Says one particularly vocal TV news commentator: 'The president can walk away from the table with this number.'
Some market participants are starting to contemplate the notion that stellar employment figures could help embolden U.S. trade negotiators in a protracted tariff dispute between the U.S. and China—possibly resulting in a delay if not outright scuttling of a long-sought-after resolution.
A few strategists, traders, economists and TV personalities saw those numbers making a U.S.-China trade deal less likely to happen before a Dec. 15 deadline for $156 billion in new tariffs on consumer goods to take effect. CNBC’s Jim Cramer on Friday contributed to that the no-deal idea, during the business network’s coverage of the employment data. “The president can walk away from the table with this number,” he said.
All the bold talk comes as the Dow Jones Industrial Average DJIA, +1.22%, the S&P 500 SPX, +0.91%, the Nasdaq Composite COMP, +1.00% and the Russell 2000 indexes RUT, +1.18% surged in Friday trade. That means that the prospect of tariff escalation, pushing prices up for consumers and businesses, which has weighed on confidence, could be the more important feature of the U.S.-China trade discussions.
“To stay on track it is crucial that we resolve trade uncertainties by immediately ratifying the USMCA, making additional progress on China negotiations…,” wrote Chad Moutray, NAM chief economist, referring to the U.S.-Mexico-Canada Agreement, which replaced the North American Trade Agreement but still hasn’t been ratified by Congress.
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