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Asian markets diverged after a report on China's treatment of impact trade war

2019-09-11 06:06 am | Resource: News | No Views : 38

 Asian markets diverged after a report on China's treatment of impact trade war

Markets were mixed across Asia later in the session on Wednesday after Hu Shijin, editor-in-chief of China's Global Times, said Beijing "will implement important measures to mitigate the negative impact of the trade war." He said the measures "will benefit some companies from China and the United States."

China unveils list of US duty-free goods

In the same context, China released the first list of US goods to be duty-free on Wednesday. The list contains base oils and greases, but agricultural goods such as corn and soybeans, as well as pork, did not appear on the list. Soybeans and corn are among the most valuable crops in America, and China is the largest buyer of soybeans in the United States.

Chinese Foreign Ministry spokesman Jing Shuang told reporters at a press conference that the new list represents a "goodwill gesture" ahead of the next round of trade talks scheduled for October. China will consider tariff exemptions on additional products imported from the United States, while the exemptions will take effect on September 17.

South Korea to file a complaint against Japan in the World Trade Organization

SEOUL - South Korea will file a complaint against Japan at the World Trade Organization (WTO) later in the day over Tokyo's decision to restrict exports of certain technical materials to South Korea, South Korea's trade minister said. Yu claimed the Japanese move was "politically motivated" and indicated that it would ask for consultations with Tokyo and review the procedures. If the consultations are not successful, Seoul will seek to set up a WTO committee on the matter.

Earlier this year, Japan imposed trade restrictions on exports of chemicals used in the production of smartphones and chips to South Korea and removed the country from its list of preferred trading partners in response to a dispute over victims of forced labor in World War II.

Asian shares trading
  • In China, the Shanghai Composite fell 0.18% at 7:28 CET.
  • The Shenzhen Composite Index fell 0.78% at 7:29 CET.
  • Meanwhile, the Hang Sang Index in Hong Kong rose 1.76%.
  • Japan's Nikkei 225 rose 0.87% at 7:10 CET after Prime Minister Shinzo Abe announced a cabinet reshuffle.
  • In South Korea, the Kospi Composite rose 0.60% at 7:11 am CET
  • Australia's S&P / ASX 200 rose 0.12% at 7:31 am CET.


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