US President Donald Trump emerged from his meeting with Chinese leader Xi Jinping beaming, labeling the conversation "truly great. "But the one-year truce struck on Thursday in South Korea is likely to only stabilize relations between the world's two largest economies rather than resolve fundamental differences, with both sides buying time to further reduce dependence on each other in strategic areas. And it made clear just how much stronger China has become since Trump's first term in office. Trump's move to cut the fentanyl tariff and extend the existing truce on reciprocal tariffs will leave many products facing a levy around 47%, low enough for China's massive manufacturing base to remain competitive with regional rivals. Just as significantly, the US agreed to suspend a rule expanding restrictions on blacklisted Chinese firms, showing that Xi's sweeping rare earth curbs could potentially put a cap on new US export controls — something China has sought for years. We heard from Max Baucus, former US Ambassador to China. He spoke to Bloomberg's Shery Ahn and Avril Hong.

Plus - in the US, after the bell, Amazon reported third quarter results that beat analyst estimates driven by its cloud business growth. Apple meantime, reported revenue in Greater China fell well short of analysts' estimates in the latest quarter. We speak to Ross Mayfield, Investment Strategist for Baird Private Wealth Management.

 

US President Donald Trump emerged from his meeting with Chinese leader Xi Jinping beaming, labeling the conversation "truly great. "But the one-year truce struck on Thursday in South Korea is likely to only stabilize relations between the world's two largest economies rather than resolve fundamental differences, with both sides buying time to further reduce dependence on each other in strategic areas. And it made clear just how much stronger China has become since Trump's first term in office. Trump's move to cut the fentanyl tariff and extend the existing truce on reciprocal tariffs will leave many products facing a levy around 47%, low enough for China's massive manufacturing base to remain competitive with regional rivals. Just as significantly, the US agreed to suspend a rule expanding restrictions on blacklisted Chinese firms, showing that Xi's sweeping rare earth curbs could potentially put a cap on new US export controls &mdash; something China has sought for years. We heard from Max Baucus, former US Ambassador to China. He spoke to Bloomberg's Shery Ahn and Avril Hong. Plus - in the US, after the bell, Amazon reported third quarter results that beat analyst estimates driven by its cloud business growth. Apple meantime, reported revenue in Greater China fell well short of analysts' estimates in the latest quarter. We speak to Ross Mayfield, Investment Strategist for Baird Private Wealth Management.
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Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.

Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.

Bloomberg Daybreak: Asia Edition

Join Bloomberg Daybreak Asia for business and finance news centered in the Asia-Pacific region, along with insight and analysis on the day's top stories in global markets.

Trump-Xi Agree to Trade Truce, Apple/Amazon Earnings

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