US Pres. Trump says “COVID-19 reparations” coming, “US will bill China at least $160 billion”
|US President Trump has been crossing the wires and has said that "COVID-19 reparations" coming and that the "US will bill China at least $160 billion". In the same breath, US President Trump says the economy is going to come back very fast.
Additional quotes
- Says businesses they will e in good shape || says worst days of pandemic are behind.
- Says the second round of PPP has processed 450,000 loans totalling over $50 billion.
Market implications
Trade wars will be back on the agenda as Trump seeks to reinstate his authority over the US and drive up demand from his supporters for a leader that will take on China, passing blame for the global pandemic. in any case, the phase-one deal’s target for increased services exports to China this year, almost $13 billon, is almost certainly out of reach which likely means both parties will have to go back to the drawing boards. Trade wars were a huge weight on risk appetite since Trump's presidency and they will be again. Regardless of whether markets recover from COVID-19, trade wars could tip the scales for the next downturn.
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