President Donald Trump signaled he would be willing to wait for another year before striking a trade agreement with China, casting doubt on the likelihood of a phase-one accord within weeks between Washington and Beijing.
Stocks tumbled in Europe and the U.S. as Trump’s comments indicated no urgency to reach a deal by Dec. 15, which U.S. Commerce Secretary Wilbur Ross on Monday called a “logical deadline.” The Trump administration has threatened to impose tariffs on more Chinese imports starting that day. Those levies would hit American consumer products such as smartphones, toys and children’s clothing.
A flurry of U.S. trade moves in the past 24 hours has eroded investor optimism that Trump would ease up on tariffs that have slowed the global economy. Rather than ratcheting down trade tensions, Trump is indicating confidence that his import taxes are good for America.
[Extract from the Bloomberg article Trump Sees No Deadline for China Deal as Trade Risks Roar Back by Derek Wallbank and Jordan Fabian, publish on December 3, 2019]
A U.S. guided-missile destr0yer sailed near disputed islands in the South China Sea in what China called a “provocation” as U.S. officials joined talks in Beijing during a truce in a bitter trade war.
The statement came as trade talks between China and the United States were underway in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled international markets.
. . .
I do not foresee a trade deal amid warfare.