Chinese and US flags flutter near The Bund, before US trade delegation meet their Chinese counterparts for talks in Shanghai, China July 30, 2019. - Reuters: China made no trade concessions after US President Donald Trump postponed 10% tariffs on over US$150 billion worth of Chinese imports, senior US officials said on Wednesday, adding that talks aimed at resolving the trade fight would continue and markets should be patient.
Both developments drew cautious relief from retailers and technology groups as the world’s two largest economies enter the second year of their trade dispute. “The only minor consolation comes in their timing,“ Bown wrote. “By putting off the next two rounds until the import surges have already arrived to stock this year’s back-to-school and winter holiday shopping seasons, President Trump may be coming around, albeit belatedly, to the economic evidence on the costs of his trade war.”
Navarro declined to say what US negotiators would seek to achieve in the talks with Chinese officials before the tariffs take effect. Another phone call is scheduled between the two sides later this month.