US-China trade talks resume August 21 | IFCM Germany
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US-China trade talks resume August 21

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Global trade prospect uncertainties after the US doubled steel and aluminum tariffs on imports from Turkey causing Turkish lira crisis overshadowed volatile global equities market last week. Tensions eased after China agreed to send a delegation to the US to resume trade talks this week.

The SP 500 ended 0.6% higher for the week while the ICE dollar index slipped 0.2%. 2 The broad US stock market recorded the biggest gain last week on Thursday as the SP 500 rose 0.8% against the background of 24.8% growth in companies’ earnings in the second quarter. The dollar weakened every session last week except Tuesday and Wednesday. 3 Easing of trade war concern had a dampening effect on US dollar demand with ICE index dollar turning 0.1% lower Thursday after Wednesday news China’s delegation will resume trade talks in Washington on August 21 - ahead of August 23 when US tariffs on some $16 billion of Chinese imports are set to be enacted.

The Kansas Fed-sponsored two day annual global central bank conference starting Friday will be the second closely watched economic event this week besides the resuming US-China trade talks. While the trade negotiations are not expected to produce breakthrough results as they won’t be held between high officials, officials are also working on a road map to reach some sort of a deal that would lead to a summit between President Trump and Chinese leader Xi Jinping in November.

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