Global markets surge on softer China line

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So, why the sudden interest? "Xi delivered a masterful, carefully framed, conciliatory response to Trump", Collier said.

What's the connection with Trump's tariffs? Excluding a big jump in food prices and a drop in gasoline prices, core inflation rose 0.3 percent.

Trump has to decide whether in the next 60 days to accept something like the deal offered by Liu He or to proceed with the tariffs on $50 billion of imports. The blueprint envisions warp-speed expansion and domination in the so-called "fourth industrial revolution", a catch-all term for the rapid technological progress that's seen transforming services and professions. "China has always been a builder of world peace, a contributor to global development, and a defender of the worldwide order". Labor costs are surging as the country's rapidly aging population causes the workforce to shrink, undermining competitiveness in the sweatshop industries that underpinned its rise.

Although Broadcom is based in Singapore, China loomed large in the decision, because Qualcomm is locked in a race with China's Huawei Technologies Co to dominate the development of next-generation wireless technology.

While Xi is broadly considered the most powerful leader since Mao, China "only appears to be united and confident in its approach", said Economy, the academic, adding that the outside world has limited insight into policy debates within China. Jinping also announced plans to enforce the legal intellectual property of foreign firms, another issue contested by the US. Now China is rapidly moving up the food chain to sell us high quality products containing innovative technology that was created and developed in the United States. U.S. Trade Representative Robert Lighthizer told a Senate committee in March that "these are things that if China dominates the world, it's bad for America".

"Very thankful for President Xi of China's kind words on tariffs and automobile barriers...also, his enlightenment on intellectual property and technology transfers".

"He has made a unilateral move without even going into negotiations" with the USA, said Wang Huiyao, founder of the Center for China and Globalization, a public policy think tank in Beijing.

"This is to highlight China is not just an economic power, but also a military and maritime power", he said.

In a recent report on Vietnam's business environment, the American Chamber of Commerce (AmCham) said the country is becoming more attractive to investors, and up to 36 percent of surveyed US firms said they wanted to expand their operations in Vietnam, compared to 21 percent in Thailand and 19 percent in Malaysia.

Xi's proposals could help the USA and China resolve their differences and avert a trade dispute that slows down global commerce.

Shares of USA automakers jumped on the news. Australian Prime Minister Malcolm Turnbull said Vanuatu also assured his government that "no such request has been made" by China.

Labor Secretary Silvestre Bello III (left) and Chinese Ambassador to the Philippines Zhao Jianhua sign a Memorandum of Understanding on the Employment of Filipino Teachers of English Language in China.

China claims the duties of 25 percent on imports of steel and 10 percent on imports of aluminum products breach global trade rules.

"If the U.S imposes high tariffs on China's broader cross-border supply chain, Vietnam, which exports goods that serve as inputs for China's exports, will be badly hit", said economist Le Dang Doanh.

Despite the fears of clashes and occasional exchanges of rhetoric, U.S. Rear Adm. Steve Koehler told reporters on board the Roosevelt that it has been smooth sailing so far, with U.S., Chinese and other forces engaging each other professionally.