Market Overview

China To Trump: Let's Talk With A 'Calm Attitude'

China To Trump: Let's Talk With A 'Calm Attitude'

U.S. stock futures were notably higher Thursday morning after China's government said it's "firmly" committed against escalating the ongoing trade war with the U.S.

What Happened

Dow Jones Industrial Average futures jumped more than 250 points in reaction to encouraging comments from China's Ministry of Commerce. A spokesman for the government body named Gao Feng said the government is "willing to negotiate and collaborate in order to solve this problem with a calm attitude."

Despite clear signs of escalating tension between U.S. and China, Gao acknowledged the two sides continue to maintain "effective" communications, according to CNBC.

Why It's Important

U.S. President Donald Trump said on Aug. 23 a 25% tariff subject to $250 billion of Chinese goods will rise to 30% on Oct. 1 and a new tariff on another $300 billion will come online on Sept. 1. In response, China has "plenty of means" to retaliate but Gao said his government's top priority is to remove the new tariffs through negotiations.

U.S. and Chinese trade officials last spoke on Aug. 13. A follow-up phone call was scheduled to occur within two weeks with a face-to-face meeting planned for September, according to CNBC. It remains unclear how close the two sides are in reaching a final trade agreement.

Related Links:

USTR Releases Notice To Bump Up Last China Tariff Tranche

Costco Higher Following China Store Opening

Donald Trump and President Xi Jinping |2017 (White House photo)

Posted-In: Government News Regulations Futures Global Top Stories Markets Media Best of Benzinga


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