German car giants warn Trump’s tariff threat is a ‘critical situation’ for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp


Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry. CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now. “It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comp
German car giants warn Trump’s tariff threat is a ‘critical situation’ for them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


German car giants warn Trump's tariff threat is a 'critical situation' for them

Alongside seismic structural shifts taking place in the car industry including electrification and autonomous vehicles, German carmakers say that the potential for punitive U.S. tariffs on European car and part imports are casting a large shadow over the industry.

CEOs at the Geneva Motor Show told CNBC that geopolitical tensions and the threat of trade wars were the biggest unknown facing the industry right now.

“It is a critical situation for us,” Herbert Diess, the CEO of VW Group, which comprises Porsche, Audi and Seat among other brands, told CNBC Tuesday. “Mostly, our premium brands here in Germany are depending on the import market of the U.S. Audi and Porsche have significant market share there, so this is a threat,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: holly ellyatt, picture alliance, getty images
Keywords: news, cnbc, companies, giants, car, market, critical, warn, told, porsche, german, threat, industry, brands, audi, situation, wars, tariff, trumps


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China says it welcomes delay on US tariff hike

China said on Saturday that it welcomed the release of language from the United State Trade Representative’s office (USTR) delaying a scheduled hike in U.S. tariffs on $200 billion worth of Chinese goods. In a statement posted on the website of the Ministry of Commerce, citing an unidentified official at China’s State Council Tariff Commission, China said that it was aware of the USTR’s announcement to maintain tariffs at 10 percent until further notice, and welcomed the step. The USTR released


China said on Saturday that it welcomed the release of language from the United State Trade Representative’s office (USTR) delaying a scheduled hike in U.S. tariffs on $200 billion worth of Chinese goods. In a statement posted on the website of the Ministry of Commerce, citing an unidentified official at China’s State Council Tariff Commission, China said that it was aware of the USTR’s announcement to maintain tariffs at 10 percent until further notice, and welcomed the step. The USTR released
China says it welcomes delay on US tariff hike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-02  Authors: chip somodevilla, getty images news, getty images
Keywords: news, cnbc, companies, delay, welcomes, china, ustr, hike, tariff, welcomed, scheduled, notice, trade, state, tariffs, language


China says it welcomes delay on US tariff hike

China said on Saturday that it welcomed the release of language from the United State Trade Representative’s office (USTR) delaying a scheduled hike in U.S. tariffs on $200 billion worth of Chinese goods.

In a statement posted on the website of the Ministry of Commerce, citing an unidentified official at China’s State Council Tariff Commission, China said that it was aware of the USTR’s announcement to maintain tariffs at 10 percent until further notice, and welcomed the step.

The USTR released language to delay a scheduled hike in tariffs on Chinese goods from 10 percent to 25 percent on Friday, ahead of the publication of a notice next Tuesday.

President Donald Trump had announced the delay on Sunday as trade talks between the two sides had made progress.


Company: cnbc, Activity: cnbc, Date: 2019-03-02  Authors: chip somodevilla, getty images news, getty images
Keywords: news, cnbc, companies, delay, welcomes, china, ustr, hike, tariff, welcomed, scheduled, notice, trade, state, tariffs, language


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US aims to lower Beijing’s tariff on ethanol ahead of Chinese demand boom

U.S. trade negotiators hope to convince Beijing to lower tariffs on ethanol, putting American farmers in a position to capitalize on rising demand for the corn-based biofuel in China. But after two years of rising trade tensions, China took just 4 percent of U.S. ethanol exports in 2018, RFA says. Last year, China increased the tariff to 45 percent after the Trump administration put new duties on foreign aluminum and steel. The Trump administration has upset Big Corn by handing out hardship waiv


U.S. trade negotiators hope to convince Beijing to lower tariffs on ethanol, putting American farmers in a position to capitalize on rising demand for the corn-based biofuel in China. But after two years of rising trade tensions, China took just 4 percent of U.S. ethanol exports in 2018, RFA says. Last year, China increased the tariff to 45 percent after the Trump administration put new duties on foreign aluminum and steel. The Trump administration has upset Big Corn by handing out hardship waiv
US aims to lower Beijing’s tariff on ethanol ahead of Chinese demand boom Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: tom dichristopher, aaron p bernstein
Keywords: news, cnbc, companies, exports, ethanol, aims, demand, chinese, lower, beijings, tons, ahead, boom, administration, rising, china, tariff, trade, trump, according, biofuel


US aims to lower Beijing's tariff on ethanol ahead of Chinese demand boom

U.S. trade negotiators hope to convince Beijing to lower tariffs on ethanol, putting American farmers in a position to capitalize on rising demand for the corn-based biofuel in China.

The Trump administration’s trade team has made the request, but their Chinese counterparts have yet to respond, Agriculture Secretary Sonny Perdue told reporters on Tuesday.

“They are engaged in conversation, they listen and hear us, but we are at this stage unable to determine the willingness factor,” Purdue said, according to a Reuters report.

China once represented a bright opportunity for American corn farmers and ethanol producers, but their prospects have faded in recent years.

In 2016, China was the third biggest market for U.S. ethanol, accounting for nearly 20 percent of U.S. exports and drumming up about $2 billion in revenues, according the Renewable Fuels Association. But after two years of rising trade tensions, China took just 4 percent of U.S. ethanol exports in 2018, RFA says.

Trade first dropped off after China put a 30-percent charge on U.S. ethanol in 2017. Last year, China increased the tariff to 45 percent after the Trump administration put new duties on foreign aluminum and steel.

Under a new deal, Beijing would ideally set the import tax on ethanol below 15 percent, Perdue said on Tuesday.

That would potentially allow U.S. ethanol suppliers to take advantage of Beijing’s plans to introduce E10 — a gasoline blend containing 10 percent ethanol — across the country next year.

To achieve that goal, China needs to source 15 million tons of ethanol per year, a nearly sevenfold increase from the country’s current consumption, according to IHS Markit. Today, China only has enough capacity to produce about 3 million tons per year.

Clearing a path for more U.S. biofuel exports would be a boon to President Donald Trump, who has had a tense relationship with the ethanol industry and agricultural states. The Trump administration has upset Big Corn by handing out hardship waivers to small refineries, which allow them to circumvent U.S. requirements to blend ethanol into gasoline.

The Trump administration has also considered changes to U.S. biofuel policy that ethanol producers worry would shrink domestic demand for their product.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: tom dichristopher, aaron p bernstein
Keywords: news, cnbc, companies, exports, ethanol, aims, demand, chinese, lower, beijings, tons, ahead, boom, administration, rising, china, tariff, trade, trump, according, biofuel


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Shares in China jump more than 2 percent after Trump announces delay in tariff increase

Shares in mainland China advanced in early trade following the positive developments. The Shenzhen composite also added 2.391 percent. Over in Hong Kong, the Hang Seng index rose 0.58 percent as shares of China Construction Bank gained more than 1 percent. In Japan, the Nikkei 225 advanced 0.71 percent and the Topix rose 0.79 percent in morning trade. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, gained more than 0.5 percent.


Shares in mainland China advanced in early trade following the positive developments. The Shenzhen composite also added 2.391 percent. Over in Hong Kong, the Hang Seng index rose 0.58 percent as shares of China Construction Bank gained more than 1 percent. In Japan, the Nikkei 225 advanced 0.71 percent and the Topix rose 0.79 percent in morning trade. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, gained more than 0.5 percent.
Shares in China jump more than 2 percent after Trump announces delay in tariff increase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: eustance huang
Keywords: news, cnbc, companies, delay, trade, composite, jump, announces, morning, tariff, gained, shenzhen, higher, china, index, shares, rose, increase, trump


Shares in China jump more than 2 percent after Trump announces delay in tariff increase

Stocks in Asia traded higher on Monday morning amid trade optimism after U.S. President Donald Trump announced a postponement of a closely-watched deadline on March 1.

Shares in mainland China advanced in early trade following the positive developments. The Shanghai composite jumped 2.32 percent while the Shenzhen component gained 2.624 percent. The Shenzhen composite also added 2.391 percent.

Over in Hong Kong, the Hang Seng index rose 0.58 percent as shares of China Construction Bank gained more than 1 percent.

In Japan, the Nikkei 225 advanced 0.71 percent and the Topix rose 0.79 percent in morning trade. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, gained more than 0.5 percent.

South Korea’s Kospi also added 0.11 percent, while Australia’s ASX 200 was 0.18 percent higher.

“As both Presidents said significant progress has been made, the chance for the US and China to reach a deal is getting higher,” OCBC Treasury Research said in a morning note. “However, the key to medium term stability hinges on two areas including agreement on China’s structural reforms and the enforcement of trade deals.”


Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: eustance huang
Keywords: news, cnbc, companies, delay, trade, composite, jump, announces, morning, tariff, gained, shenzhen, higher, china, index, shares, rose, increase, trump


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The US and China may be nearing a trade deal. That won’t stop the global economic slowdown

The U.S. and China appear to be close to ending a tariff fight that hurt financial markets and dented economic activity worldwide, but that’s not going to stop the slowdown already seen in the global economy, experts said on Monday. U.S. President Donald Trump said on Twitter on Sunday that he would delay an increase in tariffs on Chinese goods that was initially planned for early-March. Trump didn’t announce a timeline for that meeting, but CNBC reported last week that the two countries were di


The U.S. and China appear to be close to ending a tariff fight that hurt financial markets and dented economic activity worldwide, but that’s not going to stop the slowdown already seen in the global economy, experts said on Monday. U.S. President Donald Trump said on Twitter on Sunday that he would delay an increase in tariffs on Chinese goods that was initially planned for early-March. Trump didn’t announce a timeline for that meeting, but CNBC reported last week that the two countries were di
The US and China may be nearing a trade deal. That won’t stop the global economic slowdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: yen nee lee, -louis kuijs, head of asia economics at oxford economics
Keywords: news, cnbc, companies, xi, economic, markets, wont, global, tariff, trump, stop, slowdown, deal, states, trade, united, nearing, china, president, thats


The US and China may be nearing a trade deal. That won't stop the global economic slowdown

The U.S. and China appear to be close to ending a tariff fight that hurt financial markets and dented economic activity worldwide, but that’s not going to stop the slowdown already seen in the global economy, experts said on Monday.

U.S. President Donald Trump said on Twitter on Sunday that he would delay an increase in tariffs on Chinese goods that was initially planned for early-March. Washington and Beijing were locked in a tariff fight for months last year, but that battle was put on hold — for an initial 90 days — after Trump met Chinese President Xi Jinping in Argentina in December.

The American president also said he would meet Xi at his golf club in Mar-a-Lago, Florida, “to conclude an agreement” if “both sides make additional progress.” Trump didn’t announce a timeline for that meeting, but CNBC reported last week that the two countries were discussing holding a late-March summit.

Asian markets on Monday reacted positively to Trump’s announcement, but several experts pointed out that an easing in tensions between the two economic giants won’t stop a global slowdown that’s already happening.

“I think we need to take a little bit of a step back and take a look at the economic cycle,” Paul Kitney, chief equity strategist at Daiwa Capital Markets, told CNBC’s “Squawk Box” on Monday. “The shape of the cycle is one where we see moderation in growth in the United States this year … we see risks of a recession in the United States growing possibly as early as the middle of 2020.”

“The downturn is not going away” regardless of how positively current risks — including the U.S.-China trade war and the U.K.’s impending exit from the European Union — are resolved, Kitney said.


Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: yen nee lee, -louis kuijs, head of asia economics at oxford economics
Keywords: news, cnbc, companies, xi, economic, markets, wont, global, tariff, trump, stop, slowdown, deal, states, trade, united, nearing, china, president, thats


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China banks: Record lending shows stimulus is kicking in, analysts say

New loans in China surged to a record high in January — and analysts say it could be a sign that government stimulus is “finally kicking in,” which may be good news for the economy. The slowdown was in part due to official efforts to reduce alarmingly high debt levels which started three years ago. Clamping down on credit, in particular non-traditional forms of lending known as “shadow banking,” suppressed economic activity and pushed growth lower. But the onset of the tariff war with the United


New loans in China surged to a record high in January — and analysts say it could be a sign that government stimulus is “finally kicking in,” which may be good news for the economy. The slowdown was in part due to official efforts to reduce alarmingly high debt levels which started three years ago. Clamping down on credit, in particular non-traditional forms of lending known as “shadow banking,” suppressed economic activity and pushed growth lower. But the onset of the tariff war with the United
China banks: Record lending shows stimulus is kicking in, analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: kelly olsen, tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, analysts, taxes, tariff, china, shows, record, kicking, worlds, slowdown, war, stimulus, taking, yearsthe, banks, united, growth, high, lending, say


China banks: Record lending shows stimulus is kicking in, analysts say

New loans in China surged to a record high in January — and analysts say it could be a sign that government stimulus is “finally kicking in,” which may be good news for the economy.

The world’s second-largest economy expanded 6.6 percent in 2018, the slowest growth in 28 years.

The slowdown was in part due to official efforts to reduce alarmingly high debt levels which started three years ago. Clamping down on credit, in particular non-traditional forms of lending known as “shadow banking,” suppressed economic activity and pushed growth lower.

But the onset of the tariff war with the United States and the pace of the slowdown forced a rethink. Last year, authorities began taking steps to encourage banks to lend more, cut taxes and support small- and medium-sized companies.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: kelly olsen, tomohiro ohsumi, bloomberg, getty images
Keywords: news, cnbc, companies, analysts, taxes, tariff, china, shows, record, kicking, worlds, slowdown, war, stimulus, taking, yearsthe, banks, united, growth, high, lending, say


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As Trump ponders auto tariffs, free-trade Republicans push back

Whether the Commerce Department took the president’s lead in recommending tariffs on all imported automobiles is unclear. “There’s not a whole lot of support for auto tariffs,” a senior administration official told CNBC. Pro-free-trade Republicans are building new tools to push back, in case the president implements new tariffs in the name of national security. Sen. Pat Toomey (R-PA) introduced a bill last month that would give Congress sixty days to approve any proposed tariffs under section 23


Whether the Commerce Department took the president’s lead in recommending tariffs on all imported automobiles is unclear. “There’s not a whole lot of support for auto tariffs,” a senior administration official told CNBC. Pro-free-trade Republicans are building new tools to push back, in case the president implements new tariffs in the name of national security. Sen. Pat Toomey (R-PA) introduced a bill last month that would give Congress sixty days to approve any proposed tariffs under section 23
As Trump ponders auto tariffs, free-trade Republicans push back Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: stephanie dhue, kayla tausche, patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, tariffs, freetrade, trade, president, mexico, tariff, auto, push, proposal, republicans, trump, congress, steel, national, toomey, ponders


As Trump ponders auto tariffs, free-trade Republicans push back

Whether the Commerce Department took the president’s lead in recommending tariffs on all imported automobiles is unclear. But such a move would face resistance in the West Wing. “There’s not a whole lot of support for auto tariffs,” a senior administration official told CNBC. “But only one person’s opinion matters.”

In July 2018, President Trump called on Twitter for tariffs of 20 percent on foreign automobiles, and in November upped the suggestion to 25 percent following news of layoffs at General Motors.

Business groups are already warning of the economic impacts. A new study by the Center for Automotive Research found a 25 percent tariff on autos and parts would increase the price of a car by an average of $2,750 and as many as 366,900 U.S. jobs would be lost. Its analysis factors in exclusions for South Korea and assumes Canada and Mexico would also be exempt under the yet-to-be-passed U.S. Mexico Canada trade agreement.

Pro-free-trade Republicans are building new tools to push back, in case the president implements new tariffs in the name of national security.

Sen. Pat Toomey (R-PA) introduced a bill last month that would give Congress sixty days to approve any proposed tariffs under section 232. It would also apply retroactively to steel and aluminium tariffs, giving Congress 75 days to pass a resolution to approve those tariffs.

Sen. Toomey says he has heard from dozens of Pennsylvania companies who use steel and aluminium products who have been hurt by the increased cost of materials. “We have seen this administration use this tool in a way that was never intended,” said Toomey.

Sen. Robert Portman (R-OH) also has a proposal to address what he sees as the misuse of national security in trade fights. Under his proposal, the Pentagon would make the primary determination that a tariff is needed, not the Commerce Department. And Congress would have the right to disapprove of those measures.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: stephanie dhue, kayla tausche, patrik stollarz, afp, getty images
Keywords: news, cnbc, companies, tariffs, freetrade, trade, president, mexico, tariff, auto, push, proposal, republicans, trump, congress, steel, national, toomey, ponders


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Volvo Cars feels margin pressure from US-China tariff war

But we have to be realistic and acknowledge that margins will remain under continued pressure,” Volvo Chief Executive Hakan Samuelsson said in a statement. Volvo said its operating profit increased by 0.9 percent to 14.2 billion Swedish crowns ($1.5 billion) although its margin fell to 5.6 percent from 6.7 percent. This was despite its 2018 revenue rising by 21 percent to 252.7 billion Swedish crowns. The Swedish-based firm postponed plans for a listing last year, citing the adverse impact of th


But we have to be realistic and acknowledge that margins will remain under continued pressure,” Volvo Chief Executive Hakan Samuelsson said in a statement. Volvo said its operating profit increased by 0.9 percent to 14.2 billion Swedish crowns ($1.5 billion) although its margin fell to 5.6 percent from 6.7 percent. This was despite its 2018 revenue rising by 21 percent to 252.7 billion Swedish crowns. The Swedish-based firm postponed plans for a listing last year, citing the adverse impact of th
Volvo Cars feels margin pressure from US-China tariff war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: reuters with cnbccom, kristian helgesen, bloomberg, getty images
Keywords: news, cnbc, companies, tariff, uschina, feels, samuelsson, profit, billion, swedish, market, growth, cars, margin, volvo, pressure, war


Volvo Cars feels margin pressure from US-China tariff war

Volvo Cars, owned by China’s Geely, reported higher full-year revenue on Thursday, but said its profit margins had slipped and were expected to remain under pressure this year.

Carmakers have faced rising costs and pricing pressure in some markets due to a trade war between Washington and Beijing in 2018 as well as slower demand from Europe and from China, the biggest autos market.

“For 2019, we see another year of volume growth as we continue to benefit from our strong product program and increased capacity. But we have to be realistic and acknowledge that margins will remain under continued pressure,” Volvo Chief Executive Hakan Samuelsson said in a statement.

Suppliers and automakers have issued new warnings and results misses this year, with Daimler this week reporting a fall in fourth-quarter operating profit.

Volvo said its operating profit increased by 0.9 percent to 14.2 billion Swedish crowns ($1.5 billion) although its margin fell to 5.6 percent from 6.7 percent. This was despite its 2018 revenue rising by 21 percent to 252.7 billion Swedish crowns.

Volvo has been on a growth path under Geely’s umbrella, with five straight years of record sales, aided by its steady push into premium automobiles, pitted it against Daimler’s Mercedes-Benz and its fellow German rival BMW.

The Swedish-based firm postponed plans for a listing last year, citing the adverse impact of the tariff war and an industry downturn, while also taking on the costs of retooling its factories in an effort to limit the negative tariff impact.

Speaking to CNBC’s “Squawk Box Europe” on Thursday, Samuelsson said the slowdown in the Chinese market had not blindsighted the company.

“After many years of constant growth in China (there is) finally some reduction – I think that shouldn’t really be a surprise to anybody,” he said.

“In the European market and the U.S. market we don’t see any clear signs of a downturn so far. We really see that this year will be another year of growth because we have the best profit program ever and of course we have the capacity with new factories. Strategically for us it’s very important to use that and then improve our market share.”

However, Samuelsson added that an IPO was not a part of this year’s growth strategy for Volvo Cars.

“We said it’s an option, and it’s up to our owner, but we decided right now the climate in the market (is) not suitable for an IPO, so we put that on ice – it’s not going to happen this year and we have no plans for that,” he told CNBC.

– CNBC’s Chloe Taylor contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: reuters with cnbccom, kristian helgesen, bloomberg, getty images
Keywords: news, cnbc, companies, tariff, uschina, feels, samuelsson, profit, billion, swedish, market, growth, cars, margin, volvo, pressure, war


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Treasury Secretary Mnuchin: Expecting ‘significant progress’ on China trade talks this week

Treasury Secretary Steven Mnuchin said Tuesday the U.S. expects to make “significant progress” in China trade war negotiations this week. “I expect we’ll make significant progress this week on those issues.” Chinese representatives are due to meet with a group of White House officials Wednesday and Thursday for the talks. U.S. Trade Representative Robert Lighthizer will lead the discussions, which represent the next step in negotiations begun after the U.S. and China agreed to a 90-day truce in


Treasury Secretary Steven Mnuchin said Tuesday the U.S. expects to make “significant progress” in China trade war negotiations this week. “I expect we’ll make significant progress this week on those issues.” Chinese representatives are due to meet with a group of White House officials Wednesday and Thursday for the talks. U.S. Trade Representative Robert Lighthizer will lead the discussions, which represent the next step in negotiations begun after the U.S. and China agreed to a 90-day truce in
Treasury Secretary Mnuchin: Expecting ‘significant progress’ on China trade talks this week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: michael sheetz
Keywords: news, cnbc, companies, talks, trade, mnuchin, white, weve, secretary, war, technology, issues, tariff, significant, expecting, china, forced, treasury, week, progress


Treasury Secretary Mnuchin: Expecting 'significant progress' on China trade talks this week

Treasury Secretary Steven Mnuchin said Tuesday the U.S. expects to make “significant progress” in China trade war negotiations this week.

“The critical issues that we’ve talked about is market access, making sure there aren’t forced joint ventures, not forced transfer of technology, and that we have a mechanism that when we’ve reached an agreement we can monitor this agreement and they’ll live up to it,” Mnuchin said in an interview with Fox Business. “I expect we’ll make significant progress this week on those issues.”

Chinese representatives are due to meet with a group of White House officials Wednesday and Thursday for the talks. U.S. Trade Representative Robert Lighthizer will lead the discussions, which represent the next step in negotiations begun after the U.S. and China agreed to a 90-day truce in their trade war. The tariff cease-fire expires March 2.

Mnuchin was also asked about the criminal charges the U.S. filed against Chinese telecommunications giant Huawei, but he said that is a separate issue.

“Those are not part of trade discussions, forced technology issues are. … Any issues as it relates to violations of U.S. law or U.S. sanctions are going through a separate track, which is the Justice Department,” Mnuchin said.

“We are focused on what are unfair economic practices.”

In a later interview on Fox Business, top White House economic advisor Larry Kudlow said President Donald Trump is “moderately optimistic” about reaching a deal before the mutual U.S.-China tariff cease-fire expires March 2.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: michael sheetz
Keywords: news, cnbc, companies, talks, trade, mnuchin, white, weve, secretary, war, technology, issues, tariff, significant, expecting, china, forced, treasury, week, progress


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Larry Fink foresees a bullish surge on a US-China trade deal

The markets would see a bullish surge in investor sentiment if the U.S. were to reach a trade deal with the China, BlackRock Chairman and CEO Larry Fink told CNBC on Wednesday. The deal would need to be substantial enough to reduce tension and include both sides calling off tariffs on each others goods, Fink said. “Until we see better certainty on trade and China, we’re not going to see super elevated flows,” said Fink, co-founder of the world’s largest money manager. “If there was a resolution


The markets would see a bullish surge in investor sentiment if the U.S. were to reach a trade deal with the China, BlackRock Chairman and CEO Larry Fink told CNBC on Wednesday. The deal would need to be substantial enough to reduce tension and include both sides calling off tariffs on each others goods, Fink said. “Until we see better certainty on trade and China, we’re not going to see super elevated flows,” said Fink, co-founder of the world’s largest money manager. “If there was a resolution
Larry Fink foresees a bullish surge on a US-China trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: berkeley lovelace jr, cameron costa
Keywords: news, cnbc, companies, trade, surge, revised, bullish, foresees, larry, tariffs, slightly, fink, worth, uschina, tariff, deal, blackrock, china


Larry Fink foresees a bullish surge on a US-China trade deal

The markets would see a bullish surge in investor sentiment if the U.S. were to reach a trade deal with the China, BlackRock Chairman and CEO Larry Fink told CNBC on Wednesday.

The deal would need to be substantial enough to reduce tension and include both sides calling off tariffs on each others goods, Fink said. In the latest tariff moves, the U.S. levied 10 percent duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.

“Until we see better certainty on trade and China, we’re not going to see super elevated flows,” said Fink, co-founder of the world’s largest money manager. “If there was a resolution between the U.S. and China, related to trade, we would see a surge in investment sentiment.”

Beijing and Washington are trying to resolve their trade disputes under a tariff cease-fire that ends March 2. President Donald Trump and Chinese President Xi Jinping last month agreed to halt any new levies to give diplomacy a chance.

Fink warned late last year the trade conflict between the U.S. and China could turn into a “full-fledged” trade war if things didn’t change quickly.

Fink appeared on “Squawk Box” shortly after BlackRock reported quarterly earnings that missed expectations and assets under management under $6 trillion. Fourth-quarter revenue slightly beat expectations, according to a revised estimate buy Refinitiv after the earnings report.

In the interview, Fink also said the stock market has made a near-term closing bottom on Christmas Eve. But whether that holds depends on geopolitical risks, he added.

— Editor’s note: This story was updated after Refinitiv revised its projection for BlackRock revenues after the company reported its financial results. According to the revised estimate, BlackRock sales slightly exceeded fourth-quarter expectations.

WATCH: Here are BlackRock CEO Larry Fink’s market predictions for 2019


Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: berkeley lovelace jr, cameron costa
Keywords: news, cnbc, companies, trade, surge, revised, bullish, foresees, larry, tariffs, slightly, fink, worth, uschina, tariff, deal, blackrock, china


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