Walmart posts strong results ahead of holidays, earns praise from Trump By Reuters


© Reuters. A customer pushes a shopping cart at a Walmart store in Chicago

By Nandita Bose

WASHINGTON (Reuters) – Walmart Inc (N:) posted strong results on Thursday as a strong economy boosted purchases at its stores and website and the retailer picked up market share in food and other groceries, earning praise from U.S. President Donald Trump.

The world’s largest retailer has now posted a 21-quarter, or more than five-year, streak of U.S. growth, unmatched by any other retail chain. Its shares rose 1.9 percent in early trade, and helped lift other retailers, including Target Corp (N:) and Macy’s Inc (N:).

Trump used Walmart’s performance to say U.S. tariffs, imposed by his administration on imports from China, have had little impact on consumers.

“Walmart announces great numbers. No impact from Tariffs (which are contributing $Billions to our Treasury)…,” Trump said in a tweet.

Consumer spending going in to the crucial holiday season remains healthy, Chief Financial Officer Brett Biggs told Reuters in an interview on Thursday. Retailers earn a sizeable chunk of their annual revenue during November and December.

“The consumer remains in pretty good shape, employment situation is good, fuel prices are low … wage growth is pretty good,” he said.

Walmart has also managed to minimize the impact from U.S. tariffs on Chinese imports, Biggs said. “I think we’ve muted the impact (of tariffs) pretty well up to this point.”

The retailer gets 56% of its revenue from food and grocery sales, which allows it to manage the pressure from tariffs better than many rivals, analysts said.

Earlier this week, Trump dangled the prospect of completing an initial trade deal with China “soon,” but offered no new details on negotiations.

In October, Walmart said its chief executive for U.S. operations, Greg Foran, who was responsible for turning around the business, will leave the company and be replaced by the head of its Sam’s Club warehouse chain unit, John Furner.

The U.S. business has “a lot of momentum,” Furner, who took charge on Nov. 1, told reporters on Thursday. His priority is to maintain that pace until the end of the holiday season, he added.

The company is focused on spreading out sales during this year’s compressed holiday season, instead of focusing on a few big days, executives said.

Online sales rose 41%, higher than the previous quarter’s increase of 37 pct and greater than the company’s expectation of 35%.

“Our strength is being driven by food, which is good, but we need even more progress on Walmart.com with general merchandise,” CEO Doug McMillon said in a statement.

Food typically has lower margins and does not drive online profitability, which has continued to suffer for the retailer.

Operating income fell 5.4 percent to $4.7 billion as a result of ongoing investments in e-commerce including faster delivery.

Losses at the U.S. e-commerce business could rise to about $1.7 billion this year from $1.4 billion in 2018, according to estimates from Morgan Stanley (NYSE:).

U.S. e-commerce chief Marc Lore said improving operating profitability is a key area of focus for the company.

Sales at U.S. stores open at least a year rose 3.2%, excluding fuel, in the quarter ended Oct.31. Analysts estimated growth of 2.9%, according to IBES data from Refinitiv.

Adjusted earnings per share increased to $1.16 per share, beating expectations of $1.09 per share.

Walmart forecast earnings per share, including the impact from its acquisition of Indian e-commerce retailer Flipkart, to increase “slightly” from a year ago.

Total revenue rose 2.5 percent to $128 billion.



Oil Ends a Little Lower as Trump Offers Little On China By Investing.com


© Reuters.

Investing.com – Crude prices settled a little lower on Tuesday as oil bulls fought to keep the market above key support after President Trump disappointed traders again over “phase one” of the U.S.-China deal.

Equity to oil and forex to bond dealers had expected Trump’s luncheon address to the New York Economic Club to yield clues on the timing and location for the agreement between the president and Chinese leader Xi Jinping. But Trump offered neither.

Bulls, who initially held up prices of West Texas Intermediate and London’s Brent, the respective benchmarks for U.S. and U.K. crude, relented at the close, letting them slip.

settled down 8 cents at $56.80 per barrel.

also closed down by 8 cents at $62.10.

Bulls have been trying to keep the U.S. crude benchmark at $57 while defending its London peer above $62.

Trump said the phase-one deal with China “could happen soon, but we will only accept the deal if it is good for the United States, and our workers and our great companies”. It was something traders had heard many times before from him.

The president also said no country “cheated” more than China on trade, adding that he was “not saying it on record … only to the cameras here.”

Oil was pressured too on Tuesday by expectations that U.S. crude inventories rose again last week, climbing by 1.6 million barrels after the previous week’s jump of nearly 8 million barrels.

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.

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Gold Prices Test Lows Again as Market Awaits Trump Speech By Investing.com


© Reuters.

Investing.com — Gold prices edged lower on Tuesday ahead of a keynote speech by President Donald Trump at 12 PM ET (1700 GMT) that is widely expected to set the tone for risk appetite this week.

Trump is due to address the Economic Club of New York in a speech that should enlarge on his thoughts about the trade dispute with China and – more immediately – whether his administration will decide whether or not to impose import tariffs on European autos. The official deadline for that latter decision is Wednesday.

European Commission President Jean-Claude Juncker and Commerce Secretary Wilbur Ross both raised hopes that tariffs would be avoided with comments last week. As such, the reaction function of haven assets may be skewed to the upside, given that consensus is for an outcome that would be bullish for risk assets.

By 10:55 AM ET (1555 GMT), for delivery on the Comex exchange were down 0.4% at $1,451.35 a troy ounce, having earlier again tried and failed to break out below the $1,450 level.

was down 0.3% at $1,450.99 an ounce.

There was little support from the bond market. Short-dated Treasuries, the most liquid alternative haven, have all but priced any further interest rate cuts from the Federal Reserve in December out of the equation. U.S. yields were flat at 1.67%. A rise of nearly 30 basis points in two-year yields since early October has greatly enhanced bonds vis-à-vis non-yielding gold.

Silver also extended its recent losses, the contract falling 0.8% to $16.67 an ounce, while fell 1.2% to $869.80.

“The mood toward precious metals has darkened significantly in the last two weeks,” said Commerzbank (DE:) strategist Christoph Geyer in a research note. “Important support levels and trends have been broken. It’s no longer a question of when new highs will be made, but whether the next support level can be held.”

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.



Trump Expected to Delay Tariffs on Imported European Vehicles By Bloomberg



(Bloomberg) — The Trump administration may punt on a decision on whether to slap tariffs on European automobiles as efforts of German automakers to highlight their new investments have helped in the talks, people familiar with the White House deliberations said.

In May, President Donald Trump gave himself a deadline of mid-November to decide whether to impose levies on cars and auto parts from the European Union. The EU threatened to retaliate with tariffs on $39 billion of American goods if the president carried out his threat.

Trump is expected to extend this week’s deadline again, according to people familiar with the plans, but the president has not yet made a final decision.

The White House declined to comment on Monday.

Commerce Secretary Wilbur Ross, in an interview with Bloomberg TV earlier this month, signaled that a postponement was likely.

“Our hope is that the negotiations we’ve been having with individual companies about their capital investment plans will bear enough fruit that it may not be necessary to put the 232 fully into effect, may not even be necessary to put it partly in effect,” said Ross, referring to the national-security investigation under Section 232 of a 1962 trade law.

Trump won’t impose the tariffs, European Commission President Jean-Claude Juncker told German newspaper Suddeutsche Zeitung last week. A 25% U.S. levy on foreign cars would add 10,000 euros ($11,000) to the sticker price of EU vehicles imported into the country, according to the Brussels-based European Commission, the bloc’s executive arm.

Last year, Trump infuriated European leaders by declaring American imports of steel and aluminum a security threat and imposing levies of 25% and 10%, respectively, on shipments from around the world, including the EU. That prompted the bloc to retaliate with tariffs on American goods such as Harley-Davidson Inc (NYSE:) motorcycles, Levi Strauss (NYSE:) jeans and bourbon whiskey.

U.S. tariffs on European cars and auto parts would mark a significant escalation of transatlantic tensions because the value of EU automotive exports to the American market is about 10 times greater than that of the bloc’s steel and aluminum exports combined. As a result, European retaliatory duties would target a bigger amount of U.S. exports to Europe.

The Trump administration has reached separate agreements with other foreign auto-producing nations like Mexico, Canada and Japan to prevent the U.S. from imposing tariffs on their imported vehicles.

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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Asia shares turn sluggish ahead of Trump speech By Reuters



By Wayne Cole

SYDNEY (Reuters) – Asian share markets got off to a sluggish start on Tuesday amid uncertainty over both the Sino-U.S. trade talks and the domestic political situation in Hong Kong.

MSCI’s broadest index of Asia-Pacific shares outside Japan () eased 0.05%, following a sharp 1.2% pullback on Monday.

Japan’s Nikkei () dithered either side of flat, while South Korean stocks () inched up 0.3%. E-Mini futures for the S&P 500 () was off 0.1% in quiet trade.

Caution ruled ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal.

Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China.

On a more positive note, Politico reported Trump would announce this week that he is delaying a decision on whether to slap tariffs on imported European Union autos for another six months.

Investors were also eyeing the situation in Hong Kong after a violent escalation of protests knocked nearly 2% off Asia-exposed banks HSBC (L:) and StanChart (L:).

A partial holiday in the United States closed the Treasury market on Monday and made for a quiet session on Wall Street. The Dow () ended up 0.04%, while the S&P 500 () lost 0.20% and the Nasdaq () 0.13%.

Shares of Boeing Co (N:) jumped 4.5% after saying it expected U.S. regulators to approve the return to commercial service of its grounded 737 MAX jet in the coming weeks, and expects commercial service to resume in January.

In currency markets, the main action was in sterling which hit a six-month high on the euro after the Brexit Party said it would not contest previously Conservative held seats in the UK election.

In a significant boost for Prime Minister Boris Johnson ahead of the Dec. 12 election, Brexit Party leader Nigel Farage said he did not want anti-Brexit parties to win, so was standing down candidates in seats won by the Conservatives in 2017.

The pound reached 0.8582 per euro (), and firmed to $1.2864 having risen 0.6% overnight.

The dollar also eased back elsewhere, dipping to 98.210 on a basket of currencies ().

The euro edged up to $1.1035 () and away from a three-week low of $1.1015, while the dollar faded to 109.02 yen .

suffered a third day of declines, to touch its lowest since early August at $1,447.89 per ounce .

Oil prices edged lower as the lack of progress on U.S.-China trade negotiations kept prices pressured, though bullish inventory data offered some support. [O/R]

U.S. crude () lost 22 cents to $56.64 a barrel, while Brent crude () futures were yet to trade.

Graphic: Asian stock markets (https://product.datastream.com/dscharting/gateway.aspx?guid=516bc8cb-b44e-4346-bce3-06590d8e396b&action=REFRESH)

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.



Trump says China trade talks moving along nicely, but deal has to be right By Reuters


© Reuters. Containers are seen at the Yangshan Deep Water Port in Shanghai

WASHINGTON (Reuters) – U.S. President Donald Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right deal for America.

Trump told reporters at Joint Base Andrews before leaving for a visit to Tuscaloosa, Alabama, that the talks had moved more slowly than he would have liked, but China wanted a deal more than he did.

“The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it’s not a great deal, I won’t make it,” he said.

“I’d like to make a deal, but it’s got to be the right deal,” he said.

“China very much wants to make a deal,” Trump added. “They’re having the worst year they’ve had in 57 years. Their supply chain is all broken, like an egg, they want to make a deal, perhaps they have to make a deal, I don’t know, I don’t care, that’s up to them.”

Trump said there had been incorrect reporting about U.S. willingness to lift tariffs, which he said had brought in tens of billions of dollars for the United States and soon “literally hundreds of billions of dollars.”

“There was a lot of incorrect reporting, but you will see what I’m going to be doing,” he said.

“There’s a difference on tariffs, but we can always get tariffs,” he said.

“The level of tariff lift is incorrect,” Trump said in reference to news reports. He did not elaborate.

Officials from both countries said on Thursday that China and the United States had agreed to roll back tariffs already in place on each others’ goods in a “phase one” trade deal to end a damaging trade war, but the idea has been met with stiff opposition within some quarters of the Trump administration.

On Friday, Trump, in comments that hit stock prices and the dollar, said he had not agreed to a tariff rollback. “I haven’t agreed to anything,” he told reporters then.

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.



U.S. Dollar Rises as Trump Says He is Undecided on Tariff Rollbacks By Investing.com


© Reuters.

Investing.com – The U.S. dollar was higher on Friday as U.S. President Donald Trump confirmed that he plans to sign a trade deal with China, but had not yet decided if he would roll back tariffs.

China had stated Thursday that the two nations had agreed to phase out tariffs as part of the anticipated phase one trade agreement.

Trump said on Friday that he would not fully roll back tariffs, but that a deal could be signed with Chinese President Xi Jinping in Iowa by the end of the month, adding that China wants to make a deal.

The , which measures the greenback’s strength against a basket of six major currencies, jumped 0.2% to 98.180 as of 10:30 AM ET (14:30 GMT).

The safe haven Japanese yen was higher with down 0.1% to 109.17.

Elsewhere, sterling was flat just a day after the Bank of England left its key interest rate unchanged at 0.75% and cut its growth forecasts. was steady at 1.2809.

The euro continued to trade lower, with slipping 0.3% to 1.1019 after forecasts from the European Commission lowered expectations for any kind of stimulus in the struggling bloc.

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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China Reviews Xi’s Options to Visit U.S. to Ink Trump Trade Deal By Bloomberg



(Bloomberg) — Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. 

China is reviewing locations in the U.S. where President Xi Jinping would be willing to meet with Donald Trump to sign the first phase of a trade deal between the world’s two largest economies, people familiar with the plans said.

Officials in Beijing had hoped that if Xi traveled to the U.S. to sign stage one of the agreement it would be as part of a state visit, but they’re open to having him go even if it isn’t, people familiar with the matter said. No final decision has been made, said a Chinese official, who asked not to be named discussing the private negotiations.

Chinese Premier Li Keqiang on Monday met a U.S. delegation that included National Security Adviser Robert O’Brien and U.S. Commerce Secretary Wilbur Ross at a regional summit in Bangkok.

Before meeting Li, Ross told a morning business forum that the U.S. was “very far along” with “phase one” of a trade deal with China. Earlier, Trump told reporters that a trade agreement, if completed, would be signed somewhere in the U.S.

“We’re relatively close to an agreement,” O’Brien told reporters in Bangkok on Monday, adding that Trump invited Xi to the U.S. if the two sides are ready to sign the phase one agreement. “I’m cautiously optimistic about it.”

In an interview with Bloomberg on Sunday, Ross expressed optimism the U.S. would conclude an initial agreement with China this month before working on additional phases. He also said licenses would be coming “very shortly” for U.S. firms to sell components to China’s Huawei Technologies Co.

U.S. equity futures advanced along with stocks worldwide on signs that trade tensions are easing. China’s offshore strengthened as much as 0.27% to 7.0227 per dollar on Monday, at one point breaking through its 100-day moving average for the first time since May.

Ross called the phase one agreement “particularly complicated” and said the U.S. was “making sure that each side has a very correct and clear, detailed understanding of what each side has agreed to.” Iowa, Alaska, Hawaii and locations in China were all possible places for Trump and President Xi Jinping to sign the deal after the cancellation of this month’s Asia-Pacific Economic Cooperation summit in Chile.

“We’re in good shape, we’re making good progress, and there’s no natural reason why it couldn’t be,” Ross said. “But whether it will slip a little bit, who knows. It’s always possible.”

Downgraded Delegation

Ross and National Security Adviser Robert O’Brien are leading a downgraded American delegation to meetings hosted by the 10-member Association of Southeast Asian Nations in Thailand. Ross said Monday that the Trump administration remained “fully committed” to the Indo-Pacific region, amid questions over U.S. strategy fueled by the president’s absence.

Asian leaders were separately expected to announce a breakthrough on another trade pact, the China-backed Regional Comprehensive Economic Partnership, at the end of the meetings. It remained uncertain whether the pact would include India, which jeopardized it with last-minute requests.

Ross in the interview downplayed the significance of RCEP, which would lower tariffs in an area that represents roughly a third of the global economy, and defended U.S. engagement in Asia after Trump skipped the Asean meetings for a second straight year.

No Trump or Pence in Bangkok Has Asia Questioning U.S. Strategy

Contentious issues remain and the terms aren’t yet known, but RCEP would at least partly fill a trade gap left by Trump’s 2017 withdrawal from the Trans-Pacific Partnership. Southeast Asia collectively has the world’s fifth largest economy and has struggled to wade through the economic fallout of U.S.-China trade tensions.

‘Constructive’ Call

Top American and Chinese negotiators both spoke on the phone Friday and described the talks as “constructive” as they look to lower tensions in a trade war that has roiled global growth. On Saturday after the call, Chinese state media reiterated the nation’s core demands, including the removal of all punitive tariffs.

The deal would see China increase purchases of U.S. agriculture products, keep its currency stable and open financial services markets to American firms. In return, Beijing wants the U.S. to do away with new import taxes due to take effect Dec. 15 on goods including smart-phones.

Ross remained non-committal on whether the Trump administration would suspend the December tariff hike. He also said further phases of the deal would depend on things involving legislation on the part of China and an enforcement mechanism.

Asked about a potential meeting between Xi and Trump, Chinese foreign ministry spokesman Geng Shuang repeated that the two are in “in touch by various means” at a regular briefing in Beijing on Monday.

Chinese officials have cast doubts about reaching a comprehensive long-term trade deal even as the two sides close in on the phase one agreement, Bloomberg reported last week. China has stated for months that a final deal must include the removal of all punitive tariffs, and has balked at reforms in areas such as state-run enterprises that could jeopardize the Communist Party’s grip on power.

Trump has placed dozens of Chinese firms on the Commerce Department’s “entity list,” hampering their ability to purchase American software and components. It first targeted Huawei in May for national security reasons, and last month added 28 more companies including artificial intelligence giants SenseTime Group Ltd., Megvii Technology Ltd. and Hangzhou Hikvision Digital Technology Co.

Awaiting Licenses

Entities on the list are prohibited from doing business with American companies without being granted a U.S. government license, although some have maintained relationships with banned companies through international subsidiaries. China’s government has signaled it will hit back over the blacklist, and the companies have denied wrongdoing.

The blacklist is also hurting American companies that do business with China, and particularly Huawei. Trump said in June after meeting with Xi in Japan that he’d “easily” agreed to allow American firms to continue certain exports to Huawei, and weeks later Trump said he’d accelerate the approval process for licenses.

How Blacklisting Companies Became a Trade War Weapon: QuickTake

Still, none have been granted so far. The president as recently as this month green-lit the approval of licenses in a meeting with advisers, according to people familiar with the matter, but an announcement has yet to be made.

Ross on Sunday said the licenses “will be forthcoming very shortly,” noting that the government received 260 requests.



Trump blasts Fed after rate cut, says hurting U.S. competitiveness By Reuters



WASHINGTON (Reuters) – U.S. President Donald Trump on Thursday launched a broadside attack on the U.S. Federal Reserve and its chairman, Jerome Powell, saying the central bank’s policies were hurting U.S. competitiveness.

“The Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is,” Trump said on Twitter, adding that interest rates in the United States should be lower than Germany, Japan “and all others”.

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.



Trump reinstates duty-free trade for some Ukrainian goods, suspends it for some Thai goods By Reuters


© Reuters. U.S. President Trump leaves Air Force One after returning from South Carolina

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday reinstated duty-free trade for certain items from Ukraine, but suspended it with Thailand.

In a presidential proclamation, Trump said he had previously suspended duty-free treatment for certain Ukrainian goods because Ukraine was not adequately protecting intellectual property rights, but he was now lifting the suspension because the country had made progress on that front.

The U.S. Trade Representative’s office said the end to the suspension affected about a third of the $36 million in trade benefits that had originally been removed for Ukraine.

In a separate letter written to U.S. House of Representatives Speaker Nancy Pelosi and the president of the Senate, Vice President Mike Pence, Trump said he had suspended duty-free treatment of certain Thai products because the country had not taken steps to “afford workers in Thailand internationally recognized worker rights.”

The USTR’s office said the move amounted to a suspension of $1.3 billion in trade preferences for Thailand under the Generalized System of Preferences (GSP) program.

The suspension, which goes into effect in six months, will affect about a third of Thailand’s products included in the trade program. Duty-free treatment will be revoked for all Thailand’s seafood exports to the United States over labor issues, the USTR’s office said.

The United States was also opening reviews of its duty-free treatment for certain products from South Africa over intellectual property issues and Azerbaijan over workers’ rights concerns, the USTR’s office said in a statement.

Separate reviews concerning goods from Bolivia, Iraq and Uzbekistan were closed without changes to their treatment, the USTR’s office said.

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.