Washington Post: White House downplays progress with China on trade, sinking markets
Stocks sank after the White House denied a report that President Trump had directed aides to draw up a deal to resolve the escalating trade conflict with China.
The Dow Jones industrial average jumped nearly 200 points in early trading before surrendering those gains and sinking an additional 300 points.
Investors were cheered earlier by a Bloomberg News report that Trump has directed his aides to flesh out a bargain for him to bring to his meeting with Chinese President Xi Jinping later this month at the G-20 summit in Buenos Aires. That report came hours after Trump said in a morning tweet that he had a “long and very good conversation” with Xi that included a “heavy emphasis on trade.”
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Update #1: Trump’s top economic advisor says the Cabinet was not asked to draw up trade plan for China (CNBC).
Update #2: U.S., China 'not on the cusp' of trade deal: White House adviser (Reuters)
WNU Editor: We will know more on where U.S. - China relations are going after this meeting .... Donald Trump plans ‘meeting plus dinner’ with Xi Jinping after G20 summit in Argentina (Politico).
