Harden trade deal

Share prices on Wall Street have surged to record levels after Donald Trump boosted hopes of an imminent trade deal with China. The US president raised expectations that Washington was poised to abandon plans to raise tariffs on a fresh range of Chinese goods this weekend when he tweeted: “Getting VERY close to a BIG DEAL with China. They want it, and so do we.” Trump made the comments before a meeting with his advisers to decide whether to go ahead or delay the imposition of duties on $160bn of Chinese consumer goods – including video game consoles, computer monitors and toys – from Sunday. The two-sentence tweet prompted speculation that two months of negotiations, which would involve Beijing agreeing to import more US agricultural products and safeguard American intellectual property rights, were heading for a successful conclusion. In return, the US is considering reducing tariffs by up to 50% on more than $350bn of Chinese imports. Despite false dawns in … [Read more...] about Wall Street hits high as Trump raises hopes of US-China trade deal

Another escalation of the bitter trade war between the US and China is just 48 hours away as $156bn (£118bn) in tariffs loom on Chinese imports from toys to smartphones – but a truce could be in the offing as President Donald Trump keeps one eye on his campaign to hold on to the White House.  Theoretically, the absence of the first-stage trade deal heralded in October is set to add to the $360bn of Chinese goods already subject to punitive levies. This has prompted $120bn in retaliation from Beijing so far in the economic Cold War of the 21st century.  But the main American victims of the trade war have so far been farmers and industry. This weekend’s moves – bringing the battle into toy shops... … [Read more...] about Trump under pressure to blink first as trade war deadline looms

Donald Tusk expressed his concern about the political volatility in London as he called an extraordinary summit to “finalise and formalise” the Brexit deal that has been struck with the British prime minister. In a clear sign of the nervousness felt in Brussels, the European council president said leaders would gather on the morning of Sunday 25 November unless “something extraordinary happens”. Standing next to Michel Barnier, the EU’s chief negotiator, Tusk laid out his plans to consult with the member states, though he urged them not to act on their concerns about the UK being given a customs union. Tusk said: “I took good note of prime minister May’s statement yesterday. Of course I don’t share the prime minister’s enthusiasm about Brexit as such. Since the very beginning we have had no doubt that Brexit is a lose-lose situation and our negotiations are only about damage control.” He called for EU ambassadors not to make … [Read more...] about Summit to finalise Brexit deal to be held on 25 November

Public speech by US President: Trump puts economic growth at center of  campaign and discusses the Fed, Phase One deal with China and the strength of US economy Mixed signals from jobs market as unemployment falls, but employment, wage growth and vacancies all slip Productivity growth remains “incredibly low” Vodafone raises guidance despite India pressures Pound holds flat against dollar FTSE 100 advances moderately British Steel saved by £1.2bn rescue deal with China’s Jingye Juliet Samuel: It’s time for the UK to invest – not just in infrastructure but tech and universities too ​ … [Read more...] about Wall Street rises as Trump talks on trade policy

Last week, members of parliament came together and a calculated attempt to subvert British democracy by suspending parliament was circumvented. At the end of a difficult few days, the sovereignty of parliament, the first principle of our constitution, is alive and well. We must however remain vigilant when parliament returns on Monday and prepare for the unexpected in the coming weeks. We are absolutely firm in our determination to prevent a no-deal exit from the EU, and by Tuesday we will have an act of parliament that will make that outcome illegal. It is alarming to the majority of MPs, and many of my constituents, that this weekend the prime minister continues to say that the UK will leave the EU on 31 October with or without a deal, telling Conservative party members that he will not seek an extension under article 50, even if required to do so by law. I ask the prime minister to accept what has happened in parliament and think this through. He must be aware that devices to block … [Read more...] about It is parliament’s duty to resist Johnson’s dangerous no-deal Brexit strategy