Trump thanks Xi for 'kind words' on trade, but White House still calls for 'action'
- 6 years ago
U.S. President Donald Trump has thanked Chinese President Xi Jinping for his "kind words" about lowering auto import tariffs.
The markets saw a bump after the comments from the two leaders, but the tariffs dispute is expected to continue raging on.
Kwon Jang-ho reports.
President Trump has continued to express his friendly relationship with Xi Jinping, after he took to Twitter to Tuesday to thank the Chinese leader for, quote, "kind words on tariffs and automobile barriers".
Despite recent trade disputes, he declared that they will make 'great progress together.'
This was in response to President Xi's speech at an economic forum on Tuesday, where he pledged to reduce limits on foreign investments in manufacturing, particularly in cars.
This concession by the Chinese President has put the brakes on a tariff war between Washington and Beijing that had started to build steam in recent weeks.
The markets responded, with the Dow climbing almost one-point-eight percent on Tuesday, and shares in Ford and General Motors also saw spikes of one-point-eight and three-point-three precent respectively.
Hong Kong's Hang Seng Index and Shanghai's composite index rallied one-point-seven percent as well.
However, some analysts warn that President Xi's comments offered little in substantive changes, and the White House spokesperson also gave a more tempered response later in the day.
"Certainly we are encouraged by President Xi's words and his kind words but at the same time we want to see concrete actions from China. We're going to continue moving forward in the process and in the negotiations until those happen."
There were further signs of a continued bumpy road ahead, after the World Trade Organization also revealed on Tuesday that China had made an official complaint over Washington's tariff hike on imported steel and aluminum.
Sixty days of consultations with the U.S. has been requested, and if that fails, Beijing is likely to ask the WTO for a ruling from a panel of trade experts.
Kwon Jang-ho, Arirang News.
The markets saw a bump after the comments from the two leaders, but the tariffs dispute is expected to continue raging on.
Kwon Jang-ho reports.
President Trump has continued to express his friendly relationship with Xi Jinping, after he took to Twitter to Tuesday to thank the Chinese leader for, quote, "kind words on tariffs and automobile barriers".
Despite recent trade disputes, he declared that they will make 'great progress together.'
This was in response to President Xi's speech at an economic forum on Tuesday, where he pledged to reduce limits on foreign investments in manufacturing, particularly in cars.
This concession by the Chinese President has put the brakes on a tariff war between Washington and Beijing that had started to build steam in recent weeks.
The markets responded, with the Dow climbing almost one-point-eight percent on Tuesday, and shares in Ford and General Motors also saw spikes of one-point-eight and three-point-three precent respectively.
Hong Kong's Hang Seng Index and Shanghai's composite index rallied one-point-seven percent as well.
However, some analysts warn that President Xi's comments offered little in substantive changes, and the White House spokesperson also gave a more tempered response later in the day.
"Certainly we are encouraged by President Xi's words and his kind words but at the same time we want to see concrete actions from China. We're going to continue moving forward in the process and in the negotiations until those happen."
There were further signs of a continued bumpy road ahead, after the World Trade Organization also revealed on Tuesday that China had made an official complaint over Washington's tariff hike on imported steel and aluminum.
Sixty days of consultations with the U.S. has been requested, and if that fails, Beijing is likely to ask the WTO for a ruling from a panel of trade experts.
Kwon Jang-ho, Arirang News.