The trade war scare has faded – we think.
Just hours ago, White House trade advisor, Peter Navarro said the trade deal with China was “over.” Of course, that created big panic, and plenty of chest pain among investors. Investors feared the worst. Markets began to crash.
“It was at a time when they had already sent hundreds of thousands of people to this country to spread that virus, and it was just minutes after wheels up when that plane took off that we began to hear about this pandemic,” Navarro said, as quoted by CNBC.
But as it turns out, it may not have been true at all.
Just a couple hours ago, according to Navarro not long after, he said, “My comments have been taken wildly out of context. They had nothing at all with the Phase 1 trade deal, which continues in place. I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world,” as quoted by Zero Hedge.
President Trump also said, “The China Trade Deal is fully intact. Hopefully, they will continue to live up to the terms of the agreement.”
There’s nothing quite like chest-pain early in the morning when the initial news surfaced.
As part of the first phase of the trade deal, China did agree to increase its purchases of American products by $200 billion over the next two years.
The post No, The Trade War Deal with China Isn’t Over appeared first on Morningology.
