De-escalation of trade war is good news for stocks, shoppers — and Beijing.
But experts say that China’s long-term goal is to avoid addressing those issues now — or later.
Beijing is trying to kick the can down the road on U.S. demands that it overhaul its intellectual property protection laws, joint-venture regulations and system of state support for key industries, said Jacob Kirkegaard, a senior fellow at the Peterson Institute for International Economics, adding that China’s goal is to get tariffs rolled back and maintain the pre-trade war status quo.
Economists say the upcoming December sanctions, if not repealed, would have a more direct impact on household budgets than any of the tariffs already in place. “Those would be very significant even if their implementation comes after most people have done their holiday shopping. The impact on consumer spending in 2020 would be significant,” said Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute.
“Markets, since the beginning of the year, have been willing to price in the optimism,” he added, which means any unexpected hurdles could spook Wall Street. “There’s room here for more volatility, irrespective of what phase one looks like.”
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