Oil markets stabilised on Monday after having lost around 2 per cent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity.
China's President Xi Jinping has soothed investor fears of a trade war with the United States as he warned against a "Cold War mentality", causing Asian shares to bounce. About 40% of China's soybean imports come from the US and were valued at $14 billion previous year.
"Under the current circumstances, both sides even more can not have talks on these issues", Chinese Foreign Ministry spokesman Geng Shuang told reporters at a regular news briefing.
However, Geng said: "The United States with one hand wields the threat of sanctions, and at the same time says they are willing to talk".
"The United States hasn't had a Trade Surplus with China in 40 years".
A general view of at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.
China is appealing to US businessmen to stop President Donald Trump's so-called trade war between the world's top two economic superpowers.
"Anyway, I just simply love Xi Jinping".
He also pledged to strengthen the protection of intellectual property inside China, which has been a focal point of criticism from the Trump administration, and increase China's imports from other countries by lowering some tariffs.
Xi, speaking at the Boao Forum for Asia in Hainan province, said that China will take measures to sharply widen market access for foreign investors, raise the foreign ownership limit in the automobile sector and protect intellectual property of foreign firms.
"China will take down its Trade Barriers because it is the right thing to do".
Dozens of industry groups sent a letter last weekend to Trump warning that "the imposition of sweeping tariffs would trigger a chain reaction of negative consequences for the US economy, provoking retaliation, stifling USA agriculture, goods, and services exports, and raising costs for businesses and consumers".
"By and large it appears that the speech is more conciliatory than it is pugilistic with respect to how their approach to the U.S.is", said Vishnu Varathan, head of economics and strategy for Mizuho Bank in Singapore.More news: Manchester City vs Liverpool Live Champions League quarter final
More news: Meeting with Kim Jong Un to take place May or early June
More news: India, Nepal to build trust; announce joint initiatives in key areas
China has pledged to "counter-attack with great energy" when Trump makes the decision to follow on his most recent hazard to impose tariffs on yet another £ 100 billion in Chinese merchandise - following an earlier announcement that climbed $50 billion.
None of the measures have yet gone into effect. On Friday, Treasury Secretary Steven Mnuchin said "there is the potential of a trade war", but that he hoped it wouldn't come to that.
"Some people in the United States are still accustomed to being the world leader, and haven't adapted to the change in the global situation", Cui said.
Trump asks, "Does that sound like free or fair trade".
"In the world's perception, the U.S.is overshadowed by an anxiety disorder and is very keen to show its anxiety", the newspaper said.
"They are in competition with us over economic prosperity and national defense", Navarro said.
Two rounds of high-level talks between Chinese and U.S. officials aimed at defusing bilateral trade tensions earlier this year failed to produce any result.
China's growing list of tariffs aimed at USA exports could be enough to sink farmers in Iowa and other states, as they struggle to survive a five-year decline in the farm economy, mainly due to big crops and low prices.
China charges that the United States is the aggressor and spurring global protectionism.
While China has recently expressed optimism that the two sides would hammer out a trade deal, Chinese officials in recent days have said negotiations would be impossible under "current circumstances".
"On whether China will reduce its foreign exchange reserves, how policymakers think, I don't know. That's a possibility", Trump said.
That said, China's proposed tariff on US soybeans is disconcerting for Iowa farmers poised to plant this year's crop.