Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Trump 'not interested' in reopening U.S.-China trade deal after report of Beijing discontent

Published 05/11/2020, 05:04 PM
Updated 05/11/2020, 07:25 PM
© Reuters. U.S. President Trump holds press briefing on the coronavirus response at the White House in Washington

By Andrea Shalal and Ryan Woo

BEIJING/WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he opposed renegotiating the U.S.-China "Phase 1" trade deal after a Chinese state-run newspaper reported some government advisers in Beijing were urging fresh talks and possibly invalidating the agreement.

Trump, who himself has considered abandoning the pact signed in January, told a White House press briefing he wanted to see if Beijing lived up to the deal to massively increase purchases of U.S. goods.

"No, not at all. Not even a little bit," Trump said when asked if he would entertain the idea of reworking Phase 1. "I'm not interested. We signed a deal. I had heard that too, they'd like to reopen the trade talk, to make it a better deal for them."

The Global Times tabloid reported on Monday that unidentified advisers close to the talks have suggested that Chinese officials revive the possibility of invalidating the trade pact and negotiate a new one to tilt the scales more to the Chinese side.

The Global Times is published by the People's Daily, the official newspaper of China's ruling Communist Party. While not an official party mouthpiece, the Global Times' views are believed at times to reflect those of its leaders.

NEW SOYBEAN PURCHASES

Hours after the report was published, Chinese importers on Monday bought at least four cargoes, or about 240,000 tonnes, of U.S. soybeans on Monday for shipment beginning in July, and additional sales are possible, two traders familiar with the deals said on Monday.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The purchases were the latest in a recent string by China, which U.S. officials say has also begun implementing other parts of the trade deal regarding intellectual property protections.

The U.S. Trade Representative's office did not respond to repeated queries on the Global Times article.

Under the Phase 1 deal signed in January, Beijing pledged to buy at least $200 billion in additional U.S. goods and services over two years while Washington agreed to roll back tariffs in stages on Chinese goods.

Trump, who has blamed China's early handling of the new coronavirus outbreak in its central city of Wuhan for thousands of U.S. deaths and millions of job losses, said last week he was "very torn" about whether to end the Phase 1 trade deal. Those comments came just hours after top trade officials from both countries pledged to press ahead with implementing the agreement.

'TSUNAMI OF ANGER'

Rising U.S.-China tensions over the coronavirus outbreak have cast the trade deal and proposed talks on a Phase 2 deal into doubt.

The Trump administration asserted there was evidence the new coronavirus came from a Wuhan laboratory, an allegation that China has rejected. On Monday, a new source of tension opened up, with reports that the administration is planning to issue a warning that computer hackers tied to the Chinese government are attempting to steal information from U.S. researchers.

U.S. intelligence and law enforcement officials did not immediately respond to requests for comment.

The Global Times said malicious attacks by the United States have ignited a "tsunami of anger" among Chinese trade insiders after China made compromises in the Phase 1 pact.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"It's in fact in China's interests to terminate the current Phase 1 deal," a trade adviser to the Chinese government told the Global Times, citing the weakening U.S. economy and upcoming U.S. presidential elections. "The U.S. now cannot afford to restart the trade war with China if everything goes back to the starting point."

Clete Willems, a former White House trade adviser who took an active role in the U.S.-China negotiations, said China had followed through on the majority of the structural provisions in the Phase 1 deal, including new rules to protect intellectual property.

"I don't think we're at the point where we should give up on the deal. It has yielded positive results thus far," said Willems, who is now with the Akin Gump law firm in Washington.

Latest comments

China seems to have more factories. It's a sesspool of manufacturing. we offer services and have cleaner land... China is like the bad side of town and it is no where near us. :p we need them.
oh ***** I just ordered more stuff from China... >.> it better make it to me. lol.
🇨🇳 is destroying the entire world. Bad trade then viruses
T e r r o r i s t
boycotting all Chinese goods. I hope you all do the same.
see the day dollar will no more be safe haven
see the day dollar will no more be safe haven
see the day dollar will no more be safe haven
1.2 billion ppllive and work in China, more then. EU, USA, and Latin America combined. Just work together, dont wage any wars. USA always wabts supremacy in every thing but guess what, life is not a John Wayne movie. If USA wont import chinese goods, EVERYONE else will, and usa can import their army and eat dollars.. USA world supremacy is over, face it and live it.
the more America and the World stay dependent to CN, the more difficult to become independent as time goes by, look back to see how CN is overtaking the world in just 20 years since they entered WTO, then one can project how it's gonna be 20 years from now, wake up people, wake up, it maybe too late already but rather now than ever!
the tariffs hurt Americans way more than the Chinese. since the tariffs started major American companies like Kohl's, Lowe's, pier 1, almost every mall has been going bankrupt since 2016 not to mention all the farm bankruptcies. the Chinese can sell to other countries for higher prices but the US can't get the same lower prices from other countries. the real damage to the economy is from the tariffs not the virus.
it might be painful, yet it's better to dump the CCP trade now, verses later, making it even more difficult
How can anyone trust what Mr Trump claimed?
and anybody trust China leader???? probably only Chinese people....haha
so the option is to trust China, well said Zou
'"It's in fact in China's interests to terminate the current Phase 1 deal," a trade adviser to the Chinese government told the Global Times, citing the weakening U.S. economy and upcoming U.S. presidential elections. "The U.S. now cannot afford to restart the trade war with China if everything goes back to the starting point."' -- It's a tragedy that western nations can not or will not work better in UNITY against China's long term tactical interests. Communism has a decades-old and long history, how it took over China, how the communists invaded South Korea. What is the West thinking they are doing? By outsourcing to China and making concessions with the short term in mind western nations act as a reverse bailout group, making themselves weaker in the process. Italy is severely weaker now and has almost fallen into China's hands. Europe can no longer carry an economically incompetent and corrupt Southern Europe. China is buying up an impoverished Southern Europe one piece at a time.
World disengages from Dracula China completely..
That will never happened. For the next decades to come, China is the only country that has the consumer base to consume and consume. All nation needs this consumption so therefore China will rise.
The world is Dracula to coward like you.
I thought "Trump threatens to ‘terminate’ trade deal with China over COVID-19" https://www.theglobeandmail.com/world/us-politics/article-trump-threatens-to-terminate-trade-deal-with-china-over-covid-19/ So, now China reacted to trump's bluff...and the little one runs..."No, not at all. Not even a little bit," Trump said. What a loser...ha ha
The US is a big bully and the world is not going to take it anymore.
yup, u are absolutely right.
First those back to Europe then, and leave American Indians alone.
Then you go back to Taiwan, China.
The world will disengage from the US and not China.
I can only wish that we were rid of the rest of the world. I hope your wish comes true....please make sure you do too.
The sooner the free world disengages from China completely, the better we will all be.
You clearly don't know how the world works. Right now, China is the biggest trading partners for every countries. Simple put, China controls 1.4B consumers with 600 million capital M and growing rapidly. Do you think countries will choose us 320M capital M consumers and ignored 1.4B capital B consumers strong?
*600M capital M consumers middle class.
Chinese people are master at negotiation. This is just to test the reaction from Trump. China just wants to know his stand. Didn't he said the other day, he was going to tear up the deal? Well, now China has confirmed he is not doing that, and he needs to stick to the deal. That's it.
Insider info from those in the know say that Trump doesn’t want to re-open Phase 1 talks with the Chinese because he’s afraid it will totally expose what a terrible deal he and his negotiators made. The US had a chance to include overseeing and monitoring the Chinese virus labs, but Trump didnt think it was at all meaningful at the time, and voluntarily took it out in favor of an extra $5 Billion in farm goods going to China. My source tells me Trump is totally beside himself because that little $5 Billion in additional trade for US farmers cost Trump nearly $3 Trillion in Covid-19 stimulus funding....and no doubt the election in November. I also have it on good authority that Xi has been taking victory laps since February in celebration of Trump’s naivety and shortsightedness.
An “insider” is obviously living rent free inside Thom’s brain. He is lost in space.
Times are changed now.Step up tester. Uh
Stefon who? LOL. Boy am I glad I didn’t get stuck with that surname.
Too disturbing element of US. If you don't want to go for trade deal just say it clearly.
This guy is the worst thing happened to Earth for the last couple decades.
yes he is a world destroyer
Remember the old days when Obama or Clinton said something on the international stage? When they spoke, everyone listens and we have many friends. Now with Trump, we have little friends and everyone is skeptical. Like Pompeo lying about virus linked to the lab, not one single country side with him or Trump.
“Worst” for foreigners = “best” for America. Best president ever.
From a foreigner point of view, french in my case, I would say that: Trump personal manners are very disturbing too many (incarnated arrogance), his speeches rhetoric sounds so emphatic and overexagerated (if not completely an open lie) BUT wheter I like the guy or not, I must admit that he is doing the job. He is doing his best to protect the US economy, tackling severals trade issues, aso... must have been a *******for him to admit the lockdown and the disastrous consequences which are now just starting.
Also, I'm sure Washington has had enough of the Chinese about now. Dealing with them is grueling.. like negotiating with 4 year olds who are pretty smart but can't stop lying.
 to destroy china don´t touch them, but trump already touching so usa same like china
Trump and Pompeo are the big liers. So far, none of the world has stand by their statements. These two are maki g US the laughing stock on the world stage. We need to get them out.
He said we prevailed.Explained that to 65 year old who need to stuffed like sardines in quarantine. Yes he prevailed. Congrats
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.