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The ‘phase one’ of the United States’ trade deal with China might not be completed before the end of the year, Reuters reported citing people close to the White House and experts on  trade on Wednesday.

“If talks are really going well, that hike will be suspended,” Christian Whiton, a senior fellow for strategy and trade at the Center for the National Interest, and a former Trump and George W. Bush administration adviser, told Reuters.  “If not, the U.S. will implement them and that will throw the game into next year.”

The initial market reaction weighed on the market sentiment and the 10-year US Treasury bond yield was last down 2.3% on the day at 1.743%.