Headlines
Trump 'signs off' on deal to pause US-China trade war
Washington, Dec 13
US President Donald Trump has reportedly signed off on the terms to strike a trade deal with China in an attempt to avert a new round of tariffs, a media report said on Friday.
The US has reportedly offered to halve tariff rates on about $350 billion worth of Chinese goods, some of which had climbed as high as 25 per cent, while Beijing would boost purchases of American farm goods, the BBC said in its report.
However, the deal is not expected to address many of the more difficult issues that triggered the fight, like China's subsidies for certain industries.
Asian stock markets rose on Friday after it was revealed that the deal could be announced later in the day.
Japan's Nikkei 225 index rose 2.3 per cent while Hong Kong's Hang Seng put on 2 per cent. The Shanghai Composite added 1.2 per cent.
Earlier, US markets also gained ground with the S&P 500 and the Nasdaq closing at fresh record highs.
Friday's development comes a day after Trump, whois under political pressure with debate on his impeachment underway in the US Congress, tweeted on Thursday that the two economic giants were "very" close to an agreement.
"Getting very close to a big deal with China. They want it, and so do we," he said in the tweet.
Trump has repeatedly declared progress toward a deal that would end the trade war, which has seen tariffs imposed on more than $450 billion worth of US-China trade and weighed on the global economy, reports the BBC.
In October, he announced that the two sides had agreed to terms for a "Phase One" deal, but negotiations dragged on.
Without progress, the US had threatened to impose tariffs on more than $150 billion worth of Chinese exports on December 15.
Unlike earlier rounds of tariffs, this one was slated to fall largely on everyday items, including smartphones, children's books, footwear and clothing, heightening the economic stakes, since the US economy is driven by consumer spending.
The US has reportedly offered to halve tariff rates on about $350 billion worth of Chinese goods, some of which had climbed as high as 25 per cent, while Beijing would boost purchases of American farm goods, the BBC said in its report.
However, the deal is not expected to address many of the more difficult issues that triggered the fight, like China's subsidies for certain industries.
Asian stock markets rose on Friday after it was revealed that the deal could be announced later in the day.
Japan's Nikkei 225 index rose 2.3 per cent while Hong Kong's Hang Seng put on 2 per cent. The Shanghai Composite added 1.2 per cent.
Earlier, US markets also gained ground with the S&P 500 and the Nasdaq closing at fresh record highs.
Friday's development comes a day after Trump, whois under political pressure with debate on his impeachment underway in the US Congress, tweeted on Thursday that the two economic giants were "very" close to an agreement.
"Getting very close to a big deal with China. They want it, and so do we," he said in the tweet.
Trump has repeatedly declared progress toward a deal that would end the trade war, which has seen tariffs imposed on more than $450 billion worth of US-China trade and weighed on the global economy, reports the BBC.
In October, he announced that the two sides had agreed to terms for a "Phase One" deal, but negotiations dragged on.
Without progress, the US had threatened to impose tariffs on more than $150 billion worth of Chinese exports on December 15.
Unlike earlier rounds of tariffs, this one was slated to fall largely on everyday items, including smartphones, children's books, footwear and clothing, heightening the economic stakes, since the US economy is driven by consumer spending.
11 minutes ago
An Indian family of four died in an electric car accident in Pleasanton, California
3 hours ago
Dharmesh Patel's Fate Uncertain After Devil’s Slide Incident
3 hours ago
Composer Reena Esmail is welcomed by the Music Institute of Chicago
3 hours ago
PM Modi takes opposition to cleaners on EVMs, once again
4 hours ago
Tech entrepreneur's 18-month prison term handed down for securities and wire fraud
4 hours ago
Two advertisements for Susheela Jayapal's campaign are released.
4 hours ago
US report on human rights abuses is dismissed by India.
4 hours ago
Kim Kardashian: A Conversation with US Vice President kamala Harris on Criminal Justice Reform
6 hours ago
CBI recovers huge cache of arms, explosives from house of Shahjahan’s relative at Sandeshkhali
6 hours ago
Bengal LS polls: BJP's Raju Bista complains of violence at Chopra; 47.29 pc turnout till 1 pm
6 hours ago
Elon Musk’s AI company xAI to raise $6 billion: Report
6 hours ago
Anoushka Shankar to get honorary degree by Oxford University, calls it ‘pinch-me moment’
6 hours ago
Anuradha Paudwal praises ‘Superstar Singer 3’ contestant, says he ‘can be next hero voice’