On Thursday, the US and China reached a “phase 1” deal in principle. Officials are expected to delay the much-dreaded December 15 tariff hike which would see Washington impose over $160 billion worth of levies against Chinese-imported goods. Beijing also announced on the same day that it intends on purchasing $50 billion worth of US agricultural goods.
Chinese Commerce Ministry: China And US Have Agreed To Cancel Existing Tariffs In Different Phases -If China And US Reaches Phase 1 Trade Deal, Both Sides Must Cancel Existing Tariffs At The Same Time, With The Same Proportion Based On Agreement
A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday.
Top trade negotiators from China and the United States will hold a phone conversation on Friday, the Chinese commerce ministry has announced, as the countries’ talks remained on track despite plans for their respective presidents to meet in Chile being disrupted.
Gold Spot Trading Zone of $1285-$1279, If Break Resistance at $1292 per ounce.
Gold Silver Reports (GSR) – U.S. President Donald Trump’s tariff increase to 25 percent on $200 billion worth of Chinese-goods took effect on Friday, and Beijing said it would strike back, ratcheting up tensions as the two sides pursue last-ditch talks to try salvaging a TradeDeal.