REVEALED: China wants to hold more talks this month to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it, according to people familiar with the matter
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The S&P 500 Index was little changed, Europe’s Stoxx 600 fell and the yen rose as investors grew pessimistic on the handshake deal. The yuan pared much of its earlier gains offshore. Treasury Secretary Steven Mnuchin, speaking in an interview Monday on CNBC, said he expects officials to work in coming weeks to get the first stage ready for both sides to sign. If that doesn’t happen, the new U.S. import taxes on Chinese products will be imposed starting Dec. 15, he said.
Investors have struggled to determine whether the U.S. and China reached a breakthrough in an 18-month trade war. Worse-than-expected September trade figures in China underscored the growing pressure on both Trump and Xi to reach a deal to avert a wider slowdown in the global economy.
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