Trump-Xi trade summit postponed, Aussie shares tumble


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Trump-Xi trade summit postponed, Aussie shares tumble

On Thursday, the 14th of March 2019, US Treasury Secretary, Steven Mnuchin said that a trade summit between Chinese President Xi Jinping and US President Donald Trump would not take place by the end of March, as it had been suggested previously.

US Treasury’s Mnuchin had also added that there had been a number of factors to figure out for the trade negotiations before a trade summit between the leaders of two largest economic superpowers could have taken place.

While speaking to the reporters after a US Senate hearing, the US Treasury Secretary had also added that he was not concerned on US bank’s exposure to Britain’s financial institutions ahead of an uncertain Brexit outlook.

Apart from that, citing an abundance of healthier financial institutions on both sides of the Atlantic, he had also been quoted saying that the financial independence of both nations could avert any kind of uncertainty, while financial markets had been chattering that the US President Donald Trump had already been in talks of potential financial investment on United Kingdom following its exit from EU.

None the less, followed by the news of a delayed Trump-Xi summit, the Aussie shares alongside currency, which were widely considered as a hallmark of investors’ confidence on Chinese economy, had tottered on Thursday (March 14th), as ASX 200 had closed the day deep in the reds and the Australian dollar faltered over 0.50 percent to $0.7050 during mid-morning US trading hours.