Trump just blinked, giving China a possible edge in trade war, Jim Chanos, others say
Some influential voices on Wall Street are saying that Trump blinked in the latest exchange with China and showed just how much pain the U.S. could tolerate. China may use that to its advantage.
Chinese President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting during the G20 Summit on June 29, 2019 in Osaka, Japan.In backing off on tariffs Tuesday, President Donald Trump showed just how much pain the U.S. could tolerate, key voices on Wall Street say — and China may use that to its advantage.
Some investors took Tuesday's announcement as a sign that the trade war was indeed hurting consumers. The products in the group exempt from tariffs include cell phones, some apparel, and video games — all of which are crucial to the U.S. consumer market. China meanwhile, has not publicly backed off. Itlast week that it would stop buying U.S. agricultural products as its latest weapon in the tariff battle and has retaliated with its own tariffs on U.S. goods.
"The White House is now delaying the tariffs and removing some items. Did some acronym called the SPX cause someone to blink?," David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates, said in a tweet.
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