Chinese president promises to lower import tariffs, easing fears of trade war

More fallout from the US imposition of sanctions on various Russian companies.

Glencore, which has various contracts with Russia’s Rusal for the purchase of aluminium, says it is now evaluating these contracts.

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A keynote speech by Chinese president Xi Jinping at the Boao Asian forum overnight has eased some of the concerns about a possible trade war with the US.

When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!

Related: Xi Jinping warns against ‘arrogance’ amid threat of trade war with US

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p lang=”en” dir=”ltr”>European Opening Calls:#FTSE 7235 +0.56%#DAX 12373 +0.91%#CAC 5314 +0.95%#MIB 23253 +0.86%#IBEX 9819 +0.79%

Once again it is the background noise that is driving short term sentiment with big swings intraday making the price action difficult to predict. [Xi’s] pledges to open up China’s economy and lower import tariffs, while nothing particularly new, sent Asia markets higher and are likely to translate into a positive European open this morning. Whether they translate into anything other than words is another story but for now they appear to signal a willingness for China to move forward the discussions on trade with the US.

The raid was in connection with payments to adult star Stormy Daniels and conducted by the Justice Department with help from a referral from the Mueller investigation. The escalation that people are watching out for is that Trump responds by firing Robert Mueller. Political fireworks at home would put extra pressure on delicate trade negotiations.

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Read More Markets lifted after China’s Xi calms trade concerns – business live

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