According to Seeking Alpha, top U.S. and Chinese trade officials reportedly will discuss plans today for China to buy more U.S. farm products, but in return, China wants cancellation of some planned and existing U.S. tariffs on Chinese imports.
U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steve Mnuchin and Chinese Vice Premier Liu He plan to speak by telephone today, Reuters reports, as the two sides try to hammer out the text for a “Phase 1” trade deal announced earlier this month by President Trump.
So far, Trump has only agreed to cancel the Oct. 15 increase in tariffs on $250B in Chinese goods, but Beijing is expected to ask Washington to drop its plan to impose tariffs on $156B worth of Chinese goods plus 15% tariffs imposed on Sept. 1 on $125B of Chinese goods.
This could be important for next Trump election “note” and for market of course. The major indices are near strong resistances and if there would be a next step in trade deal it would be probably positive for markets. On the other hand, if the negotiations failed it could cause damage for markets.