In all seriousness though, markets are already resigned to the idea that trade negotiations will drag on for a few more months. All the US has to show for at this point is half a trade deal with the UK and that's about it.
Right now, even close allies to the US aren't able to catch a break. See:
India and US trade talks face roadblocks ahead of tariff deadline - ReutersJapan's Akazawa says Japan cannot accept 25% auto tariffsEU weighs lowering tariffs on US imports to woo Trump - reportMacron: If US 10% tariff stays, Europe will respond by imposing an equivalent on US firms
And with regards to China, I'm not sure what Trump is trying to sell here as he touted a "deal" on rare earths. That had to be clarified after by the White House that it was just an "understanding", with reference to what was agreed upon in Geneva last month. In other words, there is nothing new. And I would expect China to not dramatise this, if at all even, later today. See:
Trump says just signed deal with China on WednesdayUS Commerce Secretary Lutnick has said a US-China trade deal was signed two days agoUS Com Secretary Lutnick announced the deal with China that was reached in Geneva in May!White House official dials it all back - its not a deal, its just an 'understanding'So, that's where we are at heading into European trading today. We'll surely get more trade headlines before the weekend but don't hold your breath expecting any major positives. The best positive news now is that talks will continue for longer without Trump going all ballistic and invoking tariffs chaos as per what he threatened in early April.
This article was written by Justin Low at www.forexlive.com. Read More Details
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