Management in London. It said a June 17 hearing would be held before Washington decides how to proceed. The USTR noted it excludes pharmaceuticals and rare earths minerals used in electronics and batteries.

"However, I think traders might underestimate the consequences if there is no deal and furthermore, tough trade negotiations between the US and the European Union are still to follow later this year, which could spell new turmoil for stocks".

Authorities have for years been attempting to transition the world's number two economy from being reliant on state investment and exports to a more stable one driven by China's huge army of consumers, with the tariffs stand-off reinforcing the need for such a change.

"The undershoot in April activity shows the Chinese economy had yet to find a sure footing even before the latest escalation in the trade war".

In April alone, total output fell 0.5 percent, driven by a decline of the same magnitude in manufacturing, as vehicle production continued to slip.

However, the onshore yuan weakened 0.1% to its lowest level since December 27, 2018, trading at 6.8874 per dollar, after China's Foreign Ministry said it hoped the United States does not "underestimate China's determination and will to safeguard its interests". Trump associates and advisors are resolute in their belief that he will not back down in this face-off with China, which they describe as a life-and-death issue for the United States.

Earlier on Tuesday, Chinese Foreign Ministry spokesman Geng Shuang told a daily news briefing that it was his understanding that China and the United States had agreed to continue "pursuing relevant discussions".

Trump said he could make a deal with Beijing now, but said he would not be burned again and criticized China for last-minute attempt to renegotiate.

Related Articles

  • Federer questions Italian Open organisers after ticket price hike

    Federer questions Italian Open organisers after ticket price hike

    Federer has made the final of this tournament on 4 occasions but he has never won the title. It was a very close match for Sousa as the final 2 sets were both decided by tiebreakers.
    Flags to fly at half-staff Wednesday

    Flags to fly at half-staff Wednesday

    Those courageous men and women selflessly confront danger to protect our families and defend our communities. Flags will be at half-staff on the State Capitol Building and on flag displays in the Capitol Complex.
    FCC Chairman Pai proposes blocking robocalls by default

    FCC Chairman Pai proposes blocking robocalls by default

    The U.S. telecommunications regulator is expected to take action on Pai's proposal at its June 6 meeting. New measures by US regulators could help thwart some of the billions of robocalls received in the U.S.
  • Watch the Super Mario Maker 2 Nintendo Direct here

    Watch the Super Mario Maker 2 Nintendo Direct here

    When Nintendo announced Super Mario Maker 2 back in February, the company showed a quick trailer to get fans of the game excited. The easiest is simply hitting the play button on the YouTube video embedded above when 3 PM Pacific rolls around.
    Pixel phone owners: Google may owe you $500

    Pixel phone owners: Google may owe you $500

    If you did, the settlement will ensure you get the entire payment back in addition to any entitlement for your faulty Pixel phone. Google set aside $7.25 million for the settlement fund - if that's not enough, the money will be distributed on a pro-rata basis.
    Trump bans use of telecom firms that pose national security risk

    Trump bans use of telecom firms that pose national security risk

    Soon, the same might be true for US companies. "American companies must step up their efforts, or get left behind". It comes amid increasing scrutiny of Chinese telecom firms. "This is a single-party government".
  • British PM eyes final Brexit battle in June

    British PM eyes final Brexit battle in June

    Mr Fox then warned MPs will be left to choose between revoking Article 50 or leaving with no deal if the Bill is voted down. Progress has been painfully slow, and there are growing calls in May's Conservative party to abandon the process.
    Another round of Intel chip flaws discovered

    Another round of Intel chip flaws discovered

    In a worst case scenario consumers are said to be looking at a 3 per cent performance hit. Intel has provided a lookup table in a PDF , listing a huge number of its processors.
    Rolling Stones' Mick Jagger back in training after heart operation

    Rolling Stones' Mick Jagger back in training after heart operation

    The 75-year-old singer appeared on top form in jogging trousers , trainers and a white T-shirt, dancing flamboyantly in a studio. Mick Jagger posted a video of himself dancing to Twitter on Wednesday to update fans on his health post heart procedure.
  • Keanu Reeves profoundly answers one of the most hard  questions

    Keanu Reeves profoundly answers one of the most hard questions

    Film favourite Keanu Reeves has further endeared himself with an incredible reflection on mortality. The same is true of the John Wick crossover event that I assume is set to take place this weekend.
    Matthijs de Ligt has spoken about his future

    Matthijs de Ligt has spoken about his future

    Former Liverpool midfielder, Danny Murphy had said that De Ligt would be an "incredible addition" to Jurgen Klopp's squad. De Ligt has been brilliant for Ajax in the past few seasons, and he is also their captain despite the very young age.
    Firefighters rescue two people dangling from Oklahoma City skyscraper

    Firefighters rescue two people dangling from Oklahoma City skyscraper

    Video showed the lift - which looks like a large metal basket - hitting the side of the building hard enough to break windows. Macy said firefighters secured the scaffold with ropes as it dangled from a crane, 20-30 feet (6-9 meters) above the roof.