A positive speech on U.S.-China trade would likely satisfy market participants even without specific details of the “Phase 1” agreement under negotiation, said Jim Paulsen, chief investment officer at The Leuthold Group in Minneapolis.
U.S. President Donald Trump is scheduled to discuss the country’s trade policy at the Economic Club of New York on Tuesday, and the markets are likely to hang on every word.
Trump's lunchtime address at the club, which has hosted U.S. presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev here and Chinese Premier Li Keqiang here will be closely watched by investors anxious for any positive news about his administration's long-running trade war with China.
“You can expect the president to highlight how his policies of lower taxes, deregulation, and fair and reciprocal trade have supported the longest economic recovery in U.S. history with record low unemployment, rising wages, and soaring consumer confidence,” White House spokesman Judd Deere said. He declined to give further details.
U.S. stock markets have hit record highs in recent weeks on hopes the White House and Beijing are close to a trade deal that could go a long way toward dispelling the uncertainty dogging the global economy. Last week, officials from both sides said they had a deal to roll back tariffs, only to have Trump deny any deal was agreed on.
A positive speech on U.S.-China trade would likely satisfy market participants even without specific details of the “Phase 1” agreement under negotiation, said Jim Paulsen, chief investment officer at The Leuthold Group in Minneapolis.
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