US Trade War
SMIC is the latest leading Chinese technology company to face US trade restrictions related to national security issues.
US trade representative slams decision, says WTO “is completely inadequate to stop China’s harmful technology practices”.
“It’s a sour end to the trading week,” said AJ Bell investment director Russ Mould.
"The ink was barely dry and the plague came over. And it doesn’t feel the same to me,” says Trump.
Tariff increases on 79 types of goods including radar sets, disinfectant and rare earth minerals will be suspended.
The narrowing of the US trade gap comes after a year when the deficit reached its highest level in a decade.
"Together, we are righting the wrongs of the past," says Trump.
The two sides have been undergoing a trade war for well over a year.
The signing will cap a nearly two-year spat that threatened to throttle the global economy.
Many don’t know yet what crops they’ll plant next season among a host of dicey options.
Hopes for a US-China trade deal helped keep world stocks positive on Monday.
The National Defence Authorisation Act bars the use of federal funds to buy railcars and buses from China.
China hopes to work with the US on the basis of equality and mutual respect, says a Cabinet statement.
"We have agreed to a very large Phase One Deal with China," President Donald Trump tweets.
Trump says the US is "very close" to nailing down a deal.
Trump says he has no deadline to end the 16-month trade war between the world’s two largest economies.
The financial hub has been rocked by nearly six months of increasingly violent unrest demanding greater autonomy.
Wang Yi says no force can stop his country’s development and growth.
"When necessary we will fight back but we have been working actively to try not to have a trade war," he says.
Key European markets close in the red and the Dow Jones on Wall Street index is also lower.
After four days of falling, the dollar is up 0.1pc against both the euro and a basket of currencies.
The 16-month trade war between the world's two biggest economies has slowed economic growth around the world.
Hong Kong sinks more than 2pc as the city is gripped by another wave of protests.
WTO ruling says that illegal US anti-dumping practices had caused "impairment of benefits accruing to China".
US crude inventories fell 708,000 barrels in the week ended Oct 25 to 436 million.
Both sides have not announced rollbacks of existing tariffs on hundreds of billions of dollars in trade.
“We will look at the trade friction between China and the US with an open mind and a big heart,” says an official.
Tariffs come after talks between European officials and US trade representatives failed to win a last-minute reprieve.
Global trade growth reached just 1pc in the first half of 2019, the weakest level since 2012.
"The problem is that we have the largest economy in the world that (is acting) in a very unstable manner," says Sachs.