"Before leaving a two-day summit in Beijing, President Donald Trump said he had made many trade deals with China, accompanied by a cohort of "brilliant" tech billionaires. But the details of those deals - at least on Friday afternoon in Beijing when Air Force One departed - were vague, signaling a potential shift in leverage between the world's two largest economies since Trump's last visit nearly nine years ago."
"Investors, decrying the lack of specifics, sold off stocks. Dow futures were down more than 300 points, or 0.6%. The broader S&P 500 futures fell 1% and Nasdaq futures were 1.4% lower. With no firm resolution to reopen the Strait of Hormuz, Brent oil futures rose 3%, above $108 a barrel. Soybean futures sold off sharply after the United States spoke of a nebulous commitment from China to buy agricultural products. And bond yields rose as traders grew cautious about rising inflation."
"Nine years ago, Trump brought nearly 30 US executives with him. The US Commerce Department announced 37 deals totaling more than $250 billion before the US leader had even left Beijing, including a commitment from China to buy 300 Boeing airplanes that was never fulfilled. This time, he was accompanied by 17 executives, mostly from tech and financial firms, including Nvidia CEO Jensen Huang, Apple CEO Tim Cook and Tesla CEO Elon Musk."
Trump left China after two days of meetings, meals, speeches, and photo opportunities with few clearly confirmed accomplishments. He claimed many trade deals were made, but details were vague as Air Force One departed Beijing. Investors sold stocks amid the lack of specifics, with Dow, S&P 500, and Nasdaq futures falling. Oil rose after no firm resolution emerged on reopening the Strait of Hormuz. Soybean futures dropped after the United States described a nebulous commitment from China to buy agricultural products. Bond yields increased as traders became cautious about rising inflation. In a prior visit nearly nine years earlier, the Commerce Department announced 37 deals totaling more than $250 billion, including a Boeing purchase commitment that was not fulfilled. This time, Trump traveled with 17 executives, including leaders from major tech and financial firms.
Read at Intelligencer
Unable to calculate read time
Collection
[
|
...
]