This morning in metals news, trade delegations from the U.S. and China concluded talks this week, the E.U. is expected to impose steel import curbs and copper rises to a one-week high.
U.S-China Trade Talks
The new year has begun with dialogue.
In 2018, trade tensions between the U.S. and China escalated, leading to the exchange of a total of $310 billion in tariffs on each other’s products. The tensions between the two economic giants has strained global markets.
This week, however, trade delegations from the two countries met for talks Jan. 7-9. The Office of the United States Trade Representative (USTR) released a statement today.
“On January 7-9, an official delegation from the United States led by Deputy U.S. Trade Representative Jeffrey Gerrish held meetings in Beijing with Chinese officials to discuss ways to achieve fairness, reciprocity, and balance in trade relations between our two countries. The officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement,” the USTR statement read.
“The meetings were held as part of the agreement reached by President Donald J. Trump and President Xi Jinping in Buenos Aires to engage in 90 days of negotiations with a view to achieving needed structural changes in China with respect to forced technology transfer, intellectual property protection, non-tariff barriers, cyber intrusions and cyber theft of trade secrets for commercial purposes, services, and agriculture.”
E.U. to Impose Steel Import Curbs
The European Union will vote Jan. 16 on a plan to limit imports of steel into the trading bloc, Reuters reported, in response to the Trump administration’s Section 232 tariffs on imported steel and aluminum last year.
In July 2018, the E.U. imposed provisional safeguard measures on 23 steel products, measures that are set to expire in February.
Copper Gets a Boost
The copper price rose Wednesday to a one-week high, Reuters reported.
The LME copper price rose to $5,958 per ton, according to the report, buoyed by optimism surrounding the aforementioned U.S.-China trade talks and stimulus measures in China boosting demand.