US – China trade negotiations
Dear traders,
A Chinese delegation from Beijing, led by Vice Commerce Minister Wang Shouwen, will meet with the US delegation headed by the Treasury undersecretary, David Malpass in Washington. Negotiations should be held on Wednesday and Thursday.
The lower-level trade talks offer financial markets a glimmer of hope that the globe’s two largest economies could end trade tensions.
According to informed sources, the Chinese and the US negotiators are developing a plan to resolve a trade conflict that could lead to a meeting between US President Donald Trump and Chinese President Xi Jinping in November, wrote The Wall Street Journal wrote on Friday.
Since the start of this year, Washington and Beijing have introduced reciprocal duties on each other’s goods. Both countries have already introduced duties on $ 34 billion goods and another $ 16 billion are going to come into effect next week.
Trump has threatened further tariffs on export on Chinese goods worth $ 500 billion to reduce the trade deficit with China and protect the intellectual property rights of US companies.
Recent markets events have shown that China will lose more from the escalation of the trade conflict between the world’s two largest economies. The China’s Shanghai composite index has lost around 20% this year , and the Chinese yuan fell below 7.00 per dollar for the first time in over a decade.
The ongoing weakness in the yuan has prompted speculation that policymakers in Beijing are allowing their currency to weaken in order to compensate the effect of imposing US duties. (Investing.com)
Consider these events when planning your trading day!
Have a good trade, Ladies and Gentlemen!
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