Markets boosted as China moves on US auto tariffs, envoys talk

Global markets have responded positively to the news that senior negotiators from China and the US are in discussions about renewing trade talks, the Financial Times reports.

According to a statement by China’s Commerce Ministry, US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He have spoken on the phone about the promotion of future economic and trade consultations, the South China Morning Post reports.

Financial markets news site VOA reported uplift in stocks around the world as investors reacted to the development.

The news suggests an appetite for progress from both the US and China, and seems to have buoyed investors previously spooked by the high profile arrest of Huawei’s Meng Wanzhou last week.

Markets were also boosted by a story broken by Bloomberg that suggests China is close to slashing its tariffs on US auto imports from 40 per cent down to 15 per cent – a clear sign that the trade impasse may be starting to give.