Trump Adviser Hopes to Avoid US-China Trade War

Crude oil

China, expectedly unhappy with taxes on its goods, responded with protections of its own in April, beginning with the 15 percent tax on imports of 120 USA goods that are largely agricultural, and then a follow up 25 percent tax on eight additional American goods, including pork, a valuable American export.

Cohen has been at the centre of a controversy surrounding payment to a porn star who has alleged that she had sex once in 2006 with Trump and was paid money shortly before the 2016 election to keep quiet about it.

The broad-based S&P 500 dropped 2.2 percent to 2,604.47, while the tech-rich Nasdaq Composite Index tumbled 2.3 percent to 6,915.11.

China's government says it will "counterattack with great strength" if President Donald Trump goes ahead with plans to raise US tariffs on an additional $100 billion worth of Chinese goods.

"Xi Jinping, the Chinese ruler, has accumulated absolutely power - or close to absolute power". Global markets rallied following the speech.

The Dow Jones Industrial Average ended down almost 575 points, or 2.3 percent, at 23,932.76 after sinking more than three percent earlier.

According to the Census Bureau, in 2017 the United States exported about $1.5 trillion of goods, imported about $2.3 trillion goods, and therefore had a global trade deficit of about $800 billion. The continuous recent downward movements in world stock markets, including the ones in the U.S. and China, show what a nervous atmosphere prevails. With power consolidated in his hands, Beijing has retaliated with additional tariffs on 128 US products, which include fruit and pork.

Treasury Secretary Steven Mnuchin said that he was "cautiously optimistic" about reaching an agreement with China, but also cautioned of "the potential of a trade war".

Gains are broad based, with growth-sensitive sectors such as energy (+2%), financials (+1.5%), materials (+1.5%), tech (+1.5%), industrials (+1.4%) and consumer discretionary out in front, while defensive groups such as consumer staples (+0.5%), telecom services (+0.3%) and utilities (+0.1%) lag.

In the U.S., Facebook is little changed ahead of CEO Mark Zuckerberg's scheduled testimony before the U.S. Senate Judiciary and Commerce committees this afternoon.

"We want to be a partner, to work with each other", he said.

"After Friday's flight from risk, the positive mood in equities to start the week is encouraging a rebound in oil, with a weakening dollar providing a further shot in the arm". The administration said the tariffs would protect from unfair trade practices. But he warned that China can't simply reiterate past commitments on issues of concern to the US that it never followed through.

The assurances address directly United States concerns and respond to conciliatory remarks by President Donald Trump on Monday.

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