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10/13, 10:06 AM (Source: TeleTrader.com)
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US, China not interested in further trade escalation - Bundesbank chief

President of the German Bundesbank Jens Weidmann (pictured) played down the possibility of further deterioration in trade relations between the United States and China by saying that there is a "diminishing" chance of a trade war between the two largest economies in the world. “I got the impression that both are not interested in a further escalation,” Weidmann said at the annual economic meeting of the International Monetary Fund (IMF) in Bali, according to Reuters.

Hopes that the US-China trade dispute could be solved were raised after a report claimed that a meeting between the president of the two countries, Donald Trump and Xi Jinping on the sidelines of the G20 summit in Buenos Aires at the end of next month is currently in the making. Meanwhile, US Treasury Secretary Steve Mnuchin said yesterday he is not concerned about China potentially dumping US Treasuries in retaliation for tariffs on its goods, adding that the Trump administration needs concrete “action items” from Beijing on trade in order to resume talks. At the same time, White House chief economic advisor Larry Kudlow said that China's response to Washington's requests in trade negotiations has been unsatisfactory.

Breaking the News / FH