July 30, 2019: Asia markets rose modestly on Tuesday, with investors doubtful of any major breakthroughs in the latest round of US-China trade talks getting underway in Shanghai.
The two-day negotiations in the financial hub will be the first face-to-face discussions since negotiations collapsed in May, when US President Donald Trump accused China of reneging on its commitments.
Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in the yearlong dispute.
But little of substance is expected and both sides have worked to lower expectations ahead of the meeting.
“Realistically, this round of talks is about clarifying where the two sides stand after a significant lull in engagement,” said Jake Parker, senior vice president at the US-China Business Council.
“There also needs to be a focus on rebuilding trust that was present in April but has since dissipated.”
Hong Kong was up 0.5 percent and Shanghai rose 0.8 percent in morning trade.