President Trump had poured cold water on those rumors on Friday, but the market didn’t seem to react as all three U.S. benchmarks closed at record highs and the equities soared to record highs last week amid the reports that China and U.S. were planning to roll back the tariffs as part of a ‘phase one’ trade agreement.
President Trump’s assistant and the director of the Office of Trade and Manufacturing Policy, Peter Navarro pushed back forcefully at the prospect of a tariff reduction. And in an interview with Yahoo Finance, Navarro said that:
The talks between the world’s largest superpowers have progressed favorably in the recent months, culminating in a phase one, the trade agreement announced by the President Trump in mid-October. In spite of signaling that an interim deal was imminent, the White House has yet to finalize the details with its Chinese counterparts.
US President Trump and the China’s President Xi Jinping were scheduled to meet in this week on the sidelines of the APEC summit in Chile, before it was cancelled aimed the violent protests in the Latin American country. Trump-Xi trade summit may be pushed back to December, Bloomberg reports.