- The S&P 500 notches its first six-day winning streak in over a year
- Trumps fails to set a date for the Trade talk Summit with China
- The Us want the USMCA trade deal reopened, but Canada disagrees
On Thursday, most stocks showed significant gains starting with the 30-stock Dow that closed 166 points higher, followed by Boeing which rose by 2.9%. The S&P 500 was also not left below the ladder as it saw a climb of 0.2%, thus, scoring the first S&P six-day winning streak since February last year.
US-China negotiations could take up to four more weeks
It seems the cloud of anticipation revolving around the US-China trade talks has not cleared yet. Worse, Donald Trump has stated that it could take four more weeks to attain an “epic” trade agreement.
Initially, the negotiators had projected that a deal was imminent this week especially after the Chinese vice premier, Liu He, and his trade envoy had visited the States. During the Oval Office meeting, Trump was expected to announce the date of the trade summit that will feature Xi Jinping, the Chinese leader. However, he instead pointed out the unresolved issues such as when will the American tariffs on Chinese goods be removed, and how many.
“We’re talking intellectual property protection and theft. We’re talking about certain tariffs,” Trump said.
He went on add that the summit would happen when they reach an agreement with XI.
The United States-Mexico-Canada (USMCA) trade deal
The USMCA is another trade deal that hasn’t made many ripples in the stock market but a saga almost similar to the US-China trade talk could erupt. Chrystia Freeland, the Canadian Foreign Minister, has warned about them (Canada) and the United States and Mexico restarting new continental pact, saying it could turn out to be a Pandora’s box.
But then, the U.S. House Speaker, Nancy Pelosi, suggested that it is imperative to make changes in the USMCA trade deal to ensure the enforcement of its labour provisions.
When Freeland was asked about Pelosi’s comments, she reiterated that Canada has upheld its part of the deal.
“Canada has done its share, we have done our work, and now it’s up to each country to work on ratification.” She went on to add:
“This was a very intense negotiation. A lot of time, a lot of effort went into it, compromises were made on all sides, and we believe that people need to be very careful around opening up what could really be a Pandora’s box.”