Trump adviser walks back comments that trade deal is 'over', as China announces plan to increase U.S. ag purchases - Entrepreneur Generations

White House trade adviser Peter Navarro on Monday walked back on his earlier remarks that the U.S.-China trade pact was 'over', stoking volatility in markets already frazzled by the coronavirus pandemic," Eric Beech reports for Reuters. "Navarro said his comments were taken 'wildly out of context', while U.S. President Donald Trump confirmed in a tweet the deal with China was 'fully intact." 

Earlier on Monday, Navarro said "it's over" when Fox News asked him about the trade agreement, implying that the deal began going downhill immediately after the Phase 1 deal was signed on Jan. 15. He said U.S officials only learned about the pandemic immediately after the trade delegation left, and said that China "had already sent hundreds of thousands of people to this country to spread that virus," Beech reports.

Navarro, a longtime critic of China, said his remarks had nothing to do with the trade deal itself, and was only speaking to his lack of trust in the Chinese government, accusing them of lying about the origins of the coronavirus and causing it to spread to the rest of the world, Beech reports. 

The pandemic and other factors such as African swine fever and recent national security disputes have jeopardized the trade deal, in which China had promised to increase purchases of American farm products by $32 billion over two years. But the deal has been in trouble since nearly the beginning, since China has not sufficiently increased its ag product purchases. In fact, farm exports to China recently fell behind pre-trade war levels, Ryan McCrimmon reports for Politico's Morning Agriculture.

Chinese officials announced yesterday that they plan to increase purchases of U.S. farm goods to catch up on its commitments under the trade deal, McCrimmon reports.


from The Rural Blog https://ift.tt/2NphwwY Trump adviser walks back comments that trade deal is 'over', as China announces plan to increase U.S. ag purchases - Entrepreneur Generations

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