USA stocks rose on Monday and gains in industrials helped propel the Dow to a more than two-month closing high, after a truce between the United States and China calmed fears that a trade war might be imminent.
The European Union has said it refuses all trade talks with the United States unless Washington grants a permanent exemption from the painful steel and aluminium tariffs that are set to kick in on June 1. The Chinese have just agreed in general terms to purchase a bit more USA stuff", said Mr. Alden, author of the book "Failure to Adjust: "How Americans Got Left Behind in the Global Economy".
The outcome of last weekend's talks upset supporters of Donald Trump's American First policies, left key differences untouched and kept alive the risk of a destructive trade war between the world's two biggest economies. "They go industry by industry", Mnuchin said. Not all United States business leaders welcomed the trade war truce, with some cautioning that Washington would find it tough to rebuild momentum to address what they see as troubling Chinese policies.
Economists at Morgan Stanley estimated that exports of US agricultural products, primarily beef, and energy, mostly liquified natural gas, could add between $60-billion and $90-billion to sales to China over a period of years.
"We don't really know the details of this agreement", Peter Cardillo of Spartan Capital told AFP, "but the market is very sensitive to the trade war threat and investors think the negotiations seem to be going in the right direction". In another tweet, he added, "China has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products - would be one of the best things to happen to our farmers in many years!"
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Trump on Monday defended the negotiations.
"They failed to drill down on the biggest frictions facing USA businesses and on those where we are most able to move the Chinese", said Mary Lovely, a Syracuse University economist who specializes in trade.
"We're seeing companies that do more of their business on an worldwide basis do well".
The administration's rocky handling of relations with China reflects a complex intermingling between economic and national security.
Treasury Secretary Steven Mnuchin updated President Donald Trump on a review assessing concerns over Chinese investments in the USA and discussed options for consideration, a Treasury spokeswoman said on Monday.
China imported 5.6 billion cubic feet per day previous year, making it the world's largest buyer after Japan.
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Last year, the USA had a record $376 billion deficit with China in the trade of goods; that was the largest by far with any nation.
In an interview earlier on Monday with CNBC, Mnuchin characterized the US tariff plan as suspended, but warned that "the president can always put tariffs back on". This was never the problem, he said.
Europe's incentives come with a threat to retaliate against the United States with European tariffs on American imports, including iconic items such as Harley-Davidson motorbikes and bourbon whiskey. President Donald Trump is threatening the tariff hike over complaints Beijing steals or pressures foreign companies to hand over technology. The U.S. ran a deficit with China in goods and services a year ago of $337 billion.
Chris Krueger, a strategist at Cowen Washington Research Group, said the North Korean summit could decide whether the trade deal with China moves forward. The U.S. needs the help of Beijing, which wields influence in Pyongyang, to help seal North Korea's border and prevent goods from reaching Kim's regime in violation of global sanctions. -China Business Council, called the apparent de-escalation in trade tensions "a great bit of progress".
U.S. cars sold in the EU are slapped with 10 percent tariffs, while Washington imposes 25 percent duties on European pick-ups and trucks.
Stocks with major exposure to China such as Boeing Co and Caterpillar Inc gained on news of a softening in the trade rhetoric of recent weeks.
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