Markets rise on hopes of US-China trade deal

Markets rise on hopes of US-China trade deal

China denied President Xi Jinping's pledge to further open the country's economy amounts to concessions in a trade spat with the United States, and warned it was ready to hit back at any new USA protectionist moves.

Hong Kong stocks rose the most in almost a month on Tuesday, as Chinese President Xi Jinping's pledge to further open up the economy helped to soothe fears of a trade war with the United States.

Trump's move last week to threaten China with tariffs on $50 billion in Chinese goods was aimed at forcing Beijing to address what Washington says is deeply entrenched theft of USA intellectual property and forced technology transfers from U.S. companies.

Mr Xis' speech comes amid rising trade tensions between China and the United States following a week of escalating tariff threats sparked by US frustration with China's trade and intellectual property policies.

China claims the duties of 25 percent on imports of steel and 10 percent on imports of aluminum products breach global trade rules.

Recent US deployments of aircraft carriers, backed by destroyers, to perform freedom of navigation exercises to Beijing's territorial claims are reassuring allies but also prompting concerns with China's own show of force in the busy waterway.

Chinese President Xi Jinping's speech at the Boao Forum appears to have gone down well with investors across Asia. "In one way or another, they can help us to deter any threat", Bautista said, adding that the American military presence helps secure vulnerable Philippine waters. "It's the first time that Xi in a major statement like this has committed to more equal terms for the automobile trade", says Stephen Ezell, director of global innovation policy at the Information Technology & Innovation Foundation.

ENERGY: Benchmark U.S. crude rose $1.47, or 2.3 percent, to $64.89 a barrel in NY. He reiterated general pledges to open up financial services, strengthen intellectual property rights protection, and improve the investment climate in order to attract more foreign investment. Chinese President Xi Jinping seems committed to matching Trump step for step as the two countries circle to the beat of a trade war. Record level of United States crude production also counters efforts by the Organization of Petroleum Exporting Countries (OPEC) and its allies to curb output and drain a global glut. "If the United States takes any action to escalate the situation, China will not hesitate to fight back".

"What you are seeing in the market is an alleviation of trade war fears and people trying to get back in and reposition themselves for what they hope - no trade war", said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY. He added that he doesn't blame China, but American leaders for creating a "lopsided" set of trade rules. That can make a significant difference in developing countries, where the government often accounts for most sales of computer software, medical equipment and other high-value goods.

President Xi has spoken on numerous occasions along these lines, for instance, as chair at the Group of 20 Hangzhou summit in September 2016, in Davos and in Geneva in January 2017, and in the course of his 19th Party Congress address in October 2017, Gupta said. Much of the White House's tariffs target the policy, known as Made in China 2020.

"We will not bully our neighbours", the president said.

He said "Cold War mentality" and arrogance had become obsolete and would be repudiated. "Arrogance or self-righteousness can only bump into walls at every turn".

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