Market Overview

Prognosis Of Cross-Pacific Trade Talks Dims, Trump Says China 'Ripped Off' U.S.

Prognosis Of Cross-Pacific Trade Talks Dims, Trump Says China 'Ripped Off' U.S.

The U.S. markets dipped sharply Thursday after President Donald Trump said he doubts trade negotiations with China will succeed.

The S&P 500 and Dow Jones Industrial Average each fell marginally — but sharply — on the remark.

What Happened

The Trump administration is engaged in a second round of talks with Chinese officials that are meant to prevent a trade war and escalated tariffs.

U.S. officials are reportedly pursuing a disjointed strategy, with Treasury Secretary Steven Mnuchin’s more amenable approach at odds with the hawkish methods of Trump’s trade adviser Peter Navarro.

If negotiations are unsuccessful, the president could pursue more aggressive and isolating policies. He told reporters Thursday that China “ripped off” the U.S. and catalyzed “an evacuation of wealth like nobody has ever seen before.”

Trump reiterated his commitment to end alleged abuses. “That’s not going to happen anymore,” he said.

What's Next

The comments compound other fears around trans-Pacific relations.

A senior North Korean official released a statement Thursday condemning the U.S. and South Korea for their joint military exercises. On Wednesday, the country threatened to cancel its meetings with Trump over the issue.

Related Links:

North Korea Cancels Talks With South Korea

What Is A Trade War?

Posted-In: China Donald TrumpNews Futures Politics Global Markets General Best of Benzinga


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