Resumption of talks for next week is prepared to try to resolve a year-long trade war between the world’s two largest economies.
The two sides were in the process of scheduling a principal-level phone call for next week, according to Trump administration officials. Trade teams from both countries are in contact since last weekend, when U.S. and Chinese President agreed to resumption of talks that had stalled in May. Talks between the two sides broke down in May after U.S. officials accused China of pulling back from commitments it had made previously.
The United States accuses China of allowing intellectual property theft and forcing U.S. companies to share their technology with Chinese counterparts. China denies such practices and is reluctant to make sweeping legal changes.
Both countries have levied tariffs on the other, but Trump made two major concessions at the meeting with Xi to get talks started again. The US President agreed not to put tariffs on some $300 billion in additional Chinese imports. He also agreed to loosen restrictions on Chinese technology company Huawei.
Trump surprised markets on Saturday with an announcement that U.S. companies would be allowed to sell products to Huawei.
China welcomes the U.S. decision not to slap new tariffs on its goods. However, they add that existing U.S. tariffs must be removed for a trade deal.
Separately, U.S. President Donald Trump on Wednesday repeated his call for the United States to match what he says are efforts by China and Europe to manipulate currencies and pump money into their economies.
START TRADINGForex – Resumption of US-China trade talks for next week
Markets were closed in the United States on Thursday for its Independence Day. Investors said they were now focused on Friday’s U.S. non-farm payrolls. Economists expect NFP to have risen by 160,000 in June compared with 75,000 in May.
Against a basket of six currencies, the dollar was unchanged at 96.711. The greenback drifted away from recent highs as sliding government bond yields pressured both euro and dollar.
The yen was up slightly at 107.78 yen per dollar, above five-month lows of 106.78 yen touched in June.
The Aussie was down 0.1% to $0.7022 after earlier hitting a two-month high.
The euro traded at $1.1284, stuck near two-week low of $1.1268 touched on Wednesday.
Sterling changed hands at $1.2575, near two-week lows hit on Wednesday. Investors raised their bets that the BoE would follow other central banks and ease policy.
Oil prices fell on data showing a smaller-than-expected decline in U.S. crude stockpiles and worries about the global economy. Brent crude futures, the international benchmark for oil prices, were flat at $63.84 per barrel by 1109 GMT.
Gold prices eased before U.S. jobs data and as equities gain touched a one-week high on Wednesday. Spot gold was 0.3% lower at $1,414.37 an ounce by 1152 GMT. U.S. gold futures were down 0.3% at $1,417.10 an ounce.
Silver was down 0.5% at $15.23 per ounce.
PLEASE NOTE The information above is not investment advice.
Sources: Reuters, Investing, CNN money