Steve Bannon Blasts Mnuchin for Botching China Trade Negotiations

Steve Bannon Blasts Mnuchin for Botching China Trade Negotiations

The long-run picture may not be so sunny.

President Donald Trump just did a 180 on trade with China, and steel stocks are under pressure.

Early Monday the president tweeted that, in order to wind down an escalating trade feud between the two countries, China would buy more American products in order to reduce the trade deficit between the two nations.

The agreement came after Trump threatened to impose up to $150 billion in punitive tariffs to lower the trade deficit and combat what he calls Beijing's misappropriation of USA technology.

"Neither side has made significant commitments at this point".

The celebration could prove premature.

"For us, it's strictly been about marketing to China", said Greg Vesey, chief executive of LNG Ltd, which is developing an LNG plant in Louisiana and another in Nova Scotia in Canada. "There is still a high risk of a trade war, even if the timeline to getting there has been extended".

Corn is seen in a field in Morocco, Indiana, U.S. September 6, 2016.

John Vail, chief global strategist at Nikko Asset Management, said that the negatives of a stronger dollar for large multinationals would be outweighed by the fact that big U.S. businesses may be more free to do business in China without fear of tariffs and a trade war.

Threatened U.S. restrictions on Chinese investments in the United States also appeared to be put on the back burner. Real structural change is necessary. It previously said it would retaliate by putting tariffs on United States agriculture products like soybeans.

Steve Bannon Blasts Mnuchin for Botching China Trade Negotiations
Steve Bannon Blasts Mnuchin for Botching China Trade Negotiations

Commerce Secretary Wilbur Ross planned to go to China, Mnuchin and Kudlow said.

U.S. LNG "makes sense from a Chinese point of view as well because they are experiencing very strong demand for gas as part of their efforts to improve air quality, and there are limited options for them", Jason Feer, the head of business intelligence at Poten & Partners in Houston, said in an email.

The dollar rose versus the yen and hit a five month-high against a basket of currencies, after Mnuchin's comments downplaying a trade dispute with China, boosting risk sentiment amid hopes for an easing of trade tensions between the world's two biggest economies.

On Monday, Trump defended his administration's trade tactics on Twitter. "Been there for 20+ years".

Both sides, however, have said there are no guarantees trade tensions are over. Kudlow said the discussions had achieved "terrific progress" aimed at ending "unfair, illegal trading practices".

US Treasuries slipped, lifting yields on the 10-year note one basis point to 3.067 percent, according to Bloomberg.

Not only does China need to offset the trade imbalance with the USA, but it also needs American natural gas.

Lighthizer last summer began investigating Beijing's tactics to challenge US technological dominance.

Last month, the administration proposed tariffs on $50 billion of Chinese imports to protest the forced technology transfers. Trump later ordered Lighthizer to seek up to an additional $100 billion in Chinese goods to tax. The prospect of an escalating trade war has shaken financial markets and alarmed business leaders. So some business groups were relieved by the cease-fire. Stocks are opening solidly higher on Wall Street after trade tensions between the USA and China dissipated. United Technologies grew 2.3 percent and Caterpillar gained two percent.

The president personally demonstrated an appetite for harsher measures, saying at one point that trade wars were "good and easy to win".

More news: Warriors run riot in Game 3

Related News:



Most liked

As Trump-Kim Summit Approaches, South Korea's Leader Heads To White House
For Kim, meeting a United States president is a legitimizing win, lending his country previously unattainable global credibility. A North Korean official said Bolton's comments were indicative of an "awfully sinister move" to imperil the Kim regime.

Pope Francis tells gay abuse survivor 'God made you like that'.
The Vatican will not confirm or deny the story as it has a policy of not commenting on the private conversations of the Pope. Fernando Karadima , the man who abused Cruz, was found guilty of abuse by the Vatican in 2011.

Revealed! Why Prince Harry cried during his royal wedding
Pageboys John and Brian Mulroney accompanied Meghan Markle on the journey from her hotel to Windsor in a vintage Rolls-Royce. At yesterday's marriage ceremony for Prince Harry and Meghan Markle , the guests did not disappoint.

Curry, Warriors rout Rockets to take 2-1 lead
That summed up a 19-turnover performance for the Rockets, who had been pretty good at protecting the ball prior to Sunday night. Suddenly, they weren't totally committed to running Curry off the 3-point line - they left him some space.

Reuben Foster's Ex-Girlfriend: Domestic Violence Claim 'A Money Scheme'
Ennis also testified that she stole more than $8,000 in cash from Foster, two Rolex watches and designer clothing. Ennis, 28, said she plans to enter a clinic to get help for herself once the case is closed.

Now, RJD to stake claim to form govt in Bihar
During Manipur assembly elections, the Congress was three short of the majority mark with 28 seats in the 60-seat assembly. While there are also reports that Congress and JD (S ) may move to apex court against BJP for giving bribe to their MLAs.

Missing South Carolina child found safe
PREVIOUS STORY: Authorities are asking for the public's help in finding a missing two year old believed to be in Minnesota. The Winneshiek County Sheriff's Office arrested William and Jessica Ray after a traffic stop on Thursday near Decorah.

The Browns Will Be The Team Featured On HBO's "Hard Knocks"
The Browns were the worst team in the National Football League in 2017, but Cleveland has made several notable additions that should make for a fun 2018.

Latest FIFA Rankings : Find Out Nigeria's Position
This means that Nigeria, with less than a month to go until the World Cup, are 47th overall and sixth in the continent. At the continental level, the Indian team remains in 15th place, one place below Palestine and four above Iraq.

Pregnant Cardi B Rushes to Offset's Hospital Bedside After Car Crash
Other reports are stating that his fiancée, Cardi B , rushed to be by Offset's side when she found out about the vehicle crash. Cardi previously confirmed the pair are expecting a baby girl, shortly after she hinted at the baby's sex at the Met Gala.

Bucks to Hire Mike Budenholzer as Head Coach
In four seasons under Van Gundy, Detroit missed the playoffs three times, including this season when it finished 39-43. He was sacked in the middle of the year after Bucks' management wasn't happy with the inconsistent start.

Premier League stars miss out as France announce World Cup squad
France are in Group C alongside Australia, Denmark and Peru and will open their campaign June 16 against the Kangaroos.

FDA approves the use of first drug developed to treat chronic migraines
The wave of new treatments, of which Aimovig is the first to get approval, are going after the huge migraine market. The drug, Aimovig, belongs to a class called anti-CGRP drugs, short for calcitonin gene-related peptide receptor.

Nikki Bella On Her Future With John Cena, His Recent Comments & More
I did an informal poll on Twitter asking if people thought it was a work, and 85% responded that it was. She said: "Before I do say those vows and walk down that aisle, I just don't want to be hesitant".

Solar-powered iPhone X 'Tesla' made by Caviar costs United States dollars 4500
The iPhone X Tesla device costs a whopping $4,500, but could set the stage for the next generation of smartphones. The company has not specified the specs of the solar panel system and how much more battery life one might gain.