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Tag: trade

FTSE 100 hits record as trade war fears ease

FTSE 100 hits record as trade war fears ease

Business
The FTSE 100 has surged to a new record high as investors welcome the announcement President Trump's planned trade war with China is "on hold". A series of factors helped push values up at the open on Monday - the index rising 0.5% and comfortably above the 7,800 point barrier in early trading which took a lead from Asia.Chief among them, analysts said, was the US decision to postpone $ 150bn of threatened tariffs on Chinese imports amid apparent progress in negotiations between Washington and Beijing.Further evidence of progress in securing a new government in Italy, after months of talks, was cited too. Image: US Treasury Secretary Steven Mnuchin said the trade war was 'on hold' While the announcement signa...
Trump pulls back from trade war with China

Trump pulls back from trade war with China

Business
The US has pulled back from starting a trade war with China that could have sent shockwaves through the global economy. It has agreed to put proposed tariffs on Chinese imports "on hold" after treasury secretary Steven Mnuchin said negotiations with the Chinese had progressed.It means any moves by Washington and Beijing to impose tariffs on each other's exports has been stalled.Mr Mnuchin said that despite not getting China to reduce its overall trade surplus with America by a specified amount, US officials had thrashed out a number of commitments on a framework for reducing the deficit over time.These include large increases in purchases of farm products and a doubling of purchases of US energy products.Mr Mnuchin said: "We are putting the trade war on hold, right now, we ...
EU gets tough with U.S. on Iran, trade at summit meeting

EU gets tough with U.S. on Iran, trade at summit meeting

World
May 18 (UPI) -- European Union members meeting in Sofia, Bulgaria, prepared a united front against U.S. decisions to exit the 2015 nuclear deal with Iran and impose steel and aluminum tariffs. The European Commission, the EU executive branch, announced Friday it "launched the formal process to activate the Blocking Statute by updating the list of U.S. sanctions on Iran falling within its scope." The blocking statute, created in 1996 to evade the U.S. embargo of goods to Cuba, will be remodeled to reflect Iran-related sanctions that were reinstated after President Donald Trump announced the U.S. withdrawal from the accord on May 8. Iranian Foreign Minister Mohammad Javas Zarif met with his British, French and German counterparts in Brussels earlier this week. "What we demand is no conditi...
Trump seeks to save Chinese jobs at ZTE ahead of trade talks

Trump seeks to save Chinese jobs at ZTE ahead of trade talks

Technology
China has welcomed a pledge from Donald Trump to help save ZTE, one of China's biggest telecoms companies. The firm has suspended operations after the US last month banned American companies from selling it components. ZTE had admitted to making illegal shipments to Iran and North Korea.But Mr Trump has now tweeted he will work with President Xi to help ZTE get "back into business fast", saying too many jobs in China were at risk.China's called the comments "positive". "We greatly appreciate the positive position of the US on the ZTE issue and are in close communication with the US on the details of the issue," foreign ministry spokesman Lu Kang said.US commentators say the tone of the tweet is a dramatic shift for Mr Trump, who has consistently accused C...
S. Korea, U.S., Japan vow unrelenting fight against N. Korea's illicit trade

S. Korea, U.S., Japan vow unrelenting fight against N. Korea's illicit trade

World
March 23 (UPI) -- SEOUL, March 23 -- South Korea, the United States and Japan agreed Friday to maintain close cooperation against North Korea's maritime activity prohibited under U.N. Security Council resolutions despite a peace mood on the peninsula.The regional powers will also improve joint response capabilities by continuing missile warning, maritime interdiction operations and anti-submarine warfare drills, according to South Korea's Ministry of National Defense.The ministry was summarizing the results of the 10th Defense Trilateral Talks, a working-level consultation held in Washington D.C. earlier this week."In order to curb, thwart and eventually eradicate North Korea's illegal maritime activity, including illicit shipment, the three countries have decided to continue a pivotal rol...