“We should not expect further tariff relief until after the November presidential elections, suggesting today's agreement is probably as good as it gets for 2020.”
A man walks past an electronic display showing Asian markets indices outside a brokerage in Tokyo last week. Picture: REUTERS
US treasury secretary Steven Mnuchin said late on Tuesday that the US would keep in place tariffs on Chinese goods until the completion of a second phase of a US-China trade agreement, triggering some profit-taking in risk assets. The news came hours before the signing of a preliminary trade agreement to ease an 18-month-old trade war between the world’s two largest economies.
US Treasury yields ticked down as investors took stock of weaker-than-expected consumer prices and the expected signing of the interim trade deal, with the benchmark 10-year note yield falling to 1.807%. Markets were also weighing the effect of the US government nearing publication of a rule that would vastly expand its powers to block shipments of foreign-made goods to China’s Huawei, as it seeks to squeeze the blacklisted telecoms company, two sources said.
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