China's president promises to cut auto import tariff

Shares were mixed in Asia on Wednesday trading in a narrow range after overnight gains following conciliatory comments on trade

"I think we're going to make deals with a lot of countries that have taken advantage of us", the President added.

President Xi Jinping set the stage Tuesday for a possible effort to resolve a worsening clash with Washington over technology and trade by promising to cut auto import taxes, improve intellectual property protection and boost imports. "Xi's apparent desire to balance out his country's worldwide payments is clearly great news for countries and companies selling goods to China".

Trump has also said the ongoing trade dispute may generate "a little pain" in the short term, including big losses on Wall Street.

The comments from both countries followed a week of escalating tariff threats sparked by US frustration with China's trade and intellectual property policies, worrying financial markets over potential damage to global growth.

Xi didn't mention Trump or the United States by name in his speech.

U.S. Agriculture Secretary Sonny Perdue said on Monday that the United States would protect farmers from the "the brunt of Chinese retaliation as we defend our own interests".

"President Xi and I will always be friends, no matter what happens with our dispute on trade", Trump tweeted Sunday.

Larry Kudlow, the new director of the National Economic Council, said the tariff threats are part of a negotiating tactic created to pressure China to end unfair trade practices. The U.S. hasn't said when the duties will take effect.

"Oil prices have been susceptible to the brewing trade tensions between China and the U.S. However, fundamental support levels have been demonstrated with OPEC's suggestion on a production limit extension into 2019", said Singapore-based Phillip Futures.

The United States is not expected to apply its tariffs at least until June, according US Trade Representative Robert Lighthizer, White House chief economic adviser Larry Kudlow and other senior officials.

Shares were mixed in Asia on Wednesday trading in a narrow range after overnight gains following conciliatory comments on trade by Chinese Presiden

While White House officials have offered similar re-assurances in recent weeks, new threats and counter-threats have increased fears; the Dow Jones industrial average fell 572 points on Friday.

"This is a problem caused by China, not a problem caused by President Trump", Kudlow said on "Fox News Sunday".

The China trade issues should be handled in "a much more calculated way", Crowley said.

Investors were unnerved by the latest broadside from the volatile US President and by China's strident response, which saw Beijing vowing that it would stand firm "until the end at any cost".

Hours later, China responded with plans for up to $3 billion of tariffs on US goods.

Xi promised to cut auto import taxes, open China's markets further and improve conditions for foreign companies in a speech Tuesday that called for worldwide cooperation against a backdrop of a spiraling dispute with Washington over trade and technology.

China has pledged to "counterattack with great strength" if Trump decides to follow through on his latest threat to impose tariffs on an additional $100 billion in Chinese goods - after an earlier announcement that targeted $50 billion.

Trump asked, "Does that sound like free or fair trade".

Zhang Yuyan, a researcher at the Chinese Academy of Social Sciences, a government think tank, said China was unlikely to sell off its holdings of U.S. Treasuries as a tactic in the trade dispute. "They must end unfair trade, take down barriers and charge only Reciprocal Tariffs".

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