Monday, June 1, 2020

Stocks Rise After Trump Says Trade Talks Are ‘Moving Along’

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Stock prices jumped on Dec. 6 following a positive U.S. jobs report and President Donald Trump’s comments that trade negotiations with China are “moving along.”

Trump said on Dec. 5 that trade talks are “moving along very well,” adding that he would “have to see” about whether or not to impose additional tariffs on China. A 15 percent tariff on about $156 billion worth of Chinese consumer goods is set to take effect on Dec. 15.

“We’re not discussing that, but we are having very major discussions on December 15th. Something could happen, but we are not discussing that yet,” Trump said during a White House luncheon with the Permanent Representatives of the U.N. Security Council.

He said that the two sides are “having very good discussions.”

Trump’s relatively upbeat tone on the latest trade progress sent the market upward on Friday’s opening. The Dow Jones Industrial Average gained 161.89 points, or 0.58 percent. The S&P opened with a gain of 17.19 points, or 0.55 percent. The Nasdaq Composite also rose by 63.55 points, or 0.74 percent, to 8,634.25.

European shares also showed optimism. The pan-European STOXX 600 index increased by 0.4 percent more than an hour into trading, with banks, technology firms and retail companies leading the gains.

Olive Branch From Beijing

China said on Friday that it will waive import on some soybeans and pork shipments from the United States, according to a statement from the Customs Tariff Commission of the State Council. Waivers would be based on applications by individual firms seeking to import the products, it added.

Tariffs on U.S. soy are currently at 33 percent and pork up to 72 percent.

China has been sourcing pork from overseas to fill its domestic supply as the country grapples with a months-long outbreak of African swine fever. Pork herds in the country have shrunk by over 40 percent compared to September last year, while prices for pork and other consumer goods have inflated to record highs.

The nation’s demand for pork is set to rise still higher with the Lunar New Year holiday just two…

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