China wants to resolve the trade conflict with the US through "calm" negotiations.
The trade dispute between the US and China escalated sharply on Friday as both countries are trying to impose more tariffs on each other's exports.
After China imposed a tariff on $75 billion worth of US goods on Friday, Donald Trump reciprocated with an additional tariff on $550 billion of targeted Chinese goods.
China’s Vice Premier Liu He said in a tech conference that the trade war is not benefitting anyone.
He also said that China is willing to resolve the issue between the US and China through a calm attitude.
Moreover, Mr Liu said that enterprises from all over the world, including the US, are welcomed to invest and operate in China. They will be treated well, he added.
Global stock markets reeled on Monday after the latest measures, while China's yuan currency fell to a fresh 11-year low. Investors streamed into the safe harbours of sovereign bonds and gold.
Oil Prices Fell on Monday
Oil prices fell on Monday as the US crude moved to its lowest level in more than two weeks following the intensifying trade conflict knocked between the US and China.
Brent crude dropped by 1.1% to $58.71 a barrel this morning.
Similarly, US oil went down by 1.3%, to $53.49 a barrel.
Concerns about a global recession are being fanned by the escalating trade tensions between the US and China.
The oil markets can revive again this week only if both the US and China decide to talk and mutually take a step back with the additional tariffs on their respective goods.
The Federal Reserve’s chairman, Jerome Powell revealed that the US economy is rather stable and the Fed will "act as appropriate" to keep the current economic expansion on track.
Separately, the Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included U.S. oil for the first time in its tariff moves.
Gold Prices Gain
Gold prices rose this morning in the Asian market.
Gold Futures for December delivery went up by 1% at $1,552.90 on the Comex division of the New York Mercantile Exchange.
The announcement of additional tariffs to be imposed by China and the US-led to that gain.
Moreover, the Federal Reserve cut interest rates last month by 25 basis points. The current situation in the US is prompting markets analysts to expect a similar reduction by the Central Bank in September.