BBC’s Hall to step down ahead of crunch funding talks with British government By Reuters


© Reuters. BBC Director General Tony Hall makes a statement after the publication of the Janet Smith Report in London,

By Paul Sandle

LONDON (Reuters) – The BBC’s most powerful man will step down in six months to allow a new person to lead negotiations with Prime Minister Boris Johnson’s government over a financing model for the publicly funded broadcaster.

Director General Tony Hall said he would leave in the summer after seven years at the helm of Britain’s biggest news provider, its most powerful cultural institution and the voice of the country to millions around the world.

His successor will have to fight for the future of the organization and its funding model, which some critics say is outdated in the era of subscription services such as Netflix (NASDAQ:).

Johnson has questioned if the 98-year-old corporation should continue to be supported by an annual fee paid by all viewing households regardless of how much they use its services.

Hall, who was appointed director general in 2012, said one leader should oversee both a mid-point charter review in 2022 and a 2027 renewal.

“It must be right that the BBC has one person to lead it through both stages,” Hall, 68, said in an email to staff.

“As our country enters its next chapter it needs a strong BBC, a BBC that can champion the nation’s creativity at home and abroad, and help play its part in bringing the UK together.”

With everything from news broadcasts and shipping forecasts to sci-fi dramas such as “Doctor Who” and iconic natural history documentaries pioneered by David Attenborough, the BBC has shaped British culture for almost a century and is seen as one of the country’s key levers of soft power.

But in recent years, the Beeb, as it is known in Britain, has come under criticism for awarding extravagant salaries to its stars, paying some women less than men and for what some politicians say is a London-centric bias.

It is funded by what is in effect a 154.50-pound ($198) annual “license fee” tax on all television-watching households. Its TV, radio and online content reaches 92% of the population.

‘PRECIOUS BBC’

The director general, who joined the BBC as a news trainee in 1973 and led its news operations from 1996 to 2001, had to restore public faith in the broadcaster after a historic sex abuse scandal.

He agreed to a new funding deal in 2015 but had to take on the funding of the license fee for over-75s – a big hit to its finances.

Since then, he has clashed with the government over funding and the BBC has faced accusations of political bias from the government, the opposition Labour Party and Scottish nationalists.

Hall defended the BBC in his email to staff, saying its values had never been more relevant but that the organization had to keep adapting.

“In an era of fake news, we remain the gold standard of impartiality and truth. What the BBC is, and what it stands for, is precious for this country. We ignore that at our peril.”

Johnson said on the campaign trail last month he was “certainly looking at the license fee”.

The BBC has long argued that the fee allows it to deliver hard-hitting and diverse news and entertainment to the whole of the United Kingdom while remaining independent from the state.

Hall floated the notion last year that the license fee could be replaced with a Netflix-style voluntary subscription model after 2027, but he warned that the broadcaster would have to reduce the breadth of its output under such a model.

“It would be very, very different to the sort of BBC you have now, because you would be giving subscribers what they want, not the breadth of the population,” he said.



BBC’s Hall to step down ahead of crunch funding talks with British government


LONDON (Reuters) – The BBC’s most powerful man will step down in six months to allow a new person to lead negotiations with Prime Minister Boris Johnson’s government over a financing model for the publicly funded broadcaster.

FILE PHOTO: BBC Director General Tony Hall makes a statement in London, Britain February 25, 2016. REUTERS/Adrian Dennis/pool

Director General Tony Hall said he would leave in the summer after seven years at the helm of Britain’s biggest news provider, its most powerful cultural institution and the voice of the country to millions around the world.

His successor will have to fight for the future of the organization and its funding model, which some critics say is outdated in the era of subscription services such as Netflix.

Johnson has questioned if the 98-year-old corporation should continue to be supported by an annual fee paid by all viewing households regardless of how much they use its services.

Hall, who was appointed director general in 2012, said one leader should oversee both a mid-point charter review in 2022 and a 2027 renewal.

“It must be right that the BBC has one person to lead it through both stages,” Hall, 68, said in an email to staff.

“As our country enters its next chapter it needs a strong BBC, a BBC that can champion the nation’s creativity at home and abroad, and help play its part in bringing the UK together.”

With everything from news broadcasts and shipping forecasts to sci-fi dramas such as “Doctor Who” and iconic natural history documentaries pioneered by David Attenborough, the BBC has shaped British culture for almost a century and is seen as one of the country’s key levers of soft power.

But in recent years, the Beeb, as it is known in Britain, has come under criticism for awarding extravagant salaries to its stars, paying some women less than men and for what some politicians say is a London-centric bias.

It is funded by what is in effect a 154.50-pound ($198) annual “license fee” tax on all television-watching households. Its TV, radio and online content reaches 92% of the population.

‘PRECIOUS BBC’

The director general, who joined the BBC as a news trainee in 1973 and led its news operations from 1996 to 2001, had to restore public faith in the broadcaster after a historic sex abuse scandal.

He agreed to a new funding deal in 2015 but had to take on the funding of the license fee for over-75s – a big hit to its finances.

Since then, he has clashed with the government over funding and the BBC has faced accusations of political bias from the government, the opposition Labour Party and Scottish nationalists.

Hall defended the BBC in his email to staff, saying its values had never been more relevant but that the organization had to keep adapting.

“In an era of fake news, we remain the gold standard of impartiality and truth. What the BBC is, and what it stands for, is precious for this country. We ignore that at our peril.”

Johnson said on the campaign trail last month he was “certainly looking at the license fee”.

The BBC has long argued that the fee allows it to deliver hard-hitting and diverse news and entertainment to the whole of the United Kingdom while remaining independent from the state.

Hall floated the notion last year that the license fee could be replaced with a Netflix-style voluntary subscription model after 2027, but he warned that the broadcaster would have to reduce the breadth of its output under such a model.

“It would be very, very different to the sort of BBC you have now, because you would be giving subscribers what they want, not the breadth of the population,” he said.

Additional reporting by Kate Holton; editing by Guy Faulconbridge and Andrew Heavens



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U.S., China agree to semi-annual talks aimed at reforms, resolving disputes


FILE PHOTO: Containers are seen at Yantian port in Shenzhen, Guangdong province, China July 4, 2019. Picture taken July 4, 2019. REUTERS/Stringer

(Reuters) – The United States and China have agreed to restart semi-annual talks aimed at resolving economic disputes between the two countries, a process abandoned at the start of the Trump administration as a trade conflict between the countries escalated.

An official familiar with the deliberations said the resumption of the U.S. China Comprehensive Economic Dialogue will be announced on Jan. 15 as part of the signing of a Phase 1 trade deal between the U.S. and China.

The restart of the meetings was first reported by the Wall Street Journal.

The regular meetings will provide a forum for steady, high-level conversation between the world’s two largest economies separate from the sometimes rocky negotiations over their trade relationship.

The sessions will likely be lead by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He.

The two sides have been embroiled in a trade war for well over a year, with the use of import tariffs by both sides upending global supply chains and dealing a blow to business confidence.

The twice-yearly Strategic Economic Dialogue began under former President George W. Bush as a way for the world’s two largest economic powers to manage the growing array of issues that arose between them as China’s economy and its exports to the U.S. expanded rapidly in the early 2000s.

It was continued under President Barack Obama and initially by President Donald Trump as well. The first round of what the Trump administration renamed the Comprehensive Economic Dialogue was held in July, 2017.

But the regular sessions, sprawling affairs often criticized as heavy on process and light on tangible outcomes, were abandoned as the Trump administration moved toward a more confrontational approach to China that relied on the use of tariffs to pressure the country into economic concessions.

Reporting by Kanishka Singh in Bengaluru; Editing by Giles ELGOOD, Marguerita Choy and Franklin Paul



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Madrid’s fight over carbon markets moves to Montreal aviation talks By Reuters


© Reuters. FILE PHOTO: An aeroplane flies beneath the jet stream of another above the Italian city of Padova

By Valerie Volcovici and Susanna Twidale

WASHINGTON/LONDON (Reuters) – The failure of global climate talks in Madrid last week to decide the fate of billions of old carbon credits raises the stakes for the U.N aviation body in Montreal, which must choose in March which offsets can be used for its carbon market.

The aviation industry accounts for over 2% of global greenhouse gas emissions, and if left unchecked emissions are expected to rise as passenger and flight numbers increase.

The sector plans to from 2021 launch a scheme to offset its net growth in emissions, called CORSIA. The International Civil Aviation Organization (ICAO) is set to decide in March which offsets to use.

This task made has been made harder by the failure in Madrid to agree what carbon markets should be accepted under the Paris climate agreement, experts said.

“We don’t have any political signal from the UNFCCC (UN Framework Convention on Climate Change) on the credits,” said Gilles Dufrasne, Policy Officer at NGO Carbon Market Watch.

“If there had been a decision it is likely the outcome would have been followed by ICAO,” he said.

As soon as next month, ICAO’s Technical Advisory Board will make final recommendations to its 36-member governing Council on which offset programs to use.

Among the options are the world’s largest offset scheme, the UN’s Clean Development Mechanism (CDM), set up under the 1997 Kyoto Protocol which has issued more than 2 billion credits.

Countries such as Brazil, India and China that have a large number of CDM credits, called CERs, are expected to push for allowing most or all of these – some more than a decade old – in CORSIA the way they did in the Madrid talks.

(Graphic: CDM credits issued to date – https://fingfx.thomsonreuters.com/gfx/ce/7/7757/7739/Pasted%20Image.jpg)

“Having CORSIA around is good in that it might contribute to demand and therefore (increase) the price of carbon,” a Brazil-based source familiar with the matter told Reuters.

But the EU and smaller economies like Costa Rica are expected to push for limits on credits from those projects, which can cost as little as 0.22 euro, and which environmental groups say will flood the market and undermine the integrity of CORSIA.

Green groups said using old, cheap credits to meet new targets will undermine global efforts to curb emissions.

Costa Rica, an ICAO council member, fought in Madrid against the use of Kyoto-era carbon credits under the Paris agreement.

    “It is very critical to apply these same principles to ICAO,” said Andrea Meza, Costa Rica’s environment ministry climate change director.

A spokesman for the EU Commission said it is committed to implementing CORSIA but said it also “preserved its policy space to pursue a higher climate ambition in the EU.”

Andrew Murphy, aviation manager at NGO Transport & Environment said ICAO’s council, which does not require unanimous consent like the UN climate talks, may be inclined to make concessions to countries like Brazil.

“The big fear is they just take a political decision to try to keep as many countries as possible involved,” he said.

(The story corrects the number of ICAO council members to 36 from 34 in paragraph seven)



talks with South Korea on export controls have ended By Reuters



Tokyo (Reuters) – A Japanese trade ministry official said on Monday that talks with South Korean officials on export controls, the first senior-level talks in 3-1/2 years, had ended.

The talks ended some three hours after they were set to, and Trade Minister Hiroshi Kajiyama was scheduled to speak with reporters shortly afterwards.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Pound Gains on Brexit Optimism as Focus Shifts to Trade Talks By Bloomberg


© Reuters. Pound Gains on Brexit Optimism as Focus Shifts to Trade Talks

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

The rallied for a second day amid optimism a speedy resolution to the Brexit deadlock is in store after the Conservative Party’s election victory.

Sterling advanced against all its major peers after Chief Secretary to the Treasury Rishi Sunak said the government plans to put its Brexit legislation before Parliament ahead of Christmas to ensure the country will leave the European Union as planned at the end of January.

“With the Tories’ decisive victory, U.K. markets should quickly shift focus to the coming trade negotiations and spending priorities,” Audrey Childe-Freeman and Tim Craighead, strategists at Bloomberg Intelligence, wrote in a research note. “Sterling has room to keep running.”

The pound climbed 0.6% to $1.3415 as of 7:11 a.m. in London after surging as much as 2.7% on Friday to $1.3514, the strongest since May 2018. Sterling advanced 0.5% to 83.05 pence per .

The U.K. currency is being pushed higher by hedge funds, according to an Asia-based currency trader, who asked not be named because the person is not authorized to speak publicly. Most clients are confident U.K. Prime Minister Boris Johnson will successfully execute Brexit with the EU and reach a free-trade agreement with the U.S., the trader said.

A Citigroup Inc (NYSE:). index indicated currency funds have almost completely unwound their bearish bets on sterling.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Dollar bolstered by U.S. jobs data, markets look to trade talks By Reuters


© Reuters. FILE PHOTO: U.S. dollar notes are seen in this picture illustration

By Hideyuki Sano

TOKYO (Reuters) – The dollar held firm on Monday after data showed surprise strength in the U.S. jobs market, but the currency was restrained from moving higher by worries about an escalation in the U.S.-China trade war.

The () stood almost flat at 97.706 in mid-Asian trade, after rising 0.3% on Friday. The euro traded at $1.10575 (), after hitting a one-week low of $1.10395 on Friday.

The dollar changed hands at 108.58 yen . It had lifted to 108.92 yen on the U.S. jobs data before losing momentum.

U.S. nonfarm payrolls increased by 266,000 jobs last month, the biggest gain in 10 months, while the unemployment rate ticked back down to 3.5%, its lowest level in nearly half a century.

Those figures suggested the Trump administration’s 17-month trade war with China, which has plunged manufacturing into recession, has not yet spilled over to the broader U.S. economy.

Still, investors think that could change if trade tensions escalate further, especially if Trump goes ahead with planned tariffs on some $156 billion worth of products from China from Dec. 15.

The market has been largely working on the assumption that those tariffs, which cover several consumer products such as cellphones and toys, will be dropped or at least postponed, given that Washington and Beijing agreed in October to work on a trade deal.

“Markets are sensing that both sides want to avoid a collapse of their negotiation, judging from various news headlines,” said Kazushige Kaida, chief of forex at State Street (NYSE:). “So the main scenario is for the dollar/yen to test mid-109 yen levels.”

Top White House economic adviser Larry Kudlow confirmed on Friday that the Dec. 15 deadline to impose the new tariffs remains in place, but added that President Donald Trump likes where trade talks with China are going.

China’s exports shrank for the fourth consecutive month in November, underscoring persistent pressures on manufacturers from the Sino-U.S. trade war.

Elsewhere, sterling traded at $1.3143 , not far from a seven-month high of $1.3166 set on Thursday.

Against the euro, the pound hit a 2-1/2-year high of 84.10 pence per euro ().

The currency has been bolstered by expectations that Prime Minister Boris Johnson’s Conservative Party will win an outright majority in the upcoming election on Thursday, thereby ending a hung parliament and political paralysis on Brexit.

The Conservative Party extended its lead over the Labour Party to 14 percentage points, up from 9 percentage points a week ago, an opinion poll by Survation for ITV’s Good Morning Britain showed on Monday.

“Markets now think the Tories will win. But if they fail to win an outright majority, that means essentially nothing is different from now and will be a fairly big shock for the market,” said Minori Uchida, chief FX analyst at MUFG Bank.

The Canadian dollar traded at C$1.3255 to the U.S. unit . The shed more than 0.5% on Friday following data showing the Canadian job market losing a surprise 71,200 net positions in November when economists had expected a gain of 10,000.





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China’s November forex reserves ease to $3.096 trillion, focus stays on trade talks By Reuters


© Reuters. China’s November forex reserves ease to $3.096 trillion, focus stays on trade talks

BEIJING (Reuters) – China’s foreign exchange reserves fell $9 billion in November to $3.096 trillion, central bank data showed on Saturday, as Washington and Beijing remained locked in negotiations over an interim trade agreement.

Analysts polled by Reuters had expected China’s reserves, the world’s largest, would fall $4 billion to $3.101 trillion in November.

Despite the slowing Chinese economy and escalating U.S.-China trade war, its reserves have been gradually rising since late 2018, helped by tight capital controls and rising inflows from foreign investors who are snapping up the country’s stocks and bonds.

Modest changes in reserve levels in recent months have been largely ascribed to fluctuations in global exchange rates and the value of assets that China holds such as foreign bonds.

The yuan has been driven largely by twists and turns in the 17-month long trade war between China and the United States.

After sliding sharply this summer as the dispute suddenly escalated, the yuan rose for three straight months through November on hopes of a trade truce, only to slide again in early December as tensions between Washington and Beijing flared. Fresh U.S. tariffs on Chinese goods are set to take effect on Dec. 15.

It gained 0.12% against the dollar in November, but remains about 2.3% weaker for the year to date.

The dollar, meanwhile, rose about 1 percent against a basket of other major currencies in November.

The value of the country’s gold reserves fell to $91.47 billion at the end of November from $94.65 billion at the end of October.

China held 62.64 million fine troy ounces of gold at the end of November, unchanged from October.

China’s economic growth cooled to 6.0% in the third quarter, the slowest pace in nearly 30 years, and many economists believe it will decelerate further into the upper 5% range in 2020.

Still, analysts note capital outflows have been modest compared with the last economic downturn in 2015-16, when policymakers burned through roughly $1 trillion in reserves supporting the yuan.

China’s central bank has started to slowly trim interest rates in recent months, and more reductions are expected in coming quarters to avert a sharper slowdown.

But analysts believe those cuts will likely be more gradual and smaller than those in 2015. If so, moves in the yuan are likely to be influenced more by trade developments than policy easing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Saudi energy minister talks OPEC+ unity, backs Aramco to soar By Reuters


© Reuters. Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna

By Rania El Gamal and Dmitry Zhdannikov

VIENNA (Reuters) – OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia’s energy minister told Reuters.

Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.

“The jury is still out where will we be in March,” he said regarding the level of supply the market will need then.

OPEC+ producers pump more than 40% of the world’s oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States.

While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added.

“The more we are inside this contour, the better…” he said, adding another indicator would be prompt oil prices moving higher than longer dated ones, known as backwardation, which reflects a tighter market.

He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking.

The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon.

Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs.

“We as producers all wish for a good room to increase production… With Russia we (Saudi Arabia) are committed to a huge joint cooperation program (besides oil),” he said.

The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.

Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March.

“I won’t take unilateral measures. I would still consult and review… It will be the group versus those who have not performed.”

Brent oil () rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota.

He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait “very soon.”

“But it would not affect both our countries’ commitments (with OPEC+ cuts),” he said.

The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply.

ARAMCO VALUE

The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion valuation ahead of its initial public offering set for Dec. 11.

“We believe that the value of the company is way higher than $1.7 trillion,” he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted.

“We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth.”Even with the lower valuation, it is the world’s biggest IPO, raising $25.6 billion and topping Alibaba Group’s (N:) $25 billion listing in 2014.

The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population.

Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved.

“I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs,” the minister said, calling those who invested “friends and family” set to benefit from any future rise in its value.



Trump will make final call on China tariffs, likes direction of talks: Kudlow By Reuters


© Reuters. FILE PHOTO: Director of the National Economic Council Larry Kudlow speaks to the media at the White House in Washington

By Doina Chiacu and David Lawder

WASHINGTON (Reuters) – Top White House economic adviser Larry Kudlow said on Friday that a Dec. 15 deadline is still in place to impose a new round of U.S. tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going.

With about a week to go before the deadline amid “intense” negotiations, Kudlow said Trump would make the final decision on the import tariffs, which would hit Chinese-made cellphones, laptop computers, toys and clothing.

“There’s no arbitrary deadline here … but that fact remains December 15 is a very important date with respect to a no-go or go-on tariffs,” Kudlow, the director of White House’s National Economic Council, told CNBC. “It’s going to be totally up to POTUS (the U.S. president). But December 15th is an important date.”

China earlier on Friday said it will waive import tariffs for some soybeans and pork shipments from the United States, contributing to a more positive tone in financial market sentiment about the talks.

Kudlow, speaking to reporters at the White House, described the waivers as “good mood music” for the negotiations between the world’s two largest economies.

Washington and Beijing are trying to reach agreement on a ‘phase one’ trade deal that would cool a 17-month trade war that has roiled financial markets, disrupted supply chains and weighed on global economic growth.

China has demanded that some of the existing U.S. tariffs imposed on about $375 billion worth of its exports be removed, in addition to cancellation of the Dec. 15 tariffs on some $156 billion of its remaining exports to the United States.

Trump has demanded that China commit to specific minimum purchases of U.S. agricultural products, among other concessions on intellectual property rights, currency and access to China’s financial services markets.

“We’ve all learned that if he is not satisfied with these talks … then he would not hesitate to increase tariffs,” Kudlow told Bloomberg Television.

Kudlow said the two sides have talked almost daily, but there are currently no plans for in-person talks or a signing ceremony between Trump and Chinese President Xi Jinping.

“None of those decisions have been made … let’s get a deal first and then we’ll figure out how, when and where they’ll do the signing.”

Trump struck an upbeat tone on Thursday even after Chinese officials reiterated their stance that existing tariffs must come off as part of an interim deal to de-escalate the U.S.-China trade war.

Financial markets have been bouncing up and down for weeks on shifts in rhetoric about the trade negotiations. On Friday, the mood was positive, helped by a strong jobs report and the more positive tone from Trump.

At midday, the major U.S. stock indexes were all up around 1%, nearing the record highs they touched last week.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.