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On Thursday, the Chinese Ministry of Commerce told that China doesn’t want further escalation of trade contradictions with America during the last round of negotiations, which ended on the weekend. As a m a matter of fact, the sides managed to achieve some progress.
The leading Asian country expressed its willingness to ramp up the volume of imports from the United States in the framework of negotiations on cutting the trade deficit of the US in the amount of $375 billion and also easing the tension provoked by the trade dispute.
According to some sources, Donald Trump had discussed the proposal of the Chinese authorities to spur the import of agricultural products as well as energy from the USA by up to $ 70 billion with the trade advisors, although it’s not clear whether this transaction is going to be sufficient to avert a trade conflict or not.
The US leader threatened to impose tariffs on Chinese exports of about $150 billion on the background of another dispute having to do with the protection of intellectual property.
Additionally, the administration told that the final list of goods that will be subject to tariffs will be uncovered next week and that the US Treasury considers limiting Chinese investments in the USA.
Gao Feng, the official spokesman for the Ministry of Commerce, told that the Sunday negotiations of US Secretary of Commerce Wilbur Ross as well as Vice Premier of the State Council Liu He in Beijing came with a detailed discussion of the issues of energy trade and agriculture, although he didn’t confirm that Beijing made a proposal for about $70 billion.
Moreover, Gao added that that the negotiations generated some progress, and repeated that Beijing is willing to spur imports from America, but he didn’t provide further details.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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