The trade war has reached peak insanity.
Just yesterday, the Dow Jones plunged more than 680 points after President Trump said it may be better to wait until after the 2020 election to strike a deal.
“I have no deadline,” he said, as quoted by CNN. “In some ways I think it’s better to wait for after the election, if you want to know the truth.”
Even Wilbur Ross said Trump is “serious” when he said trade talks could last beyond the 2020 election, as reported by MarketWatch. Worse, Ross said Trump would impose another round of tariffs on Chinese goods on Dec. 15 unless there was “some real reason to postpone them.”
Now, just a day later, Dow futures are up 146 points on a report the U.S. and China may complete a phase one agreement before the tariff deadline on December 15, says Bloomberg. “Outstanding issues in the talks include how to guarantee China’s purchases of U.S. agricultural goods and exactly which tariffs to roll back.”
But wait, there’s more.
CNBC’s Eunice Yoon just poured cold water on that Bloomberg report.
In fact, per a tweet, she noted, “My sources here say China thought it had an agreement in principle on tariff rollback in early Nov but President Trump backed away from it. So unclear how “close” two sides really are.
Now, no one has a clue who has the story right. But it’ll be interesting to see what happens next. Stay tuned for more on this developing story.