In view of analysts at Danske Bank, sentiment regarding positive news on a China-US trade deal remains sour with US Commerce Secretary Wilbur Ross repeating that a trade deal is unlikely to emerge after a possible meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit in Osaka later this month.
Key Quotes
“As the US is collecting billions in tariffs, Trump said he is in no rush to reach a deal with China and “it doesn’t matter” if Xi agrees to meet him at the G20 summit.”
“Meanwhile, trade war escalation continued on other fronts as India imposed higher tariffs on 28 US goods in response to Washington’s withdrawal of key trade privileges for New Delhi. The US goods affected by the newest Indian tariffs are iron and steel products, tube and pipe fittings, etc. The increase also hit food.”
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