Stock futures surge as China's president vows to cut tariffs on car imports, further open...

Discussion in 'Market News' started by sniper-academy, Apr 10, 2018.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Chinese President Xi Jinping said Tuesday he would cut tariffs on autos imported into China and further open his country's markets, the Associated Press reported. While not mentioning President Donald Trump's name in his speech, Xi's comments may help reduce fears of a trade war between the U.S. and China, after Trump raised tensions by threatening an additional $100 billion in tariffs on Chinese goods last week. Speaking at a business conference on the island of Hainan, Xi pledged to "significantly lower" tariffs on cars, lessen restrictions on car ownership, open China's finance and banking industries to foreign ownership and respect foreign companies' intellectual property, the AP reported. Dow futures , S&P 500 futures and Nasdaq futures all shot up about 1% immediately after the speech.

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