Markets rally on back of news that American and Chinese officials are inching towards resolving months-old trade disupute
In this Aug. 6, 2019, file photo, a man walks past a money exchange shop decorated with different banknotes at Central, a business district in Hong Kong.
The agreement came during talks aimed at working out details of a "Phase 1" deal that was announced on October12. "If the two sides achieve a 'Phase 1' agreement, then based on the content of that agreement, tariffs already increased should be cancelled at the same time and by the same rate," Gao said at a news briefing."For almost two years now, the US/China trade tussle has posed the biggest headwind to global growth," BMO Economics said in a research note.
Governments of the two biggest global economies have raised tariffs on billions of dollars of each other's goods in the fight over China's trade surplus and technology ambitions.
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