$SOY, $USD, $CNY
FLASH: “…productive talks, I will be delaying the US increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement. A very good weekend for US & China!”
The US and Chinese negotiators met Saturday to resolve their trade dispute and avoid an escalation of the tariffs that have hammered the Chinese economy and has its financial markets deep in Bear territory.
The 2 sides met again Sunday morning as they move to seal an agreement before a 1 March deadline set down by President Trump, who will dramatically hike tariffs on Chinese goods unless there is a deal.
Last weeks Key talks were extended through the weekend after both sides reported progress in narrowing their differences.
The Chinese delegation is scheduled to leave for Beijing Monday.
President Trump’s “America First” policy is aimed at re-balancing global trade in favor of the United States, said on Friday there was “a very good chance” a deal would be struck, and that he is inclined to extend his 1 March tariff deadline and meet with Chinese President Xi soon after the Summit with NKorea’s Chairman Kim in Mar a Lago
Extending the deadline would mean putting on hold a scheduled increase in tariffs to 25% from 10% on $200-B of Chinese imports into the United States.
President Trump and Treasury Secretary Steven Mnuchin said the US and Chinese officials had reached an agreement on currency issues, but did not give details.
China has also committed to buy an additional 10-M tonnes of US soybean and a whole lot of US rice.
The US major stock market futures are marking higher in here and all of the major indexes are Bullish now.
Have a terrific week.