The trade war is over — and China won, says HowardRGold
In a meeting on the sidelines of the G-20 summit in Osaka, Japan, President Donald Trump and Chinese President Xi Jinping agreed to resume trade talks that had broken down in May.
Why? Because it shows the president won’t go to the wall to fundamentally change the U.S.’s trade relationship with the world’s second-biggest economy. The Chinese president has clearly calculated his American counterpart is unwilling to do anything that would threaten his support among key constituencies, like farmers, as the 2020 election looms.
Wall Street has long expected a truce in which the U.S. agreed not to add new tariffs to the $250 billion a year on which it now imposes a 25% levy, but the big concessions on Huawei were clearly not in the market. That should give this bull market a new shot of adrenaline. I expect the S&P 500 index SPX, +0.77% and Dow Jones Industrial Average DJIA, +0.67% to continue to hit new highs in coming weeks.
“To be blunt about it, I think the Chinese will see the United States as having blinked a bit,” former Australian Prime Minister Kevin Rudd told CNBC’s “Squawk Box” Monday morning. “I think the takeout message from Osaka will be…President Trump really wants a deal,” the China expert and fluent Mandarin speaker concluded.
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