Trade war talk dominates G-7
| EDITOR'S NOTE
Hello readers,
The U.S. trade war with China was on everyone's mind at the G-7 summit – particularly President Trump's.
On Monday, Trump offered a somewhat positive take on negotiations between China and the U.S., marking a dramatic reversal from Friday, when he labeled Chinese President Xi Jinping an "enemy" and raised tariff rates on Chinese goods in retaliation for new duties. CNBC's Amanda Macias was on the ground Monday in Biarritz, France, when Trump said that U.S. trade officials received phone calls from the Chinese saying they were ready to return to negotiations, and that China "very badly" wants to make a deal. "They have been hurt very badly, but they understand this is the right thing to do, and I have great respect for it. This is a very positive development for the world," Trump said.
Not so fast, though. An editor for a Chinese government paper, widely seen as a mouthpiece for Beijing, disputed Trump's characterization of the discussions. "Based on what I know, Chinese and US top negotiators didn't hold phone talks in recent days," tweeted Global Times editor Hu Xijin.
Still, markets seemed to favor Trump's take. The Dow rose triple digits Monday after a big selloff on Friday.
Thanks for reading.
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