Washington Post: White House downplays progress with China on trade, sinking markets
Stocks sank after the White House denied a report that President Trump had directed aides to draw up a deal to resolve the escalating trade conflict with China.
The Dow Jones industrial average jumped nearly 200 points in early trading before surrendering those gains and sinking an additional 300 points.
Investors were cheered earlier by a Bloomberg News report that Trump has directed his aides to flesh out a bargain for him to bring to his meeting with Chinese President Xi Jinping later this month at the G-20 summit in Buenos Aires. That report came hours after Trump said in a morning tweet that he had a “long and very good conversation” with Xi that included a “heavy emphasis on trade.”
Read more ....
Update #1: Trump’s top economic advisor says the Cabinet was not asked to draw up trade plan for China (CNBC).
Update #2: U.S., China 'not on the cusp' of trade deal: White House adviser (Reuters)
WNU Editor: We will know more on where U.S. - China relations are going after this meeting .... Donald Trump plans ‘meeting plus dinner’ with Xi Jinping after G20 summit in Argentina (Politico).
5 comments:
It should be obvious to consumers of news, that the media has no insight to the Trump admins deliberations on the big issues of the day. Not FT, NYT, WAPO, Bloomberg, WSJ. So anyone who's been paying attention is quite skeptical of these "insider" stories.
You leave me bewildered. It is clear from the posted article that thus far there is no agreement...now why you veer off to the usual denunciation of a set of papers I do not understand. Have those papers stated something otherwise than what is said in this article? If not, what is your point?
Trump's suddenly talking about a big new trade deal with China, but analysts say it's just 'pre-election hype designed to make the markets happy' [Bloomberg]
I lived south of the border when I was young in Brazil.
An overarching concern of the government was trade deficits, so the government restricted imports.
Brazil did not want to be a poor Latin American country.
Obviously, some poor benighted souls in the United States never got that memo and they are still effing 'stoopid' after all these years.
How are you going to run a country with trade deficits decade after decade?
Here is a major hint. If you lose reserve currency status, things will go downhill very rapidly if you continue to have large trade deficits, so you must renegotiate trade deals or have tariffs.
The DNC goons squad is too utterly depraved and imbecilic to understand this.
I was not clear in the title for this post. Sorry. I have corrected it.
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