US President Donald Trump says he postponed talks with China and that he doesn’t want to talk to China now.
Asked if he will pull out of trade deal with China, Trump says ''we'll see''.
Meanwhile, the Phase 1 review that had been scheduled for the weekend was cancelled.
The centrepiece of the phase one trade deal is China’s commitment to buy at least $200 billion more in US goods and services over two years on top of its purchases in 2017.
In the first half of 2020, China bought less than a quarter of the targeted full-year amount of US goods agreed under the deal, according to data compiled by Peterson Institute for International Economics.
Despite this lag, however, US President Donald Trump’s top economic advisor Larry Kudlow recently said that China’s purchases of American goods are “really good numbers,” as reported by Reuters.
Kudlow also denied that the phase one trade deal would be voided given the recent deterioration in US-China ties, according to the report.
However, the implications of the tensions remain bearish for markets.
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