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Global stocks are dropping on trade war worries after China reportedly wants more talks before signing Trump's deal


Added 10-14-19 07:14:03am EST - “"Turns out the deal was fake news," Neil Wilson, chief markets analyst at Markets.com tweeted.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Global stocks are dropping on trade war worries after China reportedly wants more talks before signing Trump's deal”. Below is an excerpt from the article.

American equities are set to fall on Monday morning after Bloomberg News reported that China wants more talks with the US before agreeing to Trump's "Phase One" deal. 

At 11:15 am in London, (7:15 am EST) US futures underlying the Dow, S&P 500 and Nasdaq were falling 0.5%, 0.5% and 0.6% respectively. 

President Trump boasted of a partial trade deal agreed with China, which would stop a scheduled tariff hike on Tuesday from 25% to 30% if China upped its purchases of agricultural goods.

But Bloomberg, citing unnamed people familiar with the matter, on Monday morning reported that China wanted to "hammer out" the final details of the initial deal, before Xi Jinping agrees to sign it. 

Bloomberg added that China may send another delegation to Washington, led by Vice Premier Liu He, to finalize that written deal. The Bloomberg sources also said that Trump may be planning to scrap the December tariff hike as well. 

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