Watch: Trump speaks at the World Economic Forum in Davos after clinching phase one trade deal with China

President Donald Trump is scheduled to make a speech at the World Economic Forum in Davos, Switzerland, on Tuesday morning. The five-day gathering in Davos is used by business leaders and politicians to meet and discuss some of the most pressing issues worldwide. Investors will be watching for Trump’s comments on trade with Europe and any update on the progress of the second phase of the trade agreement with China. On Monday, French President Emmanuel Macron and Trump discussed a French digital


President Donald Trump is scheduled to make a speech at the World Economic Forum in Davos, Switzerland, on Tuesday morning.
The five-day gathering in Davos is used by business leaders and politicians to meet and discuss some of the most pressing issues worldwide.
Investors will be watching for Trump’s comments on trade with Europe and any update on the progress of the second phase of the trade agreement with China.
On Monday, French President Emmanuel Macron and Trump discussed a French digital
Watch: Trump speaks at the World Economic Forum in Davos after clinching phase one trade deal with China Cached Page below :
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Watch: Trump speaks at the World Economic Forum in Davos after clinching phase one trade deal with China

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President Donald Trump is scheduled to make a speech at the World Economic Forum in Davos, Switzerland, on Tuesday morning.

The five-day gathering in Davos is used by business leaders and politicians to meet and discuss some of the most pressing issues worldwide. This year, the meeting takes place at a time of heightened geopolitical tensions, trade disputes and further calls for action against climate change.

Investors will be watching for Trump’s comments on trade with Europe and any update on the progress of the second phase of the trade agreement with China. On Monday, French President Emmanuel Macron and Trump discussed a French digital tax. The two agreed to hold of on a potential trade war until the end of the year, a source told Reuters.

Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are also attending.

Last year the president skipped the event due to a partial government shutdown.

His remarks come on the same day that the Senate will begin in earnest its trial over Trump’s impeachment.

CNBC’s Silvia Amaro contributed to this report.

Subscribe to CNBC on YouTube.


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US Treasury’s Mnuchin says phase two trade deal with China may not remove all tariffs: WSJ

Steven Mnuchin, U.S. Treasury secretary, exits after a House Financial Services Committee hearing in Washington, D.C., Dec. 5, 2019. The phase 2 trade deal with China would not necessarily be a “big bang” that removes all existing tariffs, U.S. Treasury Secretary Steven Mnuchin told The Wall Street Journal in an interview. British Prime Minister Boris Johnson in December had pledged to make major multinational companies pay their fair share of tax, including the implementation of a Digital Servi


Steven Mnuchin, U.S. Treasury secretary, exits after a House Financial Services Committee hearing in Washington, D.C., Dec. 5, 2019.
The phase 2 trade deal with China would not necessarily be a “big bang” that removes all existing tariffs, U.S. Treasury Secretary Steven Mnuchin told The Wall Street Journal in an interview.
British Prime Minister Boris Johnson in December had pledged to make major multinational companies pay their fair share of tax, including the implementation of a Digital Servi
US Treasury’s Mnuchin says phase two trade deal with China may not remove all tariffs: WSJ Cached Page below :
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US Treasury's Mnuchin says phase two trade deal with China may not remove all tariffs: WSJ

Steven Mnuchin, U.S. Treasury secretary, exits after a House Financial Services Committee hearing in Washington, D.C., Dec. 5, 2019.

The phase 2 trade deal with China would not necessarily be a “big bang” that removes all existing tariffs, U.S. Treasury Secretary Steven Mnuchin told The Wall Street Journal in an interview.

“We may do 2A and some of the tariffs come off. We can do this sequentially along the way,” he added.

Mnuchin also warned that Italy and Britain will face U.S. tariffs if they proceed with a tax on digital companies like Alphabet’s Google and Facebook, the newspaper said.

Mnuchin’s warning to Italy and Britain comes after France backed out and pledged with the U.S. to avoid a trade war until at least the end of this year.

British Prime Minister Boris Johnson in December had pledged to make major multinational companies pay their fair share of tax, including the implementation of a Digital Services Tax.

Italy approved a similar tax in the 2019 budget but it has not activated it yet.

Mnuchin said that he hoped Britain and Italy would suspend their plans to impose the taxes, according to the report.

“If not they’ll find themselves faced with President Trump’s tariffs. We’ll be having similar conversations with them.”

Read the complete WSJ interview here.


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Leaders at Davos doubt China and US will reach a phase 2 trade deal by end of Trump’s term

DAVOS, Switzerland – Many business leaders at the World Economic Forum aren’t convinced the latest round of trade negotiations between China and the U.S. will yield a “phase two” deal before the end of President Donald Trump’s first term. It is unclear how another China trade deal could be accomplished if Trump isn’t reelected. “That is why most of our tariffs on China will remain in place during the ‘phase two’ negotiations.” Ray Dalio, who leads investment firm Bridgewater Associates, said he,


DAVOS, Switzerland – Many business leaders at the World Economic Forum aren’t convinced the latest round of trade negotiations between China and the U.S. will yield a “phase two” deal before the end of President Donald Trump’s first term.
It is unclear how another China trade deal could be accomplished if Trump isn’t reelected.
“That is why most of our tariffs on China will remain in place during the ‘phase two’ negotiations.”
Ray Dalio, who leads investment firm Bridgewater Associates, said he,
Leaders at Davos doubt China and US will reach a phase 2 trade deal by end of Trump’s term Cached Page below :
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Leaders at Davos doubt China and US will reach a phase 2 trade deal by end of Trump's term

President Donald Trump delivers a speech during a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 21, 2020.

DAVOS, Switzerland – Many business leaders at the World Economic Forum aren’t convinced the latest round of trade negotiations between China and the U.S. will yield a “phase two” deal before the end of President Donald Trump’s first term.

The biggest potential stumbling blocks: U.S. tariffs on Chinese goods and Chinese pledges to buy more American products.

One executive who is close to Trump said that business leaders have heard from Chinese trade officials who are privately acknowledging that they hope for all of the tariffs to be removed by the time the next trade deal is signed. This executive declined to be named since the conversations were deemed private.

A phase two deal is expected to lead to a rollback of billions of dollars of tariffs that the U.S. hit were first laid onto China by the U.S. in 2018. Trump has said he may want to wait until after the election to sign a phase two trade deal and there hasn’t been a clear timeline from the White House as to when they expect the two sides to come to an agreement.

Treasury Secretary Steven Mnuchin, who is in Davos with the president, told The Wall Street Journal the next agreement could remove some but not all of the tariffs.

Doubts about a second deal were likely to dominate conversations at the elite gathering in the Swiss Alps, particularly as business leaders talk with White House officials there and in the coming months as Trump pursues his reelection. It is unclear how another China trade deal could be accomplished if Trump isn’t reelected. More than a dozen Democrats are vying for their party’s nomination to take on Trump in November, including former Vice President Joe Biden, Sens. Bernie Sanders and Elizabeth Warren, and former mayors Pete Buttigieg and Mike Bloomberg.

“No one thinks it’s going to happen,” Ian Bremmer, the president of Eurasia Group, a political consulting firm, told CNBC after being asked where Davos attendees stand on future trade talks. “I really would be shocked to see a trade two deal get done before the election.” He noted one of the hurdles to another agreement could come down to China not buying as many goods as they promised.

A White House spokesperson did not return a request for comment.

The phase one deal demands that China increase their purchases of U.S. manufacturing, energy and agricultural goods and services by at least $200 billion over two years. It also includes provisions to root out intellectual property theft and forced technology transfers.

During his speech Tuesday in Davos, Trump reaffirmed that tariffs on China will remain in place and noted that these trade barriers have been a key negotiating tool.

“These achievements would not have been possible without the implementation of tariffs, which we had to use. And we’re using them on others, too,” Trump said. “That is why most of our tariffs on China will remain in place during the ‘phase two’ negotiations.”

Michael Corbat, the CEO of Citigroup, said he believes that the remaining tariffs on China will keep them at the negotiating table. But he noted that Trump is going to be under pressure by corporate CEOs and congressional leaders to get a phase two deal done if he gets reelected.

“I don’t think we see phase two in the remainder of this term, but I think if he is reelected certain people are going to try to hold his feet to the fire to deliver on this. I think some Democrats are going to come back and say, ‘You promised us this and you haven’t done it,'” Corbat said on the sidelines of Davos.

Citigroup does business all over the world, including extensive work in China.

Ray Dalio, who leads investment firm Bridgewater Associates, said he, too, doesn’t see a phase two deal getting done by the end of Trump’s first term. Yet Dalio also suggested that he wasn’t convinced phase one wasn’t as big of an accomplishment in the broader context of ongoing trade disputes between the two nations.

“I think it’s such a tiny thing as it almost doesn’t matter, in the whole scope of the issues. There are big issues,” Dalio told CNBC outside the conference center.

Finally, Richard Trumka, the president of the AFL-CIO and a supporter of Trump’s updated North American trade deal, poured some additional cold water on phase two hopes. The labor leader told CNBC that he does not believe phase two is a priority for the Trump administration.


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US-China phase one deal is a ‘disaster,’ former senior economist at the White House says

DAVOS, Switzerland – The U.S.-China phase one deal does not address structural problems in the bilateral trade relationship, a panel of trade experts at the World Economic Forum said Tuesday. “While this deal is great in the sense that it has calmed things, additional tariffs aren’t going on, aside from that the deal is essentially a disaster. Bown, who served as a senior economist for international trade in the White House, under Obama’s leadership, said he is “very worried” about what’s in the


DAVOS, Switzerland – The U.S.-China phase one deal does not address structural problems in the bilateral trade relationship, a panel of trade experts at the World Economic Forum said Tuesday.
“While this deal is great in the sense that it has calmed things, additional tariffs aren’t going on, aside from that the deal is essentially a disaster.
Bown, who served as a senior economist for international trade in the White House, under Obama’s leadership, said he is “very worried” about what’s in the
US-China phase one deal is a ‘disaster,’ former senior economist at the White House says Cached Page below :
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US-China phase one deal is a 'disaster,' former senior economist at the White House says

Chinese Vice Premier Liu He shakes hands with US President Donald Trump during a signing ceremony for trade agreement between the US and China in the East Room of the White House in Washington, DC, January 15, 2020.

DAVOS, Switzerland – The U.S.-China phase one deal does not address structural problems in the bilateral trade relationship, a panel of trade experts at the World Economic Forum said Tuesday.

After about two years of a tit-for-tat tariffs dispute, the two largest world economies seemed to have calmed the debate last week with the signing of an initial agreement. The deal didn’t roll back all tariffs imposed between Washington D.C. and Beijing, but both parties agreed to discuss that during the next round of trade negotiations.

However, experts speaking at the WEF said the deal is a “disaster” and simply an “intermediate step” to allow tensions to calm down.

“While this deal is great in the sense that it has calmed things, additional tariffs aren’t going on, aside from that the deal is essentially a disaster. It doesn’t address any of the systemic issues,” Chad Bown, senior fellow at the Peterson Institute for International Economics, said.

Bown, who served as a senior economist for international trade in the White House, under Obama’s leadership, said he is “very worried” about what’s in the agreement.

China agreed to buy an additional $200 billion in U.S. goods over the next two years, as part of the deal. President Donald Trump, who addressed the Davos forum earlier on Tuesday, said the number of purchases could end up closer to $300 billion.

“These are unrealistic numbers, which puts the whole viability of the deal into question,” Bown said, adding that the only way to reach these figures is by diverting trade away from other countries, such as soy beans away from Brazil and fish away from Canada.

Among the additional purchases of U.S. goods, China has committed to buy at least $40 billion worth of American farming products. However, a leading commodities expert at Goldman Sachs casted doubts over whether China will manage to do that. Speaking to CNBC earlier this month Jeff Currie said “there is still a lot of uncertainty about how you would achieve $40 (billion) or potentially even $50 billion of agricultural purchases.”

However, most trade experts argue that the most difficult trade negotiations between the U.S. and China have yet to begin.

“When we think about the phase one deal it is the easier part of this, you can have Chinese people buying more U.S. goods and somehow the Chinese consumers will have to absorb the 2.4 billion dollars of American nuts and say goodbye to the New Zealand, Australians suppliers… but that’s the easy part,” Jin Keyu, associate professor at the London School of Economics (LSE) said at the WEF panel.

“The difficult part is really much about the model that China has, the political economy model that uses strong state capacity,” she added.

One of the main arguments used by President Trump in his dispute with China is the trade deficit between both economies. Data released earlier this month showed that the U.S. trade deficit with China fell to $43.09 billion for the month — the lowest level since October 2016.

However, Keyu warned the numbers could change.

“The grand irony is that if China actually did everything that the U.S. demanded it to do the result was going to be a much more successful Chinese economy and a much larger trade deficit in the U.S,” she said.

Nonetheless, speaking at the same Davos panel, the head of the World Trade Organization, Roberto Azevedo said: “The political impact of (the phase one deal) cannot be underestimated.”

Graciela Márquez Colín, the Mexican economy minister, also sitting at the panel explained that the deal is an “intermediate step” to calm down ongoing tensions.


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IMF hoping for a ‘more comprehensive’ US-China deal as the months go by

DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal. “While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday. “We would hope there would be a more comprehensive deal between the U.S. and China as the


DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal.
“While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday.
“We would hope there would be a more comprehensive deal between the U.S. and China as the
IMF hoping for a ‘more comprehensive’ US-China deal as the months go by Cached Page below :
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IMF hoping for a 'more comprehensive' US-China deal as the months go by

DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal.

The two largest economies in the world agreed to roll back some of their existing trade tariffs last week in what was dubbed as a “phase one” deal. The agreement also envisaged higher Chinese purchases of U.S. agricultural goods and it was seen as a temporary truce in a two-year-long dispute between Washington, D.C., and Beijing. However, the IMF is expecting more from both nations.

“While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday.

“We would hope there would be a more comprehensive deal between the U.S. and China as the months go by,” Gopinath also told CNBC at the World Economic Forum in Davos, Switzerland.

In its latest economic update, released Monday, the IMF trimmed its global growth forecasts. The Fund now expects a global growth rate of 3.3% for 2020. In the report, the IMF also warned that trade tensions and disruptions could return.

The signing of the deal is expected to boost the Chinese economy slightly. The IMF upped its growth forecast for China by 0.2 percentage points for 2020 to 6%.

“However, unresolved disputes on broader U.S.-China economic relations, as well as needed domestic financial regulatory strengthening, are expected to continue weighing on activity,” the IMF said Monday.

Speaking to CNBC at Davos, Gopinath added that “trade tensions and disruptions is something that we put out there as an important risk.”


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There’s a 50% chance the US-China ‘phase one’ deal could fall apart in one year

There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday. Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal. “There’s a very


There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday.
Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal.
“There’s a very
There’s a 50% chance the US-China ‘phase one’ deal could fall apart in one year Cached Page below :
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There's a 50% chance the US-China 'phase one' deal could fall apart in one year

President Donald Trump, and Chinas Vice Premier Liu He(L), the countrys top trade negotiator, shake hands after signing trade agreements between the US and China during a ceremony in the East Room of the White House in Washington, DC on January 15, 2020.

There’s a 50% chance the U.S.-China “phase one” trade deal could survive its first year — but that probability falls to 25% in the second year, a business consultant said on Monday.

Richard Martin, managing director at management consulting firm IMA Asia, said there are two reasons why the agreement could fall apart within those time frames: Limited success stories of government-mandated trade in the past, and provisions that allow the U.S. and China to walk away from their deal.

“There’s a very poor track record on government-mandated trade flows working out and that’s what we got right now,” he told CNBC’s “Squawk Box Asia.”

“We don’t like governments to go out and say this is the volume of trade and this is the price point we want done at — that’s meant to be said at the markets,” he said.

Martin added that if there are disputes between the two sides, the deal allows the U.S. Trade Representative, currently Robert Lighthizer, to “pretty much determine when China’s breaking the rules and inflict any penalty he wants.” In return, China could walk away from the agreement, he explained.

“So that’s not a very robust adjudication process. It says that if there’s a problem, it could well end in the phase one package being dead,” he said.


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China to stick to ‘phase one’ commitments, holding trade deal through US election, TS Lombard says

China will likely do its part to uphold commitments in the “phase one” trade deal with the U.S., according to a report by London-based consultancy TS Lombard. In particular, Olcott said China “is willing and able to stick to” boosting imports from the U.S. and keeping the Chinese yuan stable. She added that this will ensure the deal holds until the U.S. presidential election in November. U.S. President Donald Trump and Chinese Vice Premier Liu He signed the partial deal on Wednesday in Washingto


China will likely do its part to uphold commitments in the “phase one” trade deal with the U.S., according to a report by London-based consultancy TS Lombard.
In particular, Olcott said China “is willing and able to stick to” boosting imports from the U.S. and keeping the Chinese yuan stable.
She added that this will ensure the deal holds until the U.S. presidential election in November.
U.S. President Donald Trump and Chinese Vice Premier Liu He signed the partial deal on Wednesday in Washingto
China to stick to ‘phase one’ commitments, holding trade deal through US election, TS Lombard says Cached Page below :
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China to stick to 'phase one' commitments, holding trade deal through US election, TS Lombard says

Chinese Vice Premier Liu He shakes hands with US President Donald Trump during a signing ceremony for trade agreement between the US and China in the East Room of the White House in Washington, DC, January 15, 2020.

China will likely do its part to uphold commitments in the “phase one” trade deal with the U.S., according to a report by London-based consultancy TS Lombard.

“Beijing is invested in the deal insofar as it helps the leadership’s drive to stabilize the economy and boost market confidence; at the same time, it is hoping for further tariff rollbacks in due course,” Eleanor Olcott, China policy analyst at the firm, wrote in a Thursday report.

In particular, Olcott said China “is willing and able to stick to” boosting imports from the U.S. and keeping the Chinese yuan stable. She added that this will ensure the deal holds until the U.S. presidential election in November.

U.S. President Donald Trump and Chinese Vice Premier Liu He signed the partial deal on Wednesday in Washington. That came after a trade war that lasted more than two years, during which the countries slapped elevated tariffs on each other.

The deal includes China increasing its purchase of U.S. goods and services by at least $200 billion over two years. Beijing must also “refrain from competitive devaluations” of its currency, according to the official document.


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Phase One not perfect, but it makes progress and removes uncertainty: Conference Board CEO Steve Odland

Phase One not perfect, but it makes progress and removes uncertainty: Conference Board CEO Steve OdlandSteve Odland, The Conference Board CEO, joins ‘The Exchange’ to discuss the U.S.-China ‘phase one’ trade deal.


Phase One not perfect, but it makes progress and removes uncertainty: Conference Board CEO Steve OdlandSteve Odland, The Conference Board CEO, joins ‘The Exchange’ to discuss the U.S.-China ‘phase one’ trade deal.
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Phase One not perfect, but it makes progress and removes uncertainty: Conference Board CEO Steve Odland

Phase One not perfect, but it makes progress and removes uncertainty: Conference Board CEO Steve Odland

Steve Odland, The Conference Board CEO, joins ‘The Exchange’ to discuss the U.S.-China ‘phase one’ trade deal.


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European stocks stagnate on tepid reaction to partial US-China deal; Pearson down 13%

European stocks were stagnant on Thursday morning as reaction appeared muted to the signing of a partial trade deal between the U.S. and China. The pan-European Stoxx 600 hovered just above the flatline in early trade, with travel and leisure stocks slipping 0.6% to lead losses while food and beverage stocks gained 0.4%. President Donald Trump signed an initial “phase one” trade deal with China on Wednesday that will roll back some of the tariffs on one another’s goods and increase Chinese purch


European stocks were stagnant on Thursday morning as reaction appeared muted to the signing of a partial trade deal between the U.S. and China.
The pan-European Stoxx 600 hovered just above the flatline in early trade, with travel and leisure stocks slipping 0.6% to lead losses while food and beverage stocks gained 0.4%.
President Donald Trump signed an initial “phase one” trade deal with China on Wednesday that will roll back some of the tariffs on one another’s goods and increase Chinese purch
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European stocks stagnate on tepid reaction to partial US-China deal; Pearson down 13%

European stocks were stagnant on Thursday morning as reaction appeared muted to the signing of a partial trade deal between the U.S. and China.

The pan-European Stoxx 600 hovered just above the flatline in early trade, with travel and leisure stocks slipping 0.6% to lead losses while food and beverage stocks gained 0.4%.

President Donald Trump signed an initial “phase one” trade deal with China on Wednesday that will roll back some of the tariffs on one another’s goods and increase Chinese purchases of U.S. products.

While the deal takes some steps to address unpalatable trade practices by Beijing, many of the key structural issues at the heart of the trade conflict remain unresolved as the two sides enter “phase two.”

Asian markets posted muted gains Thursday, Hong Kong’s Hang Seng index adding 0.4% while mainland Chinese stocks failed to get off the ground, with the Shanghai composite retreating 0.3%.

Back in Europe, trade tensions also flared between China and the Netherlands after Beijing’s ambassador was quoted warning the Dutch government against preventing Dutch semiconductor equipment supplier ASML from shipping its newest products to China.

In corporate news, Atlantia is hoping to reopen talks with Italy’s coalition government on motorway toll cuts following a long-running dispute over its concessions, Reuters reported citing two sources.

Meanwhile Airbus Chief Commercial Officer Christian Scherer told Reuters on Wednesday that the world’s largest planemaker sees enough demand for its wide-bodied A330neo passenger jet to retain stable production levels.


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US-China phase one deal brings some market relief, but experts warn uncertainty remains

A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said. As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years. Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC. AmCham China members have already factored in


A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said.
As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years.
Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC.
AmCham China members have already factored in
US-China phase one deal brings some market relief, but experts warn uncertainty remains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: huileng tan
Keywords: news, cnbc, companies, signed, seymour, relief, think, uschina, warn, gilligan, uncertainty, phase, remains, chinese, billion, deal, experts, brings, goods, china, market


US-China phase one deal brings some market relief, but experts warn uncertainty remains

A partial trade deal signed on Wednesday between the U.S. and China gives some relief to the market, but uncertainty still remains, experts said.

“There’s a great sense of welcome that the deal was signed and a little bit of relief, naturally, and some measured optimism about how we can move forward,” said Gregory Gilligan, chairman of the American Chamber of Commerce in China.

The world two largest economies signed the first-phase trade agreement Wednesday afternoon at the White House after slapping tariffs on billions of dollars worth of each other’s goods for almost two years.

As part of the deal, China also agreed to purchase an additional $200 billion in U.S. goods over the next two years.

Although tariffs are still being levied on $370 billion worth of imported Chinese goods, how the “phase one” deal works will help toward the making of a “phase two” deal, Gilligan told CNBC.

AmCham China members have already factored in the uncertainty and are cautious about their investment plans for 2020, Gilligan added.

As for the additional $200 billion of U.S. goods that China has promised to purchase, Gilligan said “hitting those targets will be difficult, but that’s good problem to have. We’d rather have a hard time selling stuff than no opportunity to sell stuff.”

It will also be a chance to “restore some trust in a relationship that’s a big fatigued,” he added.

Gilligan said AmCham China will act as a bridge to help members who encounter issues by reporting them to both the U.S. and Chinese governments.

But others see the glass as being half empty.

“The expectation was some deal would get done, but it would still leave us with a lot of uncertainty, which I think we still have,” said Tim Seymour, chief investment officer at Seymour Asset Management.

Despite the commitment of additional Chinese purchases and other provisions, Seymour told CNBC it was an “agreement where China got largely what they wanted. I think it was an agreement that was politically important on the U.S. side, and I think we still have a whole lot of uncertainty.”


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: huileng tan
Keywords: news, cnbc, companies, signed, seymour, relief, think, uschina, warn, gilligan, uncertainty, phase, remains, chinese, billion, deal, experts, brings, goods, china, market


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