Trade talks inconclusive
The two-day trade talks between the United States and China ended on May 10 without a deal. May 10 also saw President Donald Trump’s tariffs on $200 billion worth of Chinese imports come into effect. While the S&P 500 (SPY) started the day deep in the red, it recovered and ended the day on a positive note after Treasury Secretary Steven Mnuchin asserted that the talks had been constructive. However, negotiations ended without a deal.
In spite of Friday’s daily gain, the S&P 500 saw its worst week in 2019 last week. On May 14, the S&P 500 was up 0.78% as of 10:35 AM EDT.
Chinese markets ended the week on a high
As we discussed in our Asian market update, the markets in China and Hong Kong (EWH) recovered on May 10 in spite of pending talks and the US tariffs coming into effect. Even China-focused ETFs gained during US trading hours, with the iShares MSCI China ETF (MCHI) and the iShares China Large-Cap ETF (FXI) gaining 0.65% each.
Upping the game
The Trump administration is getting ready to place tariffs on another $325 billion worth of Chinese imports. Some experts think it’s a negotiation tactic, while others fear that it may backfire and delay the deal if China retaliates.
While the United States’ trade deficit with China may reduce due to the tariffs, a no-deal situation would affect everyone else within and beyond the two largest economies in the world.
The two-day trade talks between the United States and China ended on May 10 without a deal. May 10 also saw President Donald Trump’s tariffs on $200 billion worth of Chinese imports come into effect. While the S&P 500 (SPY) started the day deep in the red, it recovered and ended the day on a […]
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