MARKETS: Monday: #Asia stocks mostly down after US-led-Syria strike over fresh concerns about the Middle East as Hong Kong fell 1.6 percent, while Shanghai had slipped 1.5 percent at the close, with traders there awaiting the release Tuesday of first-quarter Chinese growth data #AceFinanceDesk reports

#AceFinanceNews – Apr.16: Most Asian markets fell on Monday after a US-led strike on Syrian targets fuelled fresh concerns over the tinderbox Middle East, though analysts said investors were hopeful the crisis would not escalate #AceFinanceDesk reports

Asia stocks mostly down after Syria strike: The Syria crisis, which has seen the West’s relationship with Russia grow increasingly frosty, has encompassed other regional players including Iran, Saudi Arabia and Israel, and led to talk of a military standoff: Hong Kong fell 1.6 percent, while Shanghai had slipped 1.5 percent at the close, with traders there awaiting the release Tuesday of first-quarter Chinese growth data.

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(MADRID) Spain and Saudi Arabia have signed a framework agreement to sell the Gulf Arab state warships under a deal estimated to be worth around 1.8 billion euros ($2.2 billion) as activists and campaign groups voice dissent at selling military equipment to Saudis over human rights abuses #AceFinanceDesk reports

#AceFinanceReport – Apr.13: Saudi Arabia’s crown prince and Spain’s defense minister signed an “executive summary to facilitate the necessary procedures” for the Saudi Defence Ministry to sign a contract with Spanish state-owned shipbuilder Navantia for the supply of warships, a Saudi government statement said late on Thursday: A Spanish Defence Ministry source said that under the deal, Navantia would sell five small warships, Spain’s army would train Saudi military personnel and contractors would build a naval construction center in the kingdom #AceFinanceDesk reports

Campaign groups Amnesty International, Spain’s FundiPau, Greenpeace and Oxfam have called on Spain to stop selling military equipment to the Saudis, accusing the kingdom of abusing rights – charges it denies: The two sides have been negotiating the warship deal since 2015, and the final contract between the Saudi Defence Ministry and Navantia would take longer to complete, the source said……….An industry official confirmed the details of the agreement, though Navantia declined to comment: Saudi Crown Prince Mohammed bin Salman, who serves as defense minister and controls economic and energy policy, was welcomed by Spain’s King Felipe VI at the Zarzuela palace on the outskirts of Madrid………He also met Prime Minister Mariano Rajoy and Defence Minister Maria Dolores de Cospedal during his visit which culminated in the signing of six agreements in the areas of defense, air transport, culture, technology and labor and social development, the Saudi statement said.

Spain signs $2.2 billion framework deal to sell warships to Saudi Arabia: https://t.me/reuters_news/42370: Writing by Isla Binnie; Editing by Julien Toyer and Alison Williams

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MARKETS REPORT: #US Stocks plunged again Friday over increasing concerns about a trade war between the United States and China: The Dow Jones industrial average lost 572 points by the close, shedding 2.3 percent: The Standard & Poor’s 500 dropped nearly 2.2 percent, while the NASDAQ fell nearly 2.3 percent at the end of trading as Donald Trump promises a $100-billion in Chinese exports #AceFinanceDesk reports

#AceFinanceReport – Apr.07: Earlier Friday, President Donald Trump continued to protest China’s trade practices after threatening China on Thursday with increased tariffs on $100 billion worth of additional goods: In a twitter post Friday, Trump said, “China, which is a great economic power, is considered a Developing Nation within the World Trade Organisation #AceFinanceDesk reports
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Voice of America reported they therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. We were badly represented. The WTO is unfair to U.S.” China’s commerce ministry said in a statement Friday that if Washington persisted in what Beijing described as protectionism, China would “dedicate itself to the end and at any cost and will definitely fight back firmly.” Since the start of this week, the United States and China have been engaging in a tit-for-tat trade spat: http://bitly.com/2GE4hHE

Early in the week, the United States proposed tariffs on $50 billion worth of Chinese goods. China then said it would impose tariff hikes on $50 billion worth of U.S. goods, including soybeans and small aircraft: On Thursday, Trump announced he had instructed the U.S. trade representative to consider whether tariffs on another $100 billion worth of Chinese goods would be appropriate. ‘China created this problem’ The White House blamed China on Friday for trade practices it said were illegal and unfair. “China created this problem, and the president is trying to put pressure on them to fix this, and take back some of the terrible actions that they’ve had in the last several decades,” said White House press secretary Sarah Huckabee Sanders during the daily briefing Friday.

Despite Trump’s threats for more sanctions, he has insisted the U.S. is not engaged in a trade dispute with the Asian nation. U.S. stocks also were affected this past Monday by Trump’s new verbal attack on giant online retailer Amazon. Since Trump started his criticism of Amazon, the company has lost more than $37 billion in market value.

Stocks tumbled Friday as trade tensions between the United States and China heated up: The Dow closed down 572 points, a drop of 2.3%, after President Trump threatened to escalate a confrontation with China over trade. It fell as much as 767 points earlier in the day. The S&P 500 and the Nasdaq each declined more than 2%……….Friday’s losses wiped out gains for the week, and the Dow sank back into correction territory — 10% below its all-time closing high in January.

Trump threatens China with new $100 billion tariff plan in Chinese exports as the fear of a policy mistake on trade is increasing,” said Art Hogan, chief market strategist at B. Riley FBR.

All 30 companies on the Dow lost ground on Friday. Caterpillar, Boeing and Nike, giants with heavy exposure in China, were among the biggest losers in the index.

“The ratcheting up of trade tensions clearly carries risks. The tariff threats, even if only intended as bargaining tools, will be difficult to back down from if talks fail to deliver results,” Capital Economics’ Julian Evans-Pritchard wrote in a research note Friday.

Anxiety returned to Wall Street after three days of gains. The VIX, a measure of market volatility, spiked 12%. CNNMoney’s Fear and Greed index sank further into “extreme fear” territory.

Wary investors had been holding out hope that the two sides will reach a deal before the proposed trade barriers go into effect.

White House officials, including top economic adviser Larry Kudlow, have sought in recent days to soothe business leaders’ fears of a trade war that would constrain economic growth.

Earlier this week, the Trump administration announced plans for tariffs on $50 billion worth of Chinese goods in retaliation for China’s alleged theft of US intellectual property. Beijing fired back hours later by threatening tariffs on $50 billion worth of US goods, including cars, planes and soybeans.

The market had been interpreting Trump’s proposed tariffs as negotiating tactics meant to extract concessions out of China rather than a rigid position. But Wall Street began to reassess that view as the administration sent conflicting signals throughout the day.

“We’ve gone from Larry Kudlow trying to calm the markets down to the administration saying, ‘Hey, ignore the markets,’” Hogan said.

In a radio interview Friday morning, Trump said, “I’m not saying there won’t be a little pain, but the market has gone up 40%, 42%, so we might lose a little bit of it.”

Kudlow, speaking to reporters shortly after the markets opened, said, “Now, we’re not running a trade war.” He stressed that the US tariffs on China were simply proposals, still to be vetted by trade officials and open to public comment.

Selling accelerated later in the day after Treasury Secretary Steve Mnuchin told CNBC, “There is the potential of a trade war.”

Investors had been operating under the assumption China and the United States were negotiating to avoid a trade conflict, but Mnuchin avoided questions about whether the two countries were actively talking.

“As no one came out to pull this back, there was a gradual realization that this was something that might be a little more serious,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

Analysts said the market also responded to Federal Reserve Chair Jerome Powell, who said that the US economy was growing and a turbulent stock market would not change the Fed’s course to gradually raise interest rates.

The Fed is on track to raise rates three times this year, but it could speed up the increases to keep the economy from overheating.

“Markets are forced to confront the idea that rates are going up and the stock market is not going to derail that process,” McMillan said.

Stocks were mostly unaffected by the March jobs report, which showed that the US economy added 103,000 positions, down from a much bigger gain in February and well below what analysts were expecting.

Wages grew 2.7% in March compared with a year earlier, in line with expectations. Investors were watching that number because it’s a barometer of inflation. In February, an unexpected jump in wage growth set off inflation alarm bells and caused stocks to plunge.

The combination of the hiring slowdowns and modest wage growth temporarily eased Wall Street’s concerns that the economy was overheating.

The yield on the 10-year US Treasury note, which has been steadily climbing as investors’ inflation expectations rise, dipped to 2.78% after the jobs report.

“Investors breathed a sigh of relief,” said Sam Stovall, chief investment strategist at CFRA Research. “Now we only have one issue to deal with, and that’s trade.”

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MARKET REPORT: #US #Dow opens down 500-points as China announces plan to apply ‘ tariffs ‘ t o dozens of American goods with a 25% tariff on $50-billion worth of US exports and closes slightly higher # AceFinanceDesk reports

#AceFinanceReport – Apr.05: Editor says heres what we know in the last month as Wednesday this happens: China is punching back in the escalating trade dispute with the United States, announcing plans for heavy new tariffs on dozens more US goods including aircraft and autos after markets have reacted prior to the announcement over the last month giving rise to volatile markets #AceFinanceDesk reports

The Chinese Ministry of Commerce on Wednesday said it plans to impose a 25% tariff on $50 billion worth of US exports. The 106 affected products will also include soybeans and chemicals.

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China’s announcement is a direct response to the Trump administration’s publication Tuesday of a list of about 1,300 Chinese exports — also worth about $50 billion annually — that it intends to target with 25% tariffs:

The quick-fire exchange of threats is intensifying fears of a full-blown trade war between the world’s two largest economies. Markets dipped sharply as news of China’s plans emerged.

Experts said Beijing’s latest announcement could be aneffort to push theUnited States into negotiating a deal to defuse the trade spat.

“The true purpose is not to escalate it to a trade war, but to demonstrate no weakness,” said Aidan Yao, an economist at fund management firm Axa Investment Managers.

It’s still not clear when the new waves of tariffs announced by the two sides might take effect — or if they’ll be watered down in the meantime. China said the timing would be announced separately. The US government said it will hold a public hearing for US businesses about its plans next month.

Chinese Vice Finance Minister Zhu Guangyao said at a news conference in Beijing that the period before the tariffs go into effect is the “time to negotiate and cooperate.”

Tommy Xie, an economist at Singapore-based bank OCBC, said it was unlikely that the latest tariffs from either side would come into force for another couple of months. But if talks during that period fail, then “the trade war starts,” he warned.

Many of the planned US tariffs would target the Chinese aerospace, tech and machinery industries. Others would target medical equipment, medicine and educational material, such as bookbinding equipment.

China said the planned US move “seriously violates China’s legitimate rights and interests under World Trade Organization rules and threatens China’s economic interests and security.”

Beijing has already shown it is willing to fight back. On Monday, it put into effect tariffs on about $3 billion worth of US imports, including wine, pork, fruit and steel pipes.

Those measures were a response to the Trump administration’s earlier tariffs on imports of steel and aluminum from China and other countries. Beijing has called the metal tariffs an abuse of global trade rules.

The Trump administration imposed the metal tariffs on the grounds of national security. For the new round of measures against China, it’s citing a months-long investigation by the US Trade Representative into alleged Chinese theft of American intellectual property.

It’s a long-standing issue that US business executives and government officials have complained about, including practices like pressuring companies to hand over trade secrets in exchange for access to China’s huge markets.

But Chinese government officials dismissed the allegations on Wednesday. Vice Commerce Minister Wang Shouwensaid claims China had forced companies to share closely guarded technology were “fake news,” insisting all such deals were mutually agreed upon by businesses.

The increasingly tense back-and-forth between Washington and Beijing over trade is freaking out markets.

After China’s latest move to hit back on Wednesday, Hong Kong’s benchmark Hang Seng Index slumped, closing down more than 2%. US stock futures were also pointing to losses, with the Dow down more than 2%.

Plane maker Boeing (BA) plunged more than 6% in premarket trading, and GM (GM) was down almost 4%. China is Boeing’s second largest market after the United States.

Commodity markets were also suffering. The price of soybeans, a major US agricultural export to China, fell about 4%.

Dow opens down more than 500 points after China announces plans for steep tariffs on dozens of American goods. http://cnnmon.ie/bkgnews:

#US Market Report: #Dow down more than 400-points at fresh session low at closing bell: Stocks fell on Friday, adding to their steep weekly losses, as investors assess the possibility of a trade war brewing between the U.S. and China #AceFinanceDesk reports

#AceFinanceReport – Mar.23: The #Dow closes down more than 400 points at lowest point since November. https://t.co/A9OlUXl3with DowDuPont as the worst-performing sector, while the Nasdaq composite fell 1.7 percent. The S&P 500 declined 1.5 percent, with financials pulling back 2.4 percent.”#AceFinanceDesk reports

“People are a little worried ahead of the weekend. You can see that people have been buying a little bit of the options that expire next week which would give you a little protection over the weekend,” said Patrick Kernan of Cardinal Capital. Kernan, who trades in the pit at the Cboe, said the sell off this week has been a lot more orderly than February’s decline. “There’s not lots of panic,” he said.

Week to date, the Dow and S&P 500 are both down more than 4 percent, while the Nasdaq composite has fallen 5.3 percent. The averages were on track to post their biggest weekly declines since the week of Feb.09:

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“We think the outlook on stocks is pretty balanced,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. “While we think corporate earnings are intact, the market is going to have to digest some pretty meaty events like the midterm election as well as all the trade policy news.”

President Donald Trump pressed ahead with long-promised anti-China charges on Thursday. The U.S. president signed an executive memorandum that will impose tariffs on up to $60 billion in Chinese imports.

In response, China’s commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, according to a statement on its website posted Friday morning. Beijing’s ministry said it will take measures against the 128 U.S. goods in two stages if it cannot reach an agreement with Washington, adding that it could also take legal action under World Trade Organization rules.

“The response from the Chinese was fairly muted,” said Quincy Krosby, chief market strategist at Prudential Financial. “Because it was cautionary in tone, I think the market is looking for something more specific.”

China’s announcement sent stock futures lower overnight before they recovered. The news also comes after Dow lost more than 700 points in the previous session, while the S&P 500 and Nasdaq declined more than 2 percent.

Traders work on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

Traders work on the floor of the New York Stock Exchange.

“The market has been priced for perfection … and that leaves the market vulnerable to surprises. In this case, it’s trade,” said Bruce Bittles, chief investment strategist at Baird. “We had that steep sell-down in February, which creates a lot of downside momentum and until that momentum is broken, it’s still the driving force.”

Tech has also put the broader market under pressure this week as shares of Facebook dropped more than 13 percent in that time period. Facebook dropped sharply this week on news that Cambridge Analytica gathered data from 50 million Facebook profiles without the permission of its users. On Friday, the stock fell 2.8 percent.

Bank stocks have also been under pressure. The SPDR S&P Bank ETF (KBE) fell 2.5 percent Friday and was headed for a weekly decline of 6.8 percent. Bank of America pulled back 4 percent.

Stocks briefly bounded earlier on Friday after Trump said he signed the $1.3 trillion omnibus spending bill into law Friday, despite threatening to veto the legislation earlier in the day.

Trump signed the bill, but made his distaste for the rushed process known.

“I will never sign a bill like this again,” Trump said during a news conference. “As a matter of national security, I’ve signed this omnibus bill.”

In a tweet earlier in the day, Trump said: “I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.”

I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.

— Donald J. Trump (@realDonaldTrump) 12:55 PM – Mar 23, 2018

In corporate news, shares of Dow-component Nike rose 2 percent after the apparel company reported better-than-expected earnings. Nike got a boost from sales in Greater China, which rose 24 percent during the third quarter.

Cisco Systems gained 0.7 percent after Goldman Sachs added the stock to its “conviction” list, noting they see the stock as a defensive play in a volatile market.

Earlier Dow slides 200 points to new session low https://t.co/pRli3nYAQJ pic.twitter.com/rH3WA9J4Wt CNBC March 23, 2018: CNBC’s Nyshka Chandran and Patti Domm contributed to this report.

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

(LONDON) Market Report: Sterling consolidated gains after posting its biggest weekly rise in six weeks, as investors pondered the outlook for the currency amid threats of a global trade war and Britain and EU agreeing a transition period to keep banks and finance houses on track but with a rise in interest rates on the cards May we may yet see a different story #AceFinanceDesk reports

#AceFinanceReport – Mar.23: The pound has enjoyed a good week, with Britain and the European Union agreeing on a transition period after Brexit and the Bank of England paving the way for a rise in interest rates in May: “The repricing story for sterling is all done and all the cards have now fallen in place for the short term, but any trade war outbreak will be a significant headwind,” said Viraj Patel, an FX strategist at ING in London #AceNewsDesk reports

Sterling set for biggest weekly rise in six weeks: Sterling was flat at $1.41 and is on track to post its biggest weekly rise in six weeks. It was up near 1.2 percent this week:

U.S. President Donald Trump signed a memorandum on Thursday that will target up to $60 billion of Chinese products with tariffs, but only after a 30-day consultation period that starts once a list of goods is published:

The pound will be caught in the crossfire of any global trade war, since Britain has a large deficit for which it needs capital inflows.

The Bank of England kept interest rates steady on Thursday but two policymakers voted to raise them, reinforcing the view among economists that borrowing costs will rise in May for only the second time since the 2008 financial crisis.

Against the euro, sterling weakened with the single currency rising 0.23 percent at 87.46 pence. (Reporting by Saikat Chatterjee; editing by Larry King)

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

(BEIJING, China) The launch of China’s yuan-denominated oil futures will mark the culmination of a d ecade-long push by the Shanghai Futures Exchange (ShFE) aimed at giving the world’s largest energy c onsumer more power in pricing crude sold to Asia #AceFinanceDesk reports

#AceFinanceReport – Mar.22: #BRICS firmly in place and ‘ China Development Bank ‘ as HQ in Beijing its time to take down the once mighty ‘ Petro-Dollar ‘ by replacing it with the Yuan and this is just the beginning #AceFinanceDesk reports

WHAT ARE THE CONCERNS AMONG FOREIGN INVESTORS?

* Worries include how to freely exchange the yuan because of a Chinese clampdown on capital outflows, while some concerns remain about Beijing’s heavy handed intervention in its commodity markets in recent years, traders and analysts said.

The obligation to trade Shanghai crudes in yuan will also add a currency risk to the market, which some traders are reluctant to take.

  • The Shanghai International Energy Exchange (INE), the unit of ShFE running the contract, has strict daily limits on the number of canceled orders allowed per account, aimed at curbing spoofing. This involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution. By creating an illusion of demand, spoofers can influence prices to benefit their market positions.

For a larger client placing orders of more than 300 lots, equivalent to 30,000 barrels of oil, the limit is 50 a day. Users with smaller orders are allowed 500 cancellations.

That’s different to international exchanges, like the CME (CME.O), which uses a ratio based on an investor’s traded volume.

On days when price volatility and volumes are high, overseas investors new to Chinese markets could get penalized if they exceed those restrictions as they try to adjust their positions, traders say.

  • Chinese commodity futures investors do not typically trade steadily over the months, but instead pick specific months in which they deal. That could complicate efforts to trade spreads between Brent, WTI and Shanghai.

Take iron ore <0#DCIO:>, one of China’s most-active futures markets: most of the more than 2.3 million lots of open interest are in May and September contracts, with delivery months in between ranging from tens of thousands of lots to in some cases less than 10.

In contrast, liquidity across the first five months of the Brent and WTI contracts <0#LCO:> <0#CL:> are relatively evenly spread out, reflecting their popularity among hedge funds and other financial players, who like to trade month by month.

  • There will be a 1.5-hour gap between the settlement and the price settlement by S&P Global Platts (SPGI.N), which sets physical prices for the region between 4:00-4:30 p.m.

WHAT WILL HAPPEN DURING CHINA’S NATIONAL HOLIDAYS?

Trading will stop for China’s week-long national holidays – Spring Festival and Golden Week – leaving the Shanghai market out of synch with the western exchanges.

Shorter trading hours – with three slots each day – compared with almost 24 hours on western exchanges means the market may sometimes play catch-up with the rest of the world.

WHO WILL USE IT IN THE DOMESTIC INDUSTRY?

China has opened more than 6,000 trading accounts, including the country’s oil majors and about 150 brokerages. Ten foreign intermediaries have registered, including JPMorgan, Bands Financial, Straits Financial Services and other Hong Kong based affiliates of domestic brokerages.

It will likely attract mainly ‘mon-and-pop’ speculative investors, who dominate the country’s other often volatile commodity futures markets from dates to iron ore, although transaction fees for crude are relatively high.

China’s independent refineries are more likely to process heavy crude instead of the medium-sour crude traded in futures, a Shandong-based crude trader said.

At least three independent refineries who are looking to use the contract for hedging also said they are unsure about delivery. Under the rules, buyers cannot choose a specific grade that will be delivered or the location of the warehouse for delivery.

HOW DO FOREIGN USERS OPEN A TRADING ACCOUNT?

Foreign investors will need to open a non-residential bank account with one of the eight banks that handles margin deposit for yuan crude futures, according to INE.

The banks are Agricultural Bank of China, CITIC Bank, China Construction Bank and Industrial and Commerical Bank of China, Bank of China, Bank of Communications, China Merchant Bank and the Development Bank of Singapore.

Investors will need to transfer money from that bank account to an account opened with either a domestic broker or foreign broker or agencies registered with the INE. The broker will open two accounts with INE: one for margin deposit and one for settlement for foreign currencies.

China aims to challenge Brent, WTI oil with crude futures launch https://t.co/xvNWQKMbFC pic.twitter.com/PSxyNLes05— Reuters Business March 22, 2018: Reporting by Meng Meng, Josephine Mason and Tom Daly; editing by Richard Pullin

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(AFRICA) African leaders signed accords AfCFTA that’s expected to boost commerce within the 55-me mber African Union and eventually supplant a patchwork of existing agreements: Nigeria, which together with South Africa makes up half of the continent’s GDP canceled his trip to Kigali, saying his government needs more time for input from local businesses before he can sign the pact: Ugandan President Yoweri Musev eni and his Burundi counterpart, Pierre Nkurunziza, also skipped the gathering #AceFinanceDesk reports

#AceFinanceReport – Mar.22: More than 40 nations signed the African Continental Free Trade Area agreement, or AfCFTA, which commits governments to removing tariffs on 90 percent of goods and phasing in the rest in future: The agreements will still require ratification by the individual governments and will only come into force when ratified by at least 22 countries: “The promise of free trade and free movement is prosperity for all Africans, because we are prioritizing the production of value-added goods and services that are Made in Africa,” Rwandan President Paul Kagame said before the leaders began signing the agreements. “The advantages we gain by creating one African market will also benefit our trading partners around the world.”#AceFinanceDesk reports

Intra-Africa trade stands at about 16 percent of the continent’s total, compared with 19 percent in Latin America and 51 percent in Asia, according to the AU. The agreement could increase this by half for Africa, the United Nations Economic Commission for Africa estimates: Three regional groups on the continent — the Common Market for East and Southern Africa, the Eastern African Community and the Southern African Development Community — signed an agreement in June 2015 to create a trade bloc covering 26 countries as a precursor to the continental grouping. A week later, members of the AU started talks for the establishment of the continent-wide free trade area.

President Muhammadu Buhari of Nigeria, which together with South Africa makes up half of the continent’s gross domestic product, canceled his trip to Kigali, saying his government needs more time for input from local businesses before he can sign the pact. Ugandan President Yoweri Museveni and his Burundi counterpart, Pierre Nkurunziza, also skipped the gathering.

Buhari, concerned the deal could lead to the dumping of finished goods in Nigeria, appointed a committee Wednesday to review the agreement and report within two weeks, presidential spokesman Femi Adesina told reporters in Abuja, the capital. “The way forward will then be unfolded,” he said.More than 40 African leaders sign a free-trade agreement for the region https://t.co/aFgziUGMwp via @tictoc https://t.co/VFomXQ9Gnv

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(WASHINGTON) — Farmers, electronics retailers and other U.S. businesses are bracing for a backlash a s Donald Trump targets China for stealing American technology or pressuring U.S. companies to hand it over w ith tariffs of as much as $60-billion: As China promises a tit for tat #AceFinanceDesk reports

#AceFinanceReport – Mar.22: The administration is expected Thursday to slap trade sanctions on China, perhaps including restrictions on Chinese investment and tariffs on as much as $60 billion worth of Chinese products: Dozens of industry groups sent a letter last weekend to Trump warning that “the imposition of sweeping tariffs would trigger a chain reaction of negative consequences for the U.S. economy, provoking retaliation; stifling U.S. agriculture, goods, and services exports; and raising costs for businesses and consumers.” #AceFinanceDesk reports


The announcement will mark the end of a seven-month U.S. investigation into the hardball tactics China has used to challenge U.S. supremacy in technology, including dispatching hackers to steal commercial secrets and demanding that U.S. companies hand over trade secrets in exchange for access to the Chinese market:
The administration argues that years of negotiations with China have failed to produce results.“It could be a watershed moment,” said Stephen Ezell, vice president of global innovation policy at the Information Technology & Innovation Foundation, a think tank. “The Trump administration’s decision to go down this path is illustrative that previous strategies have not borne the hoped-for fruit.”Business groups mostly agree that something needs to be done about China’s aggressive push in technology — but they worry that China will retaliate by targeting U.S. exports of aircraft, soybeans and other products and start a tit-for-tat trade war of escalating sanctions between the world’s two biggest economies.“The sanctions are a very big deal,” says Mary Lovely, a Syracuse University economist and senior fellow at the Peterson Institute for International Economics. “The Chinese see them as a major threat and do not want a costly trade war.”The move against China comes just as the United States prepares to impose tariffs of 25 percent on imported steel and 10 percent on aluminum — sanctions that are meant to hit China for flooding the world with cheap steel and aluminum but will likely fall hardest on U.S. allies like South Korea and Brazil because they ship more of the metals to the United States.

Trump campaigned on promises to bring down America’s massive trade deficit — $566 billion last year — by rewriting trade agreements and cracking down on what he called abusive commercial practices by U.S. trading partners. But he was slow to turn rhetoric to action. In January, he imposed tariffs on imported solar panels and washing machines. Then he unveiled the steel and aluminum tariffs, saying reliance on imported metals jeopardizes U.S. national security.To target China, Trump has dusted off a Cold War weapon for trade disputes: Section 301 of the U.S. Trade Act of 1974, which lets the president unilaterally impose tariffs. It was meant for a world in which large swaths of global commerce were not covered by trade agreements. With the arrival in 1995 of the World Trade Organization, which polices global trade, Section 301 fell largely into disuse.At first it looked like Trump and Chinese President Xi Jinping were going to get along fine. They enjoyed an amiable summit nearly a year ago at Trump’s Mar-a-Lago resort in Florida. But America’s longstanding complaints about Chinese economic practices continued to simmer, and it became more and more apparent that the U.S. investigation into China technology policies was going to end in trade sanctions.

Chinese Premier Li Keqiang this week urged Washington to act “rationally” and promised to open China up to more foreign products and investment. “China has been trying to cool things down for weeks. They have offered concessions,” Lovely says. “Nothing seems to cool the fire. I fear they will take a hard line now that their efforts have been rebuffed. … China cannot appear subservient to the U.S. China: We will hit back if US announces new tariffshttps://t.co/07zzflC8j0 pic.twitter.com/1VRsSMY2TI— CNNMoney (@CNNMoney) March 22, 2018

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews

(BOSTON, Mass.) JUST IN: The top agricultural food export crop in Bay State could face a new business hurdle for international customers as Trumps administration looks to apply tariffs to EU exports as EU assess its taxes on incoming US goods #AceFinanceDesk reports

#AceFinanceNews – Mar.22: The Boston Globe reports Massachusetts cranberries could face a 25 percent tariff on exports to Europe: The continent is the top consumer of cranberry exports from the Bay State, which produces 15 percent of the world’s cranberries #AceFinanceDesk reports

The Trump administration’s move to impose tariffs on steel and aluminum imports could cause the EU to assess its taxes on incoming U.S. goods.

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews