U.S. seeks China trade moves on autos, semiconductors

Hong Kong exports up 1.7 pct in February

U.S. stocks surged on Monday on the news that the two sides were talking, after a massive rout last week when Trump announced plans to impose tariffs on a range of Chinese goods, particularly tech and telecoms products. The Journal said U.S. Treasury Secretary Steven Mnuchin and China's economic czar, Vice Premier Liu He, were leading negotiations.

The US trade representative (USTR) filed a request for consultations with China at the WTO to address Beijing's unfair technology practices, according to the Trump administration, The Hill reported.

Yu said China and the US have a valued partnership.

The probe will further exacerbate trade disorder and chaos caused by the US steep import tariffs, exerting more serious and destructive impacts on the normal worldwide trade order, Wang said. "This would hurt the U.S.", Mr. Xu observed.

In the BMO digest, senior economist Robert Kavcic says that trade rhetoric "takes some shine off a fundamentally strong environment for [U.S.] earnings growth", which has recently been accelerating because of top-line demand, as opposed to share buybacks and cost cutting.

Chinese foreign ministry Monday refuted the remarks of a U.S. official regarding a UN resolution titled "promoting mutually beneficial cooperation in the field of human rights", which was adopted by the UN Human Rights Council last Friday.

American farmers are getting a boost as China's oil refiners and traders imported their biggest volume of corn-based ethanol in almost two years last month, even as fears grew that China would target US soybeans in an escalating trade spate.

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Says Porter: "With the US dropping the gloves with China on trade, does it really want to spend precious time and resources grappling with its neighbours on a second front?" In the past year, multiple acquisitions of American companies by Chinese buyers have been either blocked or abandoned following opposition from the Committee on Foreign Investment in the USA on national security grounds.

The U.S. had a $337-billion trade shortfall in goods and services with China past year.

"This could put US companies such as Apple, Microsoft, Starbucks, GM, Nike, etc in the firing line", Mr Wolf said in a note.

Trump wants to see a $100-billion reduction in America's trade deficit with China this year, as well as action on intellectual property, Navarro said.

President Donald Trump displays signs a presidential memorandum imposing tariffs and investment restrictions on China in the Diplomatic Reception Room of the White House.

In a letter to Liu He sent by the two Americans last week, the administration of Donald Trump points out specific demands that include a reduction in Chinese tariffs on USA cars, higher U.S. semiconductor purchases and greater access to the Chinese financial sector by United States companies. Futures for the S&P 500 jumped more than 1 percent, the most in more than two weeks, while contracts for the Nasdaq were set for the first gain in four days.

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