US Commerce Secretary Wilbur Ross says China trade practices have gotten worse
I think Ross may have just woken up and is not yet on board with the Trump vibe here ….
- Says China trade practices have gotten worse
- the US is not opposed to trade with China
Oh dear, Wilbur with more;
- says China causes massive market dislocations due to overcapacity and dumping excess production
- says if China abides by global trade rules every nation will benefit
- says China's global trade practices have gotten worse
- says US would prefer not to use tariffs, but tariffs are forcing China to pay attention to our concerns
- says China's value add to Australian economy is "shockingly limited"
The most recent headlines we have had prior to Ross were some encouragement for the trade talks:
- Trump administration will soon issue licenses allowing sales to Huawei
- Reports the US is considering a currency agreement with China as part of partial trade deal
Which gave risk markets some encouragement.
Earlier in the session were mixed reports on cutting short the trade talks, which weighed on risk, read from the bottom up for chronology:
- Fox doubling down on the early finish to the trade talks
- US-China trade talk early finish speculation - "an open question"
- Fox reports that yes, Chinese Trade Team will leave after one day of talks on Thursday
- White House says reports of one day trade talks are incorrect
- Trade talks latest - no progress, talks cut short. here is what's next.
- ICYMI - bad news on US/China trade talks prompting risk off moves
- HK press says US-China talks are expected to last for only one day! No progress made.
Ross' comments now in danger of undoing the good feelings.
Ross is speaking in Sydney, Australia. Which is no excuse to be such a wombat.