PRE-MARKET CHINESE STOCKS NEWS: White House was reportedly mulling cutting China tariffs to de-escalate the trade war, although US Treasury Secretary Bessent said there is no unilateral offer from President Trump to cut China tariffs

China Communications Construction (601800 CH) - Co. Q1 (CNY) new contracts rose 9% Y/Y to CNY 553bln. (Newswires)

China Oilfield Services (601808 CH) - Co. Q1 net rose 39.6% Y/Y to CNY 887.2mln. (Newswires)

Wens Foodstuff (300948 CH) - Co. reported FY24 net CNY 9.2bln, Q1 net CNY 2.0bln and will issue up to CNY 5bln of corporate bonds and CNY 5bln of commercial paper. (Newswires)

Casinos - Co. Macau visitors arrivals rose 12.8% Y/Y in March. (Newswires)

Other News

Chinese President Xi told a UN leaders' meeting that China's effort to promote international cooperation will not weaken. (Newswires)

PBoC Deputy Governor Lu Lei said enhancing cross-border financial services has become more important amid domestic and external changes. Lu added that China's external environment is becoming more complex, global economic driving force is insufficient and protectionism is intensifying. (Newswires)

China reportedly issues its new market access "Negative List" with the number of items in the negative list reduced to 106 from 117. (Newswires)

Trade

US President Trump said the EU and China are ripping the US off and that they are going to have a fair deal with China. (Newswires)

White House was reportedly mulling cutting China tariffs to de-escalate the trade war, while tariff cuts could be possibly by more than 50% with the tariff likely to come to between 50-65%, although no final decision was made and options remain open, according to WSJ sources. (WSJ)

US Treasury Secretary Bessent said there is no unilateral offer from President Trump to cut China tariffs and a full China trade deal may take 2-3 years, according to Bloomberg. Furthermore, it was stated that they are 'very close' on a trade deal with India and that a satisfactory arrangement doesn’t mean an actual trade document, which continues to signal that initial deals with trading partners will be a broad framework rather than a detailed trade agreement. (Newswires)

White House officials said they are not considering something unilaterally and it would be part of negotiations when talking about China, while they are not seeing evidence that the US is engaging in negotiations with China, according to CNBC's Javers. However, it was separately reported that the White House would look at lowering tariffs on Chinese imports pending talks with Beijing, while any steps would be in conjunction with China talks, not unilateral, according to Reuters citing sources. (Newswires)

US President Trump's apparently softening stance in his trade war with China is motivated because the tariffs against the Chinese will hurt a key part of his base and sources said a China deal could take months, according to FBN's Gasparino. (FBN)

Chinese Foreign Ministry said the US cannot say that it wishes to reach an agreement whilst on the other hand maintaining extreme pressure and this is not the correct way to deal with China. (Newswires)

Chinese embassy in the US posted a statement from an official saying “Our doors are open, if the U.S. wants to talk. If a negotiated solution is truly what the U.S. wants, it should stop threatening and blackmailing China and seek dialogue based on equality, respect and mutual benefit. To keep asking for a deal while exerting extreme pressure is not the right way to deal with China and simply will not work." (Newswires)

US-China fentanyl talks are hanging by a thread amid the trade war, according to Reuters sources. (Newswires)

CEOs who deal with the Chinese government said don’t count on President Xi jumping at the first offer of a trade truce from President Trump, while they believe Xi will play a long game based on what they know about dealing with the Chinese, according to Fox's Gasparino. (Fox)

WSJ's Lingling Wei said there is an opportunity right now to get the US and China talking, while she noted how a delegation of senior Chinese officials are in Washington next week for the IMF and World Bank meetings. (Newswires)

China is to lift sanctions on MEPs in a bid to revive a trade deal with the EU, according to FT. (FT)

24 Apr 2025 - 02:20- ForexGeopolitical- Source: Newswires