Recently, Liu He (Chinese Vice Premier) spoke with Steven Mnuchin (Treasury Secretary) and Robert Lighthizer (U.S. Trade Representative) regarding a phase-one trade contract, as per to Chinese Ministry of Commerce. The two parties had “positive discussions” concerning “each other’s major apprehensions” and approved to stay in close contact, the ministry reported. Larry Kudlow—White House’s Economic Advisor—said that Beijing and Washington were very close to a deal. During the event of CFR (Council on Foreign Relations) in Washington, Kudlow said, “We are getting close to sort out things. The sentiments are pretty good and that has not always been so in such things.”
The Dow (Dow Jones Industrial Average) settled at record highs on changed optimism regarding trade talks following Kudlow’s comments. There have been contradictory reports in relation to the state of trade conciliations in the last few days. The discussions reach a deadlock this week as the U.S. pitched Beijing for greater compromises on IP (intellectual property) rights and obliged technology transfers in switch over for a rollback of levies, sources familiar with the incident said to CNBC. China’s Commerce Ministry stated that tariffs must be canceled so as to end the trade war. Gao Feng—Spokesman for Ministry of Commerce—said, “If both sides attain a phase one deal, the point of tariff rollback will completely reflect the significance of this agreement.”
On a similar note, recently, NASDAQ executive said that a phase one trade contract will present the IPO (initial public offering) market the certainty it is seeking. A phase one trade deal amid the U.S. and China must be enough to eradicate the ambiguity that has eclipsed IPOs this year, stated Robert McCooey—Chairman of NASDAQ Asia-Pacific. Whilst there is still prevalent interest from Chinese firms to list in the U.S., the improbability surrounding the escalated trade war amid the world’s two biggest powerhouses has impacted the public listings this year.
Cynthia is the Global Industry News Business Department Head. She pursued a Master’s Degree in Business Administrations and is working with Global Industry News from last 3 years. She is an experienced entity with a background of a family-owned business. She can craft news on finance, current market trends, marketing, and sales with efficiency. She knows how to handle any critical situation in the department efficiently. Her robust knowledge in the Business world has always helped her to boost her career as a business news writer. Moreover, she shows active participation in all administrative activities of the Global Industry News platform. One can seek guidance from her on any issues related to the share market.