Asian markets largely rose on Friday ( May 2 ), moving in line with Wall Street gains, as China said it was taking into account a US offer to negotiate steep tariffs.
Following strong outcomes from tech companies like Microsoft and Meta that helped ease lingering socioeconomic concerns, US markets rose on Thursday.
Apple noted a gain that exceeded expectations in the first quarter, but warned that the company’s supply chain was being impacted by US taxes, which had cost the business.
And Amazon reported a 9 % increase in first-quarter income, but investors were unsure about its future as a possible result of the US-China trade war erupted.
Beijing has added new 125 % duties on US imports, while Washington’s rewarding levies on some Taiwanese products increased by 145 percent in April.
China’s commerce government announced on Friday that it was considering a US give for tariff discussions, but wanted Washington to show” sincerity” and be prepared to abandon charges that have engulfed global markets and supply stores.
Donald Trump, the president of the US, has repeatedly said that China has contacted him for talks on the taxes, and he has this week stated that he believes there is a “very fine chance we’re going to make a deal.”
A 90-day date for reaching an agreement with Washington and avoiding higher, country-specific levels is approaching for dozens of nations.
Beijing and Washington were “waving detente colors” in their ongoing business conflict, according to SPI Asset Management’s Stephen Innes.
Before engaging in significant discussions, Beijing’s request for sincerity appeared to be a call to abandon the 145 % rate, according to Innes in a statement released on Friday.
” But drill a layer deeper, and the way is still rife with munitions,” he continued.