President Donald Trump on Tuesday said he’d hold “extended” talks with Chinese President Xi Jinping at next week’s G-20 summit and he rebuked European Central Bank President Mario Draghi over a possible move to provide further monetary stimulus.
MEETING WITH XI
Trump said on Twitter that he’d had a “very good telephone conversation” with Xi, and that they would have “an extended meeting” during the June 28-29 G-20 meeting in Osaka, Japan.
Trump’s announcement of the meeting comes as the administration is mulling a fresh round of tariffs on Chinese goods not currently subject to levies. The tweet from the president helped send the Dow Jones Industrial Average DJIA, +1.49% 350 points higher in early trading. The S&P 500 index SPX, +1.16% and the Nasdaq Composite Index COMP, +1.63% posted early gains as well. Stocks held onto gains after Bloomberg TV reported the White House had explored the legality of demoting Federal Reserve Chairman Jerome Powell in February.
Trump has said that he expects China and the U.S. will eventually make a deal to resolve their trade differences. Chinese state media confirmed that the leaders’ meeting will happen.
Trump also took to Twitter to voice his displeasure with Draghi’s suggestion that the ECB could roll out fresh stimulus.
Draghi’s speech at a central-banking forum in Portugal sent the euro EURUSD, -0.1872% down early Tuesday, and helped provide a lift to global equity markets. In his tweet Trump complained that the euro’s decline against the dollar made it “unfairly easier for them to compete against the USA.” Trump also tweeted about the gains for Germany’s stock market index DAX, +2.03% , which he also called unfair.