China reportedly wants more talks before signing Trump's 'Phase One' deal

Author: Justin Low | Category: News

Bloomberg reports

The report says that China wants further talks to hammer out details of the "Phase One" trade deal before getting Xi Jinping to sign it, according to people familiar with the matter.

Adding that Beijing may send a delegation to finalise a written deal that could be signed at the Asia-Pacific Economic Cooperation summit next month in Chile; noting that China also wants Trump to scrap the planned tariff hike in December.

The headline is a bit of a slight knock to risk with USD/JPY falling to a low of 108.05 while gold is gaining further ground on the day. Equities have also slid to session lows with the DAX now down by 0.8% alongside risk currencies as well.

I don't think this represents any breakdown or setback in the truce achieved on Friday. If anything else, this just makes it more clear as to where things stand and China is showing that it wants to work towards signing some form of agreement.

However, as mentioned earlier, the trade truce isn't exactly a significant one if you dig deeper into the details so now the big question will be: Is Trump willing enough to give in on the December tariffs if China comes asking for it?

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