Asian markets plunge as concerns grow over US-China trade deal

Trump Says Trade War With China Could Drag On

on

Asian stocks suffered heavy losses on Wednesday due to uncertainties arising from a possible trade agreement between the U.S. and China.

The Hong Kong Hang Seng (HSI) index ended down 1.3%, the Nikkei 225 (N225) index closed down 1.1% and the Shanghai Composite (SHCOMP) lost 0.2%.

The Chinese government warned that the bill passed by the U.S. House of Representatives calling for sanctions against China for news about mass detention centers in Xinjiang would affect bilateral relations in “important areas”.

Hua Chunying, a spokesman for the Chinese Ministry of Foreign Affairs, said that China will not remain indifferent to American actions against the interests of the Asian giant.

Last week, President Donald Trump signed another bill in support of Hong Kong protesters, in protest since June against the progressive erosion of the former British colony’s independence from Beijing.

The bills complicate the way for a solution to the trade war between the two countries.

During his visit to London, the US president told journalists that a trade agreement could come much later than many would expect, probably only after the US elections.

Trump’s latest statements contradict the comments of the previous month when he said that the two countries were “potentially very close” to concluding an agreement.

According to Wilbur Ross, U.S. Trade Secretary, U.S. tariffs on Chinese exports will continue to be less than an agreement.

The next round of tariffs will enter into force on 15 December, unless a postponement is made.

According to some analysts, the Trump administration is trying to apply pressure on China to accept the current agreement on the table, hinting that the deal could be worse post-election 2020, prolonging the period of uncertainty for an indefinite time.

The trade war is taking place at a time of general weakness in the global economies.

 

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. Planet China is a free digital magazine including interviews with experts, directors, designers, photographers, journalists, critics, and artists.

China-Underground
China-Undergroundhttp://china-underground.com
CinaOggi.it and China-underground.com 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

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

Search

2,079FansLike
1,175FollowersFollow
305SubscribersSubscribe

Latest

Tokyo Takes Top Destinations Spot for Asian Travelers During Lunar New Year 2020

Tokyo Takes Top Destinations Spot for Asian Travelers During Lunar New...

0
Tokyo, Bangkok and Taipei are the top three destinations for travelers from across Asia to celebrate the Lunar New Year, according to...
 

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