China-US speed trade talks 'went fairly well'
Chinese Vice Premier Liu He said trade talks between China and the U.S., which lasted for two hours on Friday, “went fairly well” and that “talks would continue.”
U.S. stocks curbed earlier losses on Friday following the conclusion of the short trade meeting between the Chinese delegation and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnunchin.
Former U.S. Ambassador to the U.N. John Negroponte told FOX Business that the meeting was likely short because Liu "probably reached the limit of his instructions. He may be on a pretty tight leash."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
After the meeting, President Trump fired another warning shot to the Chinese, tweeting that while the talks were "constructive...the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!"
Hours earlier, the U.S. raised tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent, further escalating tensions with Beijing.
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The Business Roundtable, an association of CEOs that lead America’s biggest companies covering 15 million workers and $7 trillion in yearly revenue, had a message of their own, urging the two countries to make a deal.
“Business Roundtable CEOs are deeply concerned that a return to tariff escalation with China will hurt the U.S. economy and American workers, businesses and farmers. Business Roundtable opposes higher tariffs, which are taxes paid by U.S. consumers, manufacturers and other businesses.“To resolve the dispute between the U.S. and China, it’s imperative that China address long-standing unfair trade practices that have hurt American workers and businesses. Business Roundtable is very supportive of the Administration’s efforts to negotiate an agreement that resolves structural issues in China. A final agreement should take tariffs down.”
FOX Business' Edward Lawrence and R.N. White contributed to this report.