The sixth-largest economy, India’s GDP growth was recently upwardly revised more than half a point to 7.3%
When Donald Trump, who is no stranger to Twitter hyperbole, describes a meeting with another world leader as “hopefully historic,” it’s hard not to consider it a case of damning with faint praise. But that’s the way he described his talks with Xi Jinping, China’s president, in Argentina at the G20 summit last week.
And no wonder. Days after the summit, what kind of trade truce the two superpowers actually struck seems to depend on which White House official you listen to, which Chinese state-controlled media outlet you read, or which way the wind is blowing. At best, it looks like the U.S. has agreed to withhold raising the tariff rate on US$250 billion worth of Chinese imports for 90 days while negotiators try to work out a longer-term deal. Hopefully.
In any event, investors who had been hoping for even a short-term respite from trade jitters — and the gathering storm of global economic gloom — didn’t get much of one from the G20. And until there’s clarity, worries over China’s economic growth won’t diminish. Continue Reading →