President Donald Trump attempted to settle stock market jitters Friday morning after traders nearly wiped out the year's gains following the White House's threat of an all-out trade brawl with China.
The Dow was down nearly another 500 points to 24,450 in the mid-afternoon as uncertainty over trade negotiations continued.
Before departing the White House for a law enforcement event in Kansas City, the president reassured investors with a tweet that said: 'China talks are going very well!'
Trump sent the market into a downward spiral this week as he declared himself a 'tariffs man' and said he'd be just fine doubling or even quadrupling $200 billion in penalties on imports from China at the end of a three-month window for talks.
He later insisted that he was sincere in his interest in striking a trade accord with Beijing, just as he believes that China's Xi Jinping genuinely wants to broker one.
President Donald Trump insisted on Twitter that talks with Beijing 'are going very well'
His reassurances came as the markets were spooked for a second day on reports of the White House intensifying a trade war with China
Trump has said he believes assurances President Xi Jinping gave him in Argentina and that the two sides will reach a new trade agreement
His muddled message – amplified by conflicting claims among his chief economic advisers – sent shivers through the business world.
The arrest of the heiress to a top Chinese telecommunications firm this week further intensified concerns that the ceasefire would be short-lived.
A weaker than expected November jobs report was also a factor in the market's performance. Analysts had hoped for 200,000 or more new jobs heading into the holiday season, but the Labor Department put the monthly number at 155,000.
Stocks slid Friday, threatening to wipe out the entire year's gains in just 48 hours
The news wasn't entirely bad for Trump, as the Chinese confirmed a trade agreement was in the works.
'The teams of both sides are now having smooth communications and good cooperation with each other. We are full of confidence that an agreement can be reached within the next 90 days,' they said.
Authorities arrested Huawei heiress Meng Wanzhou at the Vancouver airport on Dec. 1 on undisclosed charges that are said to relate to a violation of United States sanctions against Iran.
Chinese state media characterized the arrest as profit-motivated, and indemnified the move as a 'despicable' abuse of international law.
China is expressing confidence that it will strike a trade deal with the U.S. after Xi Jinping (left) and Donald Trump (right) met in Argentina
'Obviously, Washington is resorting to a despicable rogue's approach as it cannot stop Huawei's 5G advance in the market, an editorial in the sate-run Global Times said.
Canadian Prime Minister Justin Trudeau says he was informed of the arrest several days ahead of time – in advance of the G20 summit in Buenos Aires where Trump and Xi hashed out the broad strokes of a trade deal over a Saturday evening meal.
Trump has professed to have no knowledge of the arrest that was not made on U.S. soil. His national security adviser, John Bolton, said he was aware but offered no additional information.
Meng has a bail hearing in Canada on Friday. The Chinese government is demanding to know exactly which laws that she broke.
The arrest was linked to the negotiations with China to reform intellectual property rules and open up the technology sector in China to American-made goods, however the White House claims they are unrelated.
'The two issues are totally separate,' Peter Navarro, the chairman of the president's trade council, told CNN.
Bolton admitted that alleged intellectual property theft is one of the United States' chief complaints about China.
'You should not turn a blind eye when states, as a matter of national policy, are stealing intellectual property from their competitors,' Bolton said.
Trump tried to calm markets on Wednesday, saying he believed Xi's reassurances that a trad edeal was coming
He admitted during the interview with NPR, 'Huawei is one company we've been concerned about. There are others, as well.'
Trump said this week that he and Xi would 'probably' have a deal at the end of a 90-day timetable for talks that began on Saturday as he unexpectedly declared himself against free trade.
'Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina,' Trump asserted. 'China is supposed to start buying Agricultural product and more immediately. President Xi and I want this deal to happen, and it probably will.'
He then proclaimed himself to be a 'tariffs man' in direct contradiction to his own White House's assertions that Trump is a free-trader.
'We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN,' Trump said in messages. 'Let the negotiations begin. MAKE AMERICA GREAT AGAIN!'
Trump's tweets sent the market plunging. The Dow fell throughout the morning and was down by more than 700 points by early afternoon. Stocks recovered but dived again on Friday, closing 558.72 points down.
Link hienalouca.com
https://hienalouca.com/2018/12/08/trump-says-china-talks-are-going-very-well-as-he-tries-to-avoid-more-stock-market-panic/
Main photo article President Donald Trump attempted to settle stock market jitters Friday morning after traders nearly wiped out the year’s gains following the White House’s threat of an all-out trade brawl with China.
The Dow was down nearly another 500 points to 24,450 in the mid-afternoon as...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1s/2018/12/07/19/7140812-6471891-image-a-6_1544210528160.jpg
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