Trump's 'small concession' doesn't mean the trade war is ending
But, while such de-escalation in tensions between the two countries is welcomed, it's still difficult to see both sides reaching any "real resolution" anytime soon, said James McCormack, Fitch's global head of sovereign ratings.
"Things change very quickly, it's hard to know what motivation there is — to be honest — on the U.S. side. So, I wouldn't want to read too much into a small concession suggesting that we're on the road to this being resolved," he told CNBC's"I think there's a couple more chapters yet to be written in the trade war," McCormack added.
China, too, may not necessarily be softening its stance on trade with its move to exempt some U.S. goods from additional tariffs, according to Iris Pang, greater China economist at Dutch bank ING.So, the tariff exemption was aimed more at supporting the Chinese economy, and less of "a gesture of sincerity towards the U.S." ahead of"There are still many uncertainties in the coming trade talks. An exemption list of just 16 items will not change China's stance.
That means it's still too early for investors to put more money into risk assets such as stocks, he told CNBC's "Squawk Box" on Thursday. That's especially the case as the trade war has come at a time when developments such asThe trade conflict, which started last year, has escalated multiple times this year with both sides repeatedly increasing tariffs on each other's goods.
Still, analysts from Citi Research wrote in a note that the latest "goodwill gestures" by the U.S. and China have "induced hope for a respite in US-China tensions even as structural differences" have persisted.
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