The Trump administration wrapped up the latest round of trade talks in Beijing, noting a commitment by China to buy more U.S. agricultural goods, energy and manufactured items. China and the U.S. concluded three days of talks on Wednesday with a cautious sense of optimism that the world’s two biggest economies might be able to reach a deal that ends their bruising trade war. In a statement, the office of U.S. Trade Representative Robert Lighthizer said the two sides considered ways to “achieve fairness, reciprocity, and balance in trade relations.” Officials discussed the need for any deal to include “ongoing verification and effective enforcement,” USTR said. The U.S. will decide on the next steps after officials report back to Washington. President Donald Trump and President Xi Jinping have given their officials until March 1 to reach an accord on “structural changes” to China’s economy on issues such as the forced transfer of American technology, intellect...
Brexit returns as the dominant driver for the pound this week as Parliament debates U.K. Prime Minister Theresa May’s divorce deal. Sterling lost over 5 percent in 2018 as fears of a hard exit from the European Union grew, and the currency’s direction this year will depend on whether lawmakers will be able to avoid the U.K. crashing out of the bloc on March 29. Lawmakers will vote on the Brexit deal on Jan. 15, BBC editor Norman Smith said in a Twitter post, citing unidentified people in the U.K. government. “Brexit headlines that have been largely absent over the Christmas period should stage a return and dominate the price action in the pound in coming days,” Credit Agricole SA strategists including Valentin Marinov wrote in a note. Though lawmakers may choose May’s “imperfect deal” rather than no deal, the chances of trying to reopen negotiations with the EU or even delaying the March 29 exit cannot be ruled out, they said. The pound largely held its ground ab...