In yet another sign of trade deal difficulties between the two world powers, President Trump has yet to speak with China President Xi Jinping since the U.S. and China agreed to temporarily reduce tariffs on each other, said CNN White House reporter Alayna Treene. Last week, Trump said that he would “maybe” call Xi at the end of the work, although it appears that the call never materialized. The U.S.-China mutual tariff reduction pause is set to expire in early August.
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U.S. and China Quarrel over Chip Restrictions
Earlier this week, China’s Commerce Ministry pressured the U.S. to halt its “discriminatory measures,” referencing restrictions set on Huawei’s Ascend chips. The ministry added that the restriction is a step back from the consensus reached between the two countries when they signed a trade agreement in Geneva.
Trump hasn’t made any comments on U.S.-China trade developments as of late and has instead been focused on collecting support for his tax and policy bill.
The S&P 500 (SPX) has not made any significant moves in response to the lack of communication between the two leaders.
