Stocks snap back on U.S.-China trade hopes, tech strength

Stocks snap back on U.S.-China trade hopes, tech strength

"Rather, we want to ensure that China acts responsibly and fairly in support of security and prosperity in each of our two countries", Pompeo said.

"They sent a list of things that they are willing to do".

"What the offer did is now create an opportunity for the USA government to respond", said the person briefed.

One option for a deal, the person said, would be for Washington to hold off on raising tariff rates in return for some short-term actions by the Chinese while the two sides negotiate thornier, longer-term issues.

The additional tariffs may come if little progress is made when Trump meets with Jinping at the G-20 summit in Argentina.

Trump trade advisor Peter Navarro, a staunch advocate of tariffs, was publicly sidelined this week - for the second time in his tenure with the Trump administration - after claiming in a speech on Friday that Trump was committed to a hard line with Beijing.

The Trump administration also plans to push for a commitment from China to resume imports of United States soybeans in any trade accord reached between the world's two largest economies, a top agricultural official said.

The items on Beijing's non-negotiable list were unacceptable to the United States, the official said.

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Both sides have been working toward a path to end the escalating trade war, which has left investors jittery over its impact on consumers and companies in the world's top two economies. "If it was just tariffs, I think we could work it out very, very, very quickly".

China has proved that it is aware of its own commercial self-interest and the effect its own retaliatory measures are having on it, Ross said, pointing to Beijing's decision to reduce a 25 percent retaliatory tariff on US LNG to 10 percent.

U.S. -China Business Council President Craig Allen told Reuters last week that he thought it was likely China would withdraw from any process set at the G20 if the Trump administration went forward with raising the tariff rate. Besides more tariffs being slapped on Chinese goods, retaliations from China are to be expected that would hurt growth and destabilize markets.

Trump has also threatened to impose tariffs on all remaining Chinese imports, about US$267 billion worth, if Beijing fails to address United States demands.

Speaking to reporters on the White House lawn Tuesday, Kudlow said that Navarro "misspoke" and "wasn't authorized" to speak on the matter.

The Office of the US Trade Representative Robert Lighthizer denied media reports that the United States had temporarily halted the introduction of the next round of its import duties on China.

Trump has made it a priority to take an aggressive stance against China for what he says are unfair trade practices, including intellectual property theft and forced technology transfers.

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