China ministerial trade talks to start

Galtero Lara
Octubre 10, 2019

The Chinese delegation, headed by Vice Premier Liu He, is planning to leave Washington on Thursday after just one day of minister-level meetings, the report said. Led by Chinese Vice Premier Liu He and United States trade representative Robert Lighthizer, the meetings have been a source of anxiety for investors.

Liu is still set to leave on Friday evening, CNBC said, citing a US official.

Dow futures fell by 300 points nearly immediately, with futures on the S&P and the Nasdaq Composite each taking a 1 percent hit.

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However, the White House denied that Liu planned to leave Washington on Thursday. Asian exchanges also responded with alarm, with the Nikkei slipping more than half a percentage point, and similar drops on Mainland China's Shanghai Composite and Hong Kong's Hang Seng Index. The happier news pared some of the losses on United States and Asian markets alike.

Currently, the Trump administration is looking at introducing this previously agreed upon currency accord with China as part of the trade deal that could also see a tariff increase suspended next week, Bloomberg reported, citing sources familiar with the matter. Bringing back the agreement could be an early sign US-China relations are warming up after over a year of tariff wars.

On Thursday and Friday, Beijing and Washington are set to engage in the next round of trade talks led by Vice-Premier Liu He on the Chinese side and Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin on the USA side. It remains to be seen what deals - or lack of them - might result, however for the moment it appears markets have settled on a cautious optimism.

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