Trump says he'll 'make it up' to farmers impacted by trade dispute

No one will win in a US-China trade war

While most of the pledges were reiterations of previously announced measures, Xi's comments sent USA stock futures, the dollar and Asian shares higher.

The escalating trade confrontation between Washington and Beijing threatened to boil over Friday after President Donald Trump lashed out again and China called on the European Union to join the battle, sending global stocks into the red.

Yang's view was echoed by David Qu, China markets economist at ANZ in Shanghai, who said Xi's speech could help lower the temperature of the "trade war".

President Xi Jinping vowed on April 10 to take new steps to open China's economy "wider and wider" amid a broiling trade confrontation with the United States. For one thing, it seems to be lost on Trump that while, yes, we have a trade deficit with China, Americans actually get something out of that, i.e. cheap goods that, as NY " s Jonah Shepp points out, "have raised our standard of living even as our incomes have stagnated".

"We hope developed countries will stop imposing restrictions on normal and reasonable trade of hi-tech products and relax export controls on such trade with China", he said.

A USA soldier walks on a newly installedbase, near the tense front line between the U.S-backed Syrian Manbij Military Council and the Turkish-backed fighters, in Manbij, north Syria, Wednesday, April 4, 2018.

As the possibility of a trade war looms between the United States and China, economic logic and truth appear to be an early casualty.

Karst added: "This latest trade action [by China], if it is on soybeans, if it does come about, it will have a devastating impact on U.S. soy farmers, and by extension all United States farmers".




Last week, the Trump administration proposed 25 percent tariffs on $50 billion worth of roughly 1,300 Chinese imports. But Trump said last week he had told his trade negotiators not to rush talks. Zhang Yuyan, a researcher at the Chinese Academy of Social Sciences, a government think-tank, said China was unlikely to sell off its holdings of U.S. Treasury bonds as a tactic in the trade dispute.

But he also downplayed the tariff threat as "part of the process", suggesting on CNN that the impact would be "benign" and said he was hopeful that China would enter negotiations. And the gesture toward reducing tariffs didn't come cost-free: Xi clearly signaled that he expected Western countries to allow Chinese investment unimpeded access to sensitive high technology sectors.

Any war has winners and losers within countries, says David Laborde, a senior research fellow in the Markets, Trade and Institutions Division of IFPRI in Washington, DC. China bought $130 billion worth of U.S. goods in 2017, making it the third-largest market for our exports, behind only Canada and Mexico.

ENERGY: Benchmark U.S. crude rose 45 cents to $63.87 a barrel.

"The punches keep getting thrown, but the market has managed to hang in there", said Chris Verrone, a strategist at Strategas Research Partners.

"We still believe... that this will be one of the possible "carrots" that China will present in line with various "stick" threats". Canada, Mexico and Japan were the top exporters of cars to the U.S. American companies have invested massively in the Chinese market, and many American brands have manufacturing plants in China from where they export their products to Europe and other parts of the world, benefiting from cheap labour, huge infrastructure, and a proximity to USA ports.

He pledged to cut import tariffs on cars and relax requirements for foreign firms investing in China.

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