Market Talk – August 25, 2020

by Martin Armstrong
Armstrong Economics


Top US and Chinese trade officials have reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday. China’s commerce ministry confirmed that the two sides had a “constructive dialogue” and agreed to continue pushing forward the implementation of the Phase 1 trade deal. This is their first formal dialogue since early May – amid concern the deal could be on shaky ground because of worsening US-China ties.

TikTok, on Monday, sued US President Donald Trump’s administration over his executive order banning transactions in the United States with the popular short-form video-sharing app, calling it a pretext to fuel anti-China rhetoric as he seeks re-election. In a blog post, TikTok said it strongly disagreed with the White House’s position that the company was a national security threat, saying it had “taken extraordinary measures to protect the privacy and security of TikTok’s US user data.”

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