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- China’s reticent Ministry of Commerce (MOFCOM) intervened in declining Asian markets Wednesday, with a surprise message of trust, during the increasingly opaque trade war truce supposedly delivered at the G20 leaders summit in Argentina.
- That stands in pretty stark contrast to the volley of Tuesday tweets from President Donald Trump that smacked Wall Street and sapped confidence in the US-China trade deal.
- But just as Asian markets began to retreat due to Trump’s tweets and Beijing’s silence, MOFCOM released an unconventional statement essentially stating its confidence in a trade deal for the first time, saying “the sooner the better.”
- China commentator Bill Bishop reckons that while Trump has put the right man on point to deal with China, the bigger picture is simpler — in the last month President Xi has been shuttling around the world building relationships, and President Trump has not.
Asian-Pacific stock markets may have been saved from the brink, on Wednesday, after China’s often reticent Ministry of Commerce (MOFCOM) intervened with a message of confidence and commitment in the opaque trade war truce between the US and China, supposedly delivered at the G20 leaders summit in Argentina.
US stocks tanked on Tuesday and Asian markets were in decline after a morning of tweets from President Donald Trump that further eroded confidence in the US-China deal to step back from the brink of an escalating trade war.See the rest of the story at Business Insider
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