US-China trade war truce: Europe and Asia stock markets higher as Trump says China will halt new car tariffs


The global equity markets on Monday reacted very well to the news coming from Buenos Aires, where the meeting between Xi Jinping and Donald Trump has just ended.

Germany’s Dax jumped 2.6% while FTSE 100 index in London rose more than 2%, France’s CAC gained 2%, Spain’s Ibex rose 1.8% and Italy’s FTSE MiB gained 1.9%.

In Asia, the Shanghai composite closed 66.61 points up, a rise of 2.57 percent, while the Shenzhen composite advanced 3.34 percent to finish the trading day up 256.72 points.

Chinese President Xi Jinping and his American counterpart Donald Trump have reached an agreement on the suspension of the increase in commercial tariffs for a period of 90 days, to allow further negotiations.

After a meeting at the G20 summit in Buenos Aires, Trump agreed not to raise the $ 200 billion tariff on Chinese products until May 1.

The tariffs should have increased from 10% to 25% in January.

China will, in turn, buy an important quantity of agricultural, industrial and energy products.

At the same time, Beijing said that the two countries will further open their domestic markets.

Trump declared that China would also “reduce and remove” tariffs below the 40% level that Beijing is currently charging on US cars.

This was the first face-to-face meeting between the two leaders since the beginning of the commercial war.

The dispute had been triggered after Trump had accused China of doing nothing to cut its surplus into bilateral trade.

The Chinese state media received benevolently the beginning of the dialogue, but they warn that the magic wand does not exist.



If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.


Subscribe to China Underground and get Planet China

To be updated with all the latest news, offers and special announcements.

China-Underground and are two websites focused on China and Chinese culture. The site includes thousands of articles on this country structured in categories: news, trends, economy, history, art, guides, literature , pictures gallery, videos and Chinese cinema.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.




tariffs on U.S. soybean

China plans to lift tariffs on U.S. soybean, pork imports

China's Customs Tariff Commission of the State Council said Friday that the country is working on tax exemptions on part of the soybeans and...

If you like this article, please help us by making a donation so that we can continue our work. Please help keep us independent.