Stocks off to roaring start as China's Xi eases trade war fears

Chart Source Trading Economics Data Source U.S. Census Bureau

Trump last Thursday said he would ask U.S. Trade Representative Robert Lighthizer to consider an additional $100 billion in tariffs on Chinese exports to the U.S., the latest move in the dispute with China.

China's smaller economy - $12.1 trillion to the U.S.' $19.8 trillion - and its $375 billion trade surplus with the USA means it "is the one that has something to lose", he said.

Friendships aside, the two men mean business and they are not going lose face in the global arena.

The spokesman, Gao Feng, said at a news conference: "If the USA side announces the list of products for $100 billion in tariffs, the Chinese side has fully prepared and will without hesitation counterattack with great strength". The hope is that tension between the world's two biggest economies will de-escalate.

How has the Chinese government had an edge over the United States?

He followed up with two more tweets about the United States' strained relationship with Russia, writing: "Much of the bad blood with Russia is caused by the Fake & Corrupt Russia Investigation, headed up by the all Democrat loyalists, or people that worked for Obama..."

Following China's retaliation, worth about $3 billion of US exports, the United States Trade Representative's Office released a list of proposed tariffs on an array of Chinese-made technological products worth approximately $50 billion on April 3. "When a vehicle is sent to China from the United States, there is a Tariff to be paid of 25%".

Among others, European Union trade commissioner Cecilia Malmström branded President Trump's China-chiding as "irresponsible".

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"We're doing very well on trade and trade deals".

While this particular steel pipe is manufactured in the pro - Trump state of Texas, it is not expected to have much of an impact on the export of these products.

The Trump Administration's tariffs take effect in 60 days.

"There is no way for China to back off", Ruan said.

Beijing and Washington have threatened to raise tariffs on $50 billion worth of each other's goods.

Wall Street basked in the ray of Chinese positivity, the Dow Jones industrial average rising as much as 500 points. The continuous recent downward movements in world stock markets, including the ones in the USA and China, show what a nervous atmosphere prevails. But he warned that China can't simply reiterate past commitments on issues of concern to the US that it never followed through. China's language as well was particularly telling; the Chinese ambassador to the U.S., Cui Tiankai, said "We will certainly take countermeasures of the same proportion and of the same scale, same intensity". "I don't expect there will be a trade war - it could be, but I don't expect it at all", he told CBS' "Face The Nation".

"Once again we find the oil market being swept up in broader market sentiment", said Matt Smith, director of commodity research at ClipperData. "However what happens will not be decided by the US side only".

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