Dow futures jump more than 280 points as China says US agrees to meet for trade talks

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Top negotiators from China and the United States resume a fresh round of trade talks in Beijing on March 29, 2019. From left: U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin, China’s Vice Premier Liu He and Yi Gang, governor of the People’s Bank of China at the Diaoyutai State Guesthouse in Beijing on March 29, 2019.

Nicolas Asfouri | AFP | Getty Images

U.S. futures jumped Wednesday evening on the back of news that the U.S. and China had agreed to meet in early October for another round of trade negotiations.

At around 11:57 p.m. ET, futures rose about 280 points, pointing to an implied opening gain of around 287 points.

Futures on the and both also jumped higher.

China’s Commerce Ministry had issued a statement on Thursday morning during Asia hours, saying that Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The two sides agreed to hold another round of trade negotiations in Washington, D.C., towards the beginning of next month, and consultations will be made in mid-September in preparation for the meeting, the statement said.

“Both sides agreed they should work together and take practical actions to create favorable conditions for the negotiations,” according to a CNBC translation of the statement.

In a statement to CNBC, a U.S. Trade Representative spokesperson confirmed the phone call, but not the October meeting.

The USTR spokesperson only said that both countries “agreed to hold meetings at the ministerial level in Washington in the coming weeks” and that deputy-level meetings would take place in mid-September “to lay the ground work for meaningful progress.”

This turn of events came after the two economic giants imposed new tariffs on each other’s goods at the start of the month, marking yet another escalation in the protracted trade war. Previously, both sides had indicated they would meet in September.

— CNBC’s Evelyn Cheng and Eamon Javers contributed to this report.

Source: CNBC

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