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Wall Street ended higher following comments from White house economic adviser Larry Kudlow who said a meeting between President Donald Trump and his Chinese counterpart on Saturday was an opportunity to “turn the page” on a trade war.

China’s Vice Premier Liu He said on Tuesday at an economic conference held in Hamburg that protectionist and unilateral approaches on trade would only deepen economic uncertainty, saying no country could emerge as a winner in a trade war. “The history of economic development had proven time and again that raising tariffs will only lead to economic recession and no one ever emerged as a winner from a trade war. Our approach therefore is to seek a negotiated solution to the problems we have on the basis of equality and mutual respect,” he said. Liu added that China’s economy is “on track” to meet the growth target for the full year.
 

France’s Total said on Tuesday that it had started a process to suspend production at a refinery in Normandy due to a strike. It added that deliveries of products from the Grandpuits and Fezin refineries had also been blocked due to strikes.

The president of Petroleum Association of Japan, Takashi Tsukioka, told reporters on Tuesday that Japan are unlikely to load Iranian oil after April 1 without an extension of the country’s current waiver because of the difficulty in making payments before sanctions are reimposed in May. Tsukioka said Japan’s oil loadings from Iran are likely to be heaving in Q1’19, although some fresh shipments might take place around the end of December.

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