A report earlier today indicated that Treasury Secretary Scott Bessent will speak by phone today with Chinese Vice Premier He Lifeng to discuss the ongoing trade negotiations. It’s not clear what time that was scheduled for as it would have had to been early this morning Washington time or late this evening, in order for the time zones to align.
The high-level talks are a good sign that there is at least a will to make progress and de-escalate. Trump today said “I think we’re going to do fine with China.”
I’d assume the market is anticipating some positive developments on the weekend but we never priced in any real trouble either, given that Trump TACO’d on the weekend.
