Rep. Cartwright on US-China trade dispute
President Trump to suspend steeper tariffs after meeting with China’s Xi Jinping; reaction from Rep. Matt Cartwright, Democratic member of the House Oversight and Appropriations Committees.
Stocks were poised Monday to start the first day of December trading by catapulting more than 400 points on optimism that the U.S.-China trade war may be nearing an end, or at least not intensifying.
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In response, equity futures soared: The blue-chip Dow Jones Industrial Average was up more than 400 points, or 1.81 percent, while the broader S&P 500 jumped 1.6 percent and the tech-heavy Nasdaq Composite climbed 2.31 percent.
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President Trump and Chinese President Xi Jinping agreed at a G-20 dinner over the weekend to a 90-day truce in the dispute. Specifically, Trump said he would suspend his plan to raise tariffs on some $267 billion of Chinese goods – including iPhones and laptops. China agreed to buy large amounts of energy, industrial and agricultural goods from the U.S.
The development energized global stocks, with a key Chinese stock index closing up 2.5 percent and Japanese stocks up 1.3 percent. In Europe, Germany’s DAX paced indexes with a 2.5 percent gain.
The price of crude oil, meanwhile, popped 5 percent to more than $53 per barrel on both the trade truce and improved prospects for production cuts from Russia and OPEC.
