Shares climb on hopes for US-China trade talks, Turkish lira falls

Shares climb on hopes for US-China trade talks, Turkish lira falls

China hardliners, such as White House adviser Peter Navarro, remain opposed to the American companies' dependence on China.

Starting Thursday at 12:01 am (0401 GMT), the U.S. will charge 25 percent import duties on an additional $16 billion in Chinese products, bringing the total to over 1,000 items valued at about $50 billion in trade a year.

U.S. and Chinese officials are set to resume contentious trade talks on Wednesday under the cloud of a prediction by U.S. President Donald Trump that there would be no real progress.

The administration already was forced to announce a $12 billion aid program for farmers hurt by the trade wars, as U.S. agricultural products, like soybeans, were an easy target for China and others.

Westinghouse Electric Co LLC, the leading USA nuclear fuel producer, said it relies on China for zirconium and zirconium powders - key inputs for tubes used in nuclear fuel assemblies that it uses at plants in Utah, Pennsylvania and SC.

"There is no other country in Asia or Europe that can provide the volume Huffy requires as China is the largest bicycle producer in the world", he said.

US businesses have a message for the Trump administration: New tariffs on $200 billion of Chinese imports will force Americans to pay more for items they use throughout their daily lives, from cradles to first bicycles and wedding dresses to coffins.

On Monday, the president also said he had "no time frame" for ending the trade dispute with China and that 'I'm like them: I have a long horizon'.

However, Trump on Monday told Reuters in an interview that he did not "anticipate much" from this week's talks.

Global stocks rose today amid optimism over planned trade talks between the United States and China, while Turkey's lira fell after its credit ratings were downgraded and shots were fired outside the USA embassy in Ankara.

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The discussions among mid-level officials could set a framework for further negotiations as each country prepares to hit the other with new tariffs on Thursday in a deepening dispute over China's economic policies.

The US trade representative is moving forward with another set on $200 billion worth of Chinese goods.

Huffy CEO Bill Smith wrote that the tariffs should have been put in place 20 years ago when Huffy and other USA bicycle makers sought to increase the 11 percent United States bicycle tariff because of aggressive Chinese imports.

U.S. Treasury Undersecretary for International Affairs David Malpass and Chinese Vice Commerce Minister Wang Shouwen are due to meet from Wednesday for the first face-to-face trade discussions held by the two sides since June. Spokesmen for the US Treasury, the US Trade Representative's (USTR) office and the US Commerce Department did not respond to queries about the Treasury-led meetings.

U.S. publication Politico cited sources saying the White House was planning a "handshake" announcement ceremony for Thursday but Mexico has all along stressed that there will be no deal until after Canada rejoins the discussions. It is unclear whether that list has been revised for the latest round.

While Beijing is unlikely to blink during Wednesday's talks, the United States administration remains split between China hawks and treasury officials.

Beijing denies United States allegations that it systematically forces the unfair transfer of U.S. technology and insists that it adheres to World Trade Organisation rules.

Mr Trump has proposed another possible round of tariff hikes imposing 25% increases on an additional 200 billion dollars of Chinese goods.

"History indicates emerging market volatility is unlikely to knock the USA economy, or the Fed, off course".

"It's good that they're talking because not talking isn't solving the issues and is only leading to more tariffs", she said.

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