US and China initial trade talks wrapped up in Geneva on Sunday with positive comments coming from both sides. In summary:
China side:
a mechanism for further talks has been agreed (agreed to establish a 'China-US trade consultation mechanism')
the joint statement to come will be "good news for the world"
US side:
Bessent said there had been "substantial progress"
Greer said that "perhaps the differences were not so large as maybe thought"
The two will issue a joint statement on Monday, no time for it has been confirmed, where more details are promised. US equity futures gapped higher upon reopening for the week and have not shown much retracement at all. Hopes are up for substantive details of improvement in China-US trade relations. Hopes have risen before and dashed, so we’ll how this goes today.
Across FX USD/JPY gapped higher and has partially retraced. EUR/USD gapped lower and has fully filled that gap.
Oil gapped higher and has retraced.
Further, Fed rate cut bets faded back a little and gold dipped.
Also of news, Trump says he’ll sign an executive order, at 9 am US Eastern time on Monday, slashing US prescription drug prices by up to 80%,. Trump wants to align US prices with the world’s lowest, calling it a long-overdue fix for fairness. Aligning US prices with the world’s lowest sounds a very ambitious goal. Doubts have been raised about courts blocking such moves.
From Japan today we had Prime Minister Ishiba saying that the he would not accept a trade agreement with the US that excludes auto tariffs.
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about forexlive asia pacific fx news wrap us china officials upbeat on trade talks was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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