I'll have what he's having [The Water Coolest]
Oysters have met their match. Apparently a meal of grilled sirloin with red onions, goat ricotta, and dates is a natural aphrodisiac, because bromance was in the air during a dinner meeting between President Trump and China's leader Xi Jinping.
At the highly anticipated meeting in Buenos Aires, the two world leaders agreed on a 90-day trade war truce that would allow for intense negotiations to take place. During that time the two sides will not increase tariffs or escalate trade barriers, meaning the US will not hike 10% tariffs on $200B worth of Chinese goods to 25% on January 1st and new tariffs on remaining Chinese goods are off the table (read: Apple products are safe ... for now.)
The United States' biggest gripes with the People's Republic include intellectual property theft, non-tariff barriers and forced technology transfer. Donny Trade Talks ain't got time for that.
US equity futures and Asian markets are already indicating that they like what they see, but traders will likely take the news with a grain of salt as the high stakes game of economic chicken is far from over ... mostly because noted curmudgeon Peter Navarro is still on the case.
A deal's a deal [The Water Coolest]
US, Canadian, and Mexican heads of state put pen to paper, officially lending their John Hancocks to a new trade agreement that will replace NAFTA. Attending the G-20 summit in Buenos Aires, this marks the first time the leaders have been together since finalizing negotiations.
Notable overhauls include opening up Canada's dairy market, requiring companies to make 75% of their automobiles in one of the three countries, and compelling automakers to pay workers at least $16 per hour on 40% to 45% of vehicles built.
While the papers have been inked, this is far from a done deal. Each countries' legislature must approve the deal in order for it to take effect. Unsurprisingly the US Congress may have some issues.
Ready to get The Water Coolest delivered to your inbox daily? Signup now.