"China took the initiative to open up and made it possible for all countries across the world to ride on the express of China's economic development", Gao said. United States officials have long accused China of forcing USA companies to hand over technology, or stealing it outright, and of spurring massive industrial overcapacity, among other complaints.
Trump has threatened to raise tariffs on Chinese goods worth $50 billion in response to complaints Beijing pressures foreign companies to hand over technology in violation of its World Trade Organization market-opening commitments.
"European markets are in a more optimistic mood today, with the focus shifting towards a more constructive end to the US-China standoff", analyst Joshua Mahony at trading group IG said yesterday.
He pledged to further open up China's financial services sector, lower tariffs on auto imports, encourage other imports and better protect intellectual property - the latter issue being one of the key grievances of Donald Trump's White House. Chinese President Xi Jinping vowed Tuesday to allow more imports into China as a.
Oil hit $70 a barrel on Tuesday, in its biggest two-day rally in almost a month, as investors grew more confident that a brewing trade dispute between the USA and China may be resolved without causing harm to the global economy. In recent days, Chinese officials have expressed increased frustration with the US, with the foreign ministry on Monday calling talks "impossible" under current conditions.
"China does not seek a trade surplus", said Xi to an audience of Chinese and foreign businesspeople. The tariffs proposal is still in a 60-day period for public input and the U.S. Treasury is preparing recommended curbs on Chinese investment due by late May. Overall, the US has sold nearly 360,000 tonnes of beef for export this year, of which almost 211,000 tonnes have been shipped.
TRADE WORRIES: Indexes have been fluctuating as investors try to guess the outcome of the U.S.
Trump welcomed the speech and said he saw an end to the dispute, which has roiled markets since early last month.
Jonas Short, head of the Beijing office at Everbright Sun Hung Kai, said the market was cheered by Xi's speech because it was framed in more positive terms which could ease trade tensions, but he voiced caution about promised reforms.
"China has become the biggest or the second biggest trade partner for a majority of Latin American countries", Jia said. "Very thankful for President Xi of China's kind words on tarrifs [sic] and automobile barriers... also, his enlightenment on intellectual property and technology transfers", Trump said on Twitter. China has previously agreed to strengthen intellectual property protections and make it easier for foreign companies to operate. It's also easy to see why the U.S.is anxious about China's emerging competitive threat in industries where it still has an advantage. Unlike most politicians who promise one thing and then do another after the election, Trump has followed through on his campaign promises on trade.
Trump tweeted again on Monday, April 9: "When a auto is sent to the United States from China, there is a Tariff to be paid of 2 1/2%". I don't blame China; I blame our representatives, frankly.
USA crude rose 3.66 percent to $65.74 per barrel and Brent was last at $71.22, up 3.74 percent on the day.
Initially, the Trump administration announced hefty tariffs of 25% and 10% on steel and aluminium imports respectively.
"This trade war is making our prospects really bright this year", said Liu, the farmer. The S&P 500 gained 1.8 percent to close at 2,656.87, with energy leading nine of 11 sectors higher.