U.S. futures pointed to a lower open on Tuesday as optimism over a trade truce between the U.S. and China was replaced by doubts over whether the two countries would be able to resolve their trade dispute in the long run.
Financial markets rallied on Monday after U.S. President Donald Trump and Chinese President Xi Jinping declared a 90-day ceasefire on trade tariffs as the two countries resumed talks..
But hopes for the tentative ceasefire between Beijing and Washington dimmed after statements on Monday by various Trump administration officials shed little light on the specifics of any trade agreement.
In other trade news, top executives from German automakers Volkswagen (VOW.DE), Daimler(DAI.DE) and BMW (BMW.DE) were expected to meet with Trump’s economic adviser Larry Kudlow in Washington later in the day. Trump has previously criticized the companies and threatened to increase tariffs on autos made in the European Union.
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