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Friday August 30, 2019

// August 29th, 2019 // Comments Off on Friday August 30, 2019 // Daily News

Trump says US and China resume trade talks Thursday ‘at a different level’

Trump made the remarks in an interview with Fox News Radio without elaborating on what “a different level” means.
“Let’s see what the end product is, that’s what you have to judge it by,” Trump said.
China softened its stance, saying it’s willing to resolve the trade war with a “calm attitude” and indicating it won’t retaliate immediately.

“There’s a talk scheduled for today at a different level,” Trump said in an interview with Fox News Radio without elaborating on what “a different level” means.

“Let’s see what the end product is; that’s what you have to judge it by,” Trump said.

Trump said Monday that China in recent phone conversations expressed its desire for a deal and that the two sides will get back to the negotiating table. However, China repeatedly said it is not aware of the calls Trump mentioned.

The trade tensions escalated last week with both sides piling on new tariffs. China softened its stance Thursday saying it’s willing to resolve the trade war with a “calm attitude” and indicating it won’t retaliate against Trump’s new tariff threat immediately. China also said the Chinese and U.S. trade delegations have maintained “effective” communication.

“China has plenty of means for countermeasures, but under the current situation, the question that should be discussed right now is about removing the U.S.′ new tariffs on $550 billion in Chinese goods to prevent escalation of the trade war,” Gao Feng, spokesman for China’s Ministry of Commerce, said Thursday.

His comment came after Trump on Friday threatened to raise duties on $250 billion in Chinese goods to 30% from 25% and increase tariffs on another $300 billion in products to 15% from 10%, in response to Chinese retaliation.

The two sides were also expected to meet face to face in September in Washington.

Thursday August 15, 2019

// May 13th, 2019 // Comments Off on Thursday August 15, 2019 // Daily News

Dow drops 600 points after China retaliates with tariff hikes

Stocks plunge on China tariff retaliation — Here’s what four experts say to watch

The Dow Jones Industrial Average traded down 611 points, while a 3.4% drop in the tech sector pushed the S&P 500 down by 2.3%. The Nasdaq Composite dropped 3.2%.
China will hike tariffs on $60 billion worth of U.S. imports, starting on June 1. The goods targeted include a broad range of agricultural products. This comes after President Donald Trump raised tariffs on Chinese imports last week. China said in a statement that the U.S.′ decision jeopardized the interests of both countries and does not meet the “general expectations of the international community,” according to a Google translation.
Trade bellwether Caterpillar fell 5% while Apple dropped 5.2%. Boeing shares also declined more than 3% amid speculation the airplane maker could be singled out by China in the trade war.
Asian markets fell broadly. The Nikkei 225 index declined 0.7% Monday while the Shanghai Composite pulled back 1.2%. European stocks also dropped. The Stoxx 600 index fell 1.1% while the German Dax dipped 1.3%.
“Volatility is going to persist. People don’t know what to make of it,” said JJ Kinahan, chief market strategist at TD Ameritrade. But “this is more of a re-evaluation of stocks than it is a pure panic. Bonds have rallied over the last couple of weeks, but if this was a panic you’d see people coming a lot more for bonds.”
The benchmark 10-year Treasury yield fell to 2.4% on Monday while the 2-year rate dipped to 2.18%. The Cboe Volatility index, which is considered to be the best fear gauge in the stock market, rose 4.7 points to 20.72.
Trump tweeted on Monday that China will be “hurt very badly if you don’t make a trade deal, ” noting that companies would be forced to leave the country without an agreement. Trump also said that China had a “great deal” almost completed but they “backed out.”
I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you back.
U.S. equities fell sharply last week after Trump threatened to hike tariffs on China. Trump followed through on his threat, raising levies from 10% to 25% on $200 billion worth of Chinese goods. The S&P 500 and Nasdaq fell 2.2% and 3% last week, respectively, their worst weekly performances since December. The Dow had its worst week since March, dropping 2.1%.
“The market was bracing for a really big event and last week we got it,” said James Masserio, head of equity derivatives trading in the Americas at Societe Generale. He noted investors had been loading up on downside protection ahead of last week’s move. After Monday’s news, however, we could see volatility being bid up “even higher.”
Some of those losses were mitigated on Friday after stocks staged a massive comeback, however. Sentiment was boosted by Trump in a Friday afternoon Twitter post that the latest round of trade talks with China’s delegation — which concluded after tariffs had already been increased — had been “candid and constructive.”
“No one wins from a trade war, although China stands to lose more,” said Chen Zhao, chief global strategist at Alpine Macro, in a note to clients. “Trump’s objective is to get a good deal from China, and as such the new tariffs announced last week may simply be a pressure tactic forcing Beijing to accept American demands. For China, the economic cost of losing the American market is simply too high.”
“The odds of a China-U.S. trade accord remain significant, even though tariffs are being raised,” he added.
Despite the tension between the world’s two largest economies, White House economic advisor Larry Kudlow said Sunday that Trump and Chinese President Xi Jinping are likely to meet at the June G-20 summit in Japan. Kudlow said the chances of such as meeting “were pretty good” but added that there are “no concrete, definite plans” for when U.S. and Chinese negotiators will meet again.

Today’s Inspiration

Desire Unity

Bickering between God’s people is nothing new. It was a problem in the early church, just as it is now.

Paul strongly encouraged and urged the Church toward unity and wrote in Philippians 2:2 (AMPC): Fill up and complete my joy by living in harmony and being of the same mind and one in purpose, having the same love, being in full accord and of one harmonious mind and intention.

Where there’s unity, there’s blessing and anointing. When people are thankful for each other and choose to live in unity, they will experience the power of agreement.

But the power of God can’t work in our lives if we stay bitter and angry toward people. His love can’t flow through us if we’re holding on to strife and resentment. Peace equals power, and no peace equals no power.

Prayer Starter: I thank You today, Father, for the power we can experience when we decide to come together in unity. Today, I choose to put aside strife and arguments in order to pursue peace and unity. I am grateful that You will help me do this in Your strength. In Jesus’ Name, Amen.