The market was nervous about Trump's high-profile speech at the New York economic club, but after his speech, the market barely changed because there were no major policy statements. Earlier Tuesday, there were rumors that Trump might announce the place and date of signing a trade agreement with Chinese President Xi Jinping. The rumors later proved to be groundless.
Trump said U.S. and Chinese negotiators are "close" to reaching a "first stage" trade agreement, but his speech today is basically platitude, accusing China of "cheating" in trade.
"They are eager to reach an agreement. We are the one who decides whether the two sides want to reach an agreement, "trump said, echoing his speech on Saturday.
"We are very close. An important first stage trade agreement may be reached with China. It could happen soon. But we only accept agreements that are good for America, for our workers, for our great business. "
Trump said that if China does not reach an agreement with the United States, he will "very substantially" raise tariffs on Chinese goods exported to the United States. "Other countries that are unfair to us will get the same treatment," he added
The first phase of the agreement may include some adjustments to the tariffs already in place, but neither side will agree to take these measures "until the entire agreement is reached," White House National Economic Committee Director kurdrow later told CNBC.
In Trump's speech, the U.S. stock market was basically sideways, holding the weak gains of the day. The S & P 500. SPX rose about 0.3 percent in afternoon trading, near a record high. The bond market and the foreign exchange market reacted equally coldly.
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