Analysts at Danske Bank point out that the US-China meeting on trade ended without any joint statement, as was the case at the last meeting.
Key Quotes
“Much have happened since then, where it seemed we were headed for a solution at the negotiation table. China has said it will withdraw from its commitments to buy more US backs if the US implements the proposed tariffs on imported goods from China. The US is now fighting the trade war on several fronts: China, EU, Mexico and Canada.”
“The opposition against US protectionism from other countries is also clear form the G7 finance ministers and central bank governors meeting, which concluded this week. But to be fair, it is not only the US against the rest, at the moment it seems more like all against all. The EU has for instance complained to the WTO about China’s technology transfer practice (something the US has also criticised China on).”
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