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Aug. 29, 2019, 8:11 a.m. EDT

China says it won’t immediately respond to tariff hike, boosting U.S. stock futures

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By Steve Goldstein, MarketWatch

Chinese Vice Commerce Minister and Deputy China International Trade Representative Wang Shouwen attends a news conference on the Shanghai Free Trade Zone, in Beijing, China, August 6, 2019.

A spokesman for China’s commerce ministry was quoted as saying the country would not immediately respond to the latest tariffs imposed on them, which boosted U.S. stock futures and European stocks.

Ministry of Commerce spokesman Gao Feng was quoted by Bloomberg News as saying at a press conference that “the question that should be discussed now is about removing the new tariffs to prevent escalation.”

He also said that both sides were discussing the planned September meeting of U.S.-Chinese trade negotiators.

Last week, Beijing imposed a fresh set of tariffs on $75 billion of U.S. goods, and the U.S. then retaliated with an additional 5% levy on Chinese goods. “Escalation of the trade war won’t benefit China, nor the U.S., nor the world,” Gao was quoted as saying.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -1.56%  immediately spiked higher on those remarks, as did European stocks /zigman2/quotes/210599654/delayed XX:SXXP +0.44%  .

“Global equity markets are finding reason to stay optimistic on Thursday as comments from China’s commerce ministry are giving investors some hope for progress in trade talks with the next deadline for higher U.S. import tariffs just around the corner,” said Carl Campus, economist at BMO Capital Markets.

Futures /zigman2/quotes/210407078/delayed YM00 -1.02%   on the Dow Jones Industrial Average were up by 267 points after 8 a.m. Eastern. The Dow /zigman2/quotes/210598065/realtime DJIA +0.29%   rose by 258 points on Wednesday. Read Market Snapshot.

US : U.S.: CME
$ 4,335.25
-68.50 -1.56%
Volume: 224,982
Jan. 25, 2022 2:30a
+2.01 +0.44%
Volume: 0.00
Jan. 25, 2022 9:25a
$ 33,903.00
-350.00 -1.02%
Volume: 47,647
Jan. 25, 2022 2:30a
US : Dow Jones Global
+99.13 +0.29%
Volume: 678.12M
Jan. 24, 2022 5:04p

Steve Goldstein is MarketWatch markets editor for Europe. Follow him on Twitter: @MKTWgoldstein.

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