Fresh doubts over US-China trade agreements
- 1 month ago
Following Trump and Xi-Jinping’s agreement on trade issues markets were re-vamped, however a fresh wave of uncertainty has put investors sentiment on hold.
Starting with the Qualcomm-NXP trade which according to Trump was brought back to life.
Qualcomm in a statement released on Monday stated they had no intentions of further pursuing the acquisition of Dutch company NXP semiconductors.
Nor did Chinese officials mention anything in regards to the deal at their news conference stating the new trade agreements with Washington.
The timeframe of the schedule itself which was announced to be within 90 days still hasn’t been confirmed by neither party.
Chinese Vice Commerce Minister, Wang Shouwen did indeed confirm the plans to reduce the 25% tariff on Chinese products however did not specify on any timeframe.
The Chinese ambassador to the U.S. Cui Tiankai actually hinted on Monday that the negotiation might take less than 90 days due to the upcoming holiday season.
The claim that China would agree to purchase a considerable amount of energy, agricultural and industrial products from the U.S. has also come under doubt as the exact details have not been disclosed and China has not made any mention on the specifics nor when it plans to begin the purchasing of said goods.
According to Treasury Secretary Steve Mnuchin China has offered a commitment of $1.2 trillion on trade, that again has come under scrutiny as White House economic advisor Larry Kudlow stared the figure was more of a benchmark and the Chinese once again have not confirmed any of the statements made by the Secretary or Kudlow.
Source: Smart Trend Team