All eyes on Huawei ban as US and China try to break trade war deadlock – SCMP

Dhwani Mehta FXStreet

An American source briefed about the situation said Beijing remained coy on whether China would immediately resume buying American soybeans, as cited by the South China Morning Post (SCMP).

Key Quotes:

Beijing wanted first to see how – and if – the Trump administration would ease the supply ban on Huawei, as promised by Trump.

The White House probably would make an announcement “in the next couple of days” on the conditions under which American companies would be allowed to resume supplying the Chinese tech giant.

The Chinese would then commit to buying American agricultural products.

If the negotiators are unable to resolve the issues, the talks could “break down immediately”, with Washington going ahead with new tariffs on US$300 billion of Chinese products.

A Chinese source also confirmed that American negotiators would return to Beijing next week to iron out the details of what was discussed.

The fresh US-China trade news seem to have virtually no impact on the markets, as the main focus today remains the US payrolls data.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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