Asian Markets Mixed; U.S. Reportedly Plans to Delay China Tariffs

Investing.com – Asian markets were mixed on Wednesday morning. Chinese stocks traded higher amid news of a potential delay of American tariffs on Chinese goods.

The Shanghai Composite inched up 0.1% by 10:30 PM ET (02:30 GMT), while the gained 0.4%. Hong Kong’s Hang Seng Index dropped 0.2%.

The Wall Street Journal reported overnight that the U.S. is planning to delay imposing the 15% tariffs on about $160 billion in Chinese goods. The tariffs were previously set to take effect on Dec. 15.

However, White House economic advisor Larry Kudlow said Tuesday following the Journal report that the Dec. 15 tariffs are still “on the table.”

White House adviser Peter Navarro also said he saw no indication that the tariff hike will be averted.

The news came as Beijing and Washington are still trying to reach a “phase one” agreement. U.S. President Donald Trump suggested earlier this month that the deal could wait until after the 2020 election, noting that he has “no deadline” to reach an agreement.

Citing Xiaoping Zhang, Greater China Regional Director for the U.S. Soybean Export Council, Reuters said China has been buying more American soybeans between September and November this year.

The purchase increased 13 times from the same period last year, the article said.

Meanwhile, Japan’s Nikkei 225 fell 0.3%. South Korea’s KOSPI edged up 0.1%.

Down under, Australia’s ASX 200 traded 0.2% higher.

The U.S. Federal Reserve’s interest rate decision is due later in the day stateside. The Fed is expected to leave the rate on hold.

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