The best regulated crypto exchange
Find out why?

Trump denies agreeing to roll back China tariff

By Charlotte Ricca

China exports perform better in October

Donald Trump has denied agreeing to roll back China tariffs, which is phase one of US-China trade deal.

Speaking to reporters this afternoon, the US president said China wants to make a deal “much more than I do”.

“China would like to get somewhat of a roll back, not a complete roll back because they know I won’t do it,” he said.

“We’re getting along very well with China. They want to make a deal. Frankly they want to make a deal a lot more than I do. I’m very happy right now, we’re taking in billions of dollars.”

Amid prospects of a phase one trade deal with the US, China exports performed better in October than expected. They fell by 0.9 per cent, which was considerably less than the 3.9 per cent fall predicted by economists and also an improvement on September’s 3.2 per cent drop.

The news from Washington, doesn't bode well for the remaining year. However, even if a trade deal had been signed, economists say it is unlikely to help boost exports for some time.

“Even if the phase one US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months,” said Martin Rasmussen, China economist at Capital Economics.

To date Trump has only cancelled a tariff increase on $250 billion goods, which was scheduled for 15 October.

FURTHER READING: Markets flat amid China confusion

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image