Global Markets: Partial trade deal may be in the works

By MarketsFarm

WINNIPEG, Oct. 10 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– As two days of United States/China trade talks got underway in Washington on Thursday, speculation of a partial trade deal has arisen. China suggested the idea days before top-level negotiator met for the first time since July, but U.S. President Donald Trump initially said no to it. China wants the U.S. to at least delay a five per cent tariff hike on its exports to the U.S. that’s scheduled to take effect on Oct. 15. Now the Trump administration has reportedly offered a currency pact to be included in a partial deal, with further negotiations on core issues to be scheduled later.

– India has joined the Regional Comprehensive Economic Partnership (RCEP), which is comprised of 16 countries and led by China. One part of India’s conditions to join the RCEP was to prevent cheaper Chinese imports from flooding India, and in particular dairy and other agricultural products. India’s government had been facing strong opposition to joining the trade pact, including from its political allies. Among the RCEP’s members are Japan, South Korea, Australia and New Zealand.

– Turkey has continued its invasion of northern Syria for a second day, pushing back Kurdish forces, who are key allies to the U.S. in the war against the extremist Islamic State group. Turkey began the military action on Wednesday after U.S. President Donald Trump said he is withdrawing U.S. forces from Syria. Turkey said it wants to create a buffer zone between it and Islamic extremists in Syria. Despite bipartisan calls for Trump to intervene, he said the Turks and Kurds have been fighting each other for centuries and that the Kurds, “didn’t help us in the Second World War, they didn’t help us with [the Allied invasion of] Normandy.”

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