China and the United States hold a conference call on Monday
The US Trade Representative Office stated that US Trade Representative Lighthizer, Treasury Secretary Mnuchin and Chinese Vice Premier Liu He held a conference call on Monday (24th) to discuss the implementation of the first phase of the Sino-US economic and trade agreement. The statement after the meeting stated that both parties agree that there is progress in the implementation of the agreement and is committed to taking necessary steps to ensure success. In addition, the two parties discussed the substantial increase in China’s purchase of American products and the actions needed to implement the agreement in the future. At the same time, the two sides also discussed some structural changes, including ensuring greater protection of intellectual property rights, removing obstacles to American companies in the financial services and agricultural sectors, and eliminating forced technology transfer. The talks as a whole reflect that the two sides are still willing to abide by the earlier agreement and eliminate market concerns about the short-term trade friction between China and the United States.
Germany’s GDP shrinks by 11.3% year-on-year
Germany announced that the revised GDP for the second quarter of this year was a revised 11.3% year-on-year economic contraction, which was a slight increase of 0.4% from the initial value, but it was still the worst on record, mainly due to the epidemic lockdown measures, Affecting private consumption, investment and the sharp decline in exports. However, as the local economy restarts and summer activities continue to heat up, the market expects that the GDP performance of Germany, the largest economy in the Eurozone, will rebound sharply in the third quarter.
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