So much for that trade war optimism.
Markets are heading lower after President Trump appeared unwilling to remove tariffs on Chinese imports. In fact, the President said that while trade talks were moving along “very nicely,” as highlighted by Reuters, the U.S. would only make the deal if it was good for America.
“The trade talks with China are moving along, I think, very nicely and if we make the deal that we want it will be a great deal and if it’s not a great deal, I won’t make it,” he said. “I’d like to make a deal, but it’s got to be the right deal.”
If that’s the case, we’re not likely to see a trade deal this month, or next.
In addition, as Trump economic adviser Peter Navarro told Fox Business, “there is no agreement at this time to remove any of the existing tariffs as a condition of the ‘phase one’ deal. Navarro is also denying that Chinese and U.S. trade negotiators reached a deal to roll back tariffs, as reported by The Hill.
“I heard someone joke today that negotiations with the Chinese don’t really begin until you have a handshake deal, and I think that’s maybe what’s going on here. The spectacle of the Chinese propaganda press putting out information like that — they’re just negotiating in public trying to push us in a direction. The president makes these decisions,” he added.
At the moment, there really are no clear answers on when or if a deal will be made.