US President Donald Trump is aiming for a quick win in a pivotal Thursday meeting with Chinese counterpart Xi Jinping, even if the outcome falls short of the sweeping deal he's teased on issues at the heart of the rivalry between the world's two largest economies. Ahead of the sit-down, the US president said he wants to extend a pause on higher tariffs on Chinese goods in exchange for Xi resuming American soybean purchases, cracking down on fentanyl and backing off restrictions on rare-earth exports — all while maintaining some trade barriers he sees as essential.
China vowed to enhance technological self-reliance and grow the domestic market in the next five years, as it looks to both insulate the economy from foreign pressures and build a sustainable engine for growth. The country will aim to "greatly increase" the capacity for self-reliance and strength in science and technology, according to a communique released Thursday after a four-day conclave of the Communist Party's Central Committee. It will also seek to maintain manufacturing's share in the economy at a "reasonable" level as part of efforts to build a modern industrial system. For more, we heard from Peiqian Liu, Economist at Fidelity International Asia. She spoke to Bloomberg's Annabelle Droulers and Avril Hong on the Asia Trade.
Plus - Asian stocks opened higher Friday as a planned meeting between Donald Trump and Xi Jinping eased nerves around trade tensions. The dollar was little changed ahead of US inflation data, with investors expecting the Federal Reserve to announce a rate cut next week despite inflation being above the Fed's goal. For more on the market action, we heard from Mark Cranfield, Bloomberg's MLIV Strategist. He spoke to Bloomberg's Annabelle Droulers and Avril Hong on the Asia Trade.
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