Dow Rallies More Than 300 Points As U.S.-China Trade Talks Progress [NEW]

US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He met in Shanghai for two-day trade talks. This is the first face-to-face interaction since Xi and Trump met at the G20 Summit in June, and the first official high-level negotiation since May, this year. As most analysts predicted, the talks ended with little progress. Both sides agreed to keep talking and will meet again in September.

Xi and Trump reignite trade talks over the phone, less than two weeks before the much anticipated G20 Summit in Osaka, June 28 and 29. Both sides have confirmed that they will meet in person to discuss the ongoing trade dispute, on the sidelines of the Summit. Previously, Trump threatened to slap tariffs on the remaining US$300 billion of untariffed Chinese imports, depending on the outcome of the trade talks. This will effect an array of consumer products, such as cellphones, computers, and clothing. These new tariffs have now been proposed in a bill, with public consultation set to end on July 2.

Dow Rallies More Than 300 Points As U.S.-China Trade Talks Progress

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President Trump launched the trade war to pressure Beijing to implement significant changes to aspects of its economic system that facilitate unfair Chinese trade practices, including forced technology transfer, limited market access, intellectual property theft, and subsidies to state-owned enterprises. Trump argued that unilateral tariffs would shrink the U.S. trade deficit with China and cause companies to bring manufacturing jobs back to the United States. Between July 2018 and August 2019, the United States announced plans to impose tariffs on more than $550 billion of Chinese products, and China retaliated with tariffs on more than $185 billion of U.S. goods.

The Dow Jones Industrial Average rose 199.62 points to close at 25,538.46. The and Nasdaq Composite both gained 0.8 percent to close at 2,760.17 and 7,330.54, respectively. Stocks wobbled for most of the session until Reuters reported that a Chinese official said "consensus is steadily increasing" in U.S.-China trade talks. The official added, according to the report, that differences between the two countries remained.

This pivot from climate avoidance to climate action in U.S. trade policy is a welcome change, but not one without frictions. Climate was not a significant consideration for the architects of the rules and institutions that constitute the global trading system. While some nations have sought to incorporate climate-related provisions into trade agreements, there is no established mechanism or standard for seeking to differentiate between less and more climate-friendly trade in virtually all cross-border commerce that occurs today. For this reason, there is little motivation at present for actors in export-focused sectors to consider greenhouse gas emissions when seeking to make their goods attractive to export markets, except where the destination market has regulatory standards different than those of the home market or procurement preferences for cleaner goods, or where a lower-emissions production method is cheaper and permits a more competitive price relative to like products.

A key question hovering over these initiatives and imperatives is whether U.S. trade policy, and the version of international economic order the United States is pursuing, is seeking to change Chinese behavior or rather to insulate U.S. and partner markets from Chinese economic dominance that is viewed as harmful to U.S. national security, the well-being of U.S. workers, and domestic industrial decarbonization. It already seems clear that the United States is prepared to pursue a far more robust decoupling with China than U.S. partners in Europe or Asia, which continue to seek access to the Chinese market and appear to have apprehensions about the stringency of U.S. controls on the export of key technologies to Chinese firms announced in October. This divergence could create friction in how the United States and its partners seek to cooperate in strengthening supply chains, addressing carbon leakage, sourcing critical minerals, and onshoring manufacturing in key sectors, such as semiconductors. It may also give rise to accusations of double standards as the United States seeks deeper economic connections with countries whose manufacturing practices are similar to those of China.

The yuan started to rise on Monday, after the two sides agreed on Feb. 15 to hold a new round of economic and trade talks in Washington in the past week following the meeting in the previous week in Beijing, which both sides said had led to some progress.

"The more positive progress on U.S.-China trade policy is perceived to be, the more strength we see in traditionally riskier currencies, such as AUD, as well as the currencies of more economically open economies, such as the euro," Randol told Xinhua.

Climate change is a global challenge that requires global solutions. As Canada takes historic climate action at home, it is clear that progress in tackling emissions also requires the full engagement of our Indo-Pacific partners. The Indo-Pacific produces more than half of global emissions and includes many rapidly industrializing economies that will have a significant impact on our shared environment. We need everyone to be part of the solution, and we need to make sure that the move toward a net-zero-emissions economy creates shared economic prosperity.

In his 2014 State of the Union address, the President tasked Vice President Biden with leading a review of federal employment and training programs that reach approximately 20 million people per year, with the aim of making them more job-driven. That review was completed, and the White House released a report you can read on progress and next steps. So far, the Administration has reoriented more than $1.5 billion in job training grants to align with job-driven training best practices.

To Establish Fiscal Discipline, President Clinton: Enacted the 1993 Deficit Reduction Plan without a Single Republican Vote. Prior to 1993, the debate over fiscal policy often revolved around a false choice between public investment and deficit reduction. The 1993 deficit reduction plan showed that deficit and debt reductions could be accomplished in a progressive way by slashing the deficit in half and making important investments in our future, including education, health care, and science and technology research. The plan included more than $500 billion in deficit reduction. It also cut taxes for 15 million of the hardest-pressed Americans by expanding the Earned Income Tax Credit; created the Direct Student Loan Program; created the first nine Empowerment Zones and first 95 Enterprise Communities; and passed tax cuts for small businesses and research and development. Negotiated the Balanced Budget Agreement of 1997. In his 1997 State of the Union address, President Clinton announced his plan to balance the budget for the first time in 27 years. Later that year, he signed the Balanced Budget Act of 1997, a major bipartisan agreement to eliminate the national budget deficit, create the conditions for economic growth, and invest in the education and health of our people. It provided middle-class tax relief with a $500 per child tax credit and the Hope Scholarship and Lifetime Learning tax credits for college. It also created the Children's Health Insurance Program to serve up to 5 million children and made landmark investments in education initiatives including educational technology, charter schools, Head Start, and Pell Grants. Finally, it added 20 more Empowerment Zones and 20 more rural Enterprise Communities, included the President's plan to revitalize the District of Columbia, and continued welfare reform though $3 billion in new resources to move welfare recipients to private-sector jobs. Dedicated the Surplus to Save Social Security and Reduce the National Debt. In his 1998 and 1999 State of the Union addresses, President Clinton called on the nation to save the surplus until the solvency of Social Security is assured. He also repeatedly vetoed large Republican tax cut bills that would have jeopardized our nation's fiscal discipline. The President's actions led to a bipartisan consensus on saving the surplus and paying down the debt. Extended Medicare Solvency from 1999 to 2025. When President Clinton took office, Medicare was expected to become insolvent in 1999, then only six years away. The 1993 deficit reduction act dedicated some of the taxes paid by Social Security beneficiaries to the Medicare Trust Fund and extended the life of Medicare by three years to 2002. Thanks to additional provisions to combat waste, fraud and abuse and bipartisan cooperation in the 1997 balanced budget agreement, Medicare is now expected to remain solvent until 2025.

To Capitalize on the Information Technology Revolution, President Clinton and Vice President Gore Have: Modernized Financial Services Laws. In 1993, the laws that governed America's financial service sector were antiquated and anti-competitive. The Clinton-Gore Administration fought to modernize those laws to increase competition in traditional banking, insurance, and securities industries to give consumers and small businesses more choices and lower costs. In 1994, the Clinton-Gore Administration broke another decades-old logjam by allowing banks to branch across state lines in the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. President Clinton fought for and won financial modernization legislation, signing the Gramm-Leach-Bliley Act in November 1999. Reformed Telecommunications. In 1996, President Clinton signed legislation to open up competition between local telephone companies, long distance providers and cable companies. The law also requires the use of new V-chip technology to give families greater control over which television programming comes into their homes. Created the E-Rate. With the leadership of Vice President Gore, the Telecommunications Act contained the E-Rate initiative, which provides low-cost Internet connections for schools, libraries, rural health clinics and hospitals. More than 80 percent of America's public schools have benefited from the E-rate, which has helped connect 30 million children and up to 47,000 schools and libraries to the Internet. The percentage of public schools connected to the Internet has increased from 35 percent in 1994 to 95 percent in 1999. The percentage of classrooms connected to the Internet has increased from 3 percent in 1994 to 63 percent in 1999. Increased Resources for Educational Technology by Over 3,000 Percent. President Clinton and Vice President Gore increased our investment in educational technology by over 3,000 percent, from $23 million in FY 1994 to $769 million in FY 2000, including training over 600,000 new teachers to use technology effectively in the classroom. Paved the Way for Electronic Commerce. President Clinton fought to eliminate legal barriers to using electronic technology to form and sign contracts, collect and store documents, and send and receive notices and disclosures, while ensuring that consumers on-line have the same protections that they have in the paper world. He signed the Electronic Signatures in Global and National Commerce Act on June 30, 2000. Creating Market Opportunities for Technology Firms. The Clinton-Gore Administration adopted a market-led approach on e-commerce, making spectrum available for digital wireless, and reforming Cold War export controls. Worked to Close the Digital Divide. Since 1992, the President and Vice President have tripled funding for Community Technology Centers, which provide access to computers and the Internet to low-income urban and rural neighborhoods. President Clinton also challenged the private sector to develop new business models for low-cost computers and Internet access to make universal access at home affordable for all Americans. The Technology Literacy Challenge Fund has provided $1 billion in federal resources to help schools work with businesses and community organizations to put modern computers, high-quality educational software, and affordable connections to the Internet in every classroom. The Taxpayer Relief Act of 1997 created a temporary tax deduction for donations of computers to elementary and secondary schools. Forged Trade Agreements on High Technology. The Clinton Administration completed series of trade agreements on technology, including the WTO's commitment to duty-free cyberspace, keeping the Internet free of trade barriers, in 1998; the global WTO agreements on Financial Services and Basic Telecommunications in 1997; the global WTO agreement on Information Technology in 1996; and a series of bilateral agreements on intellectual property, high-tech products, services and other sectors; all soon to be capped by the opening of a major networked economy initiative. be457b7860