Markets hit as President Trump hints U.S.-China trade deal could be delayed

Markets were jolted after President Trump suggested a trade deal with China could be delayed until after the US presidential election in November next year.

Myles McCormick for The Irish Times:

Speaking in London during a press conference with Nato secretary-general Jens Stoltenberg, Mr Trump said he had “no deadline” for getting a deal done, adding: “In some ways I think it’s better to wait until after the election.”

“The China trade deal is dependent on one thing: Do I want to make it?” said Mr Trump. “…we’re doing very well with China right now and we can do even better.”

Separately, Beijing also upped the trade war ante as it retaliated against Mr Trump’s decision to sign legislation supporting protesters in Hong Kong by barring US navy ships from visiting the territory and slapping sanctions on four non-governmental organisations. Mr Trump said that signing the legislation did not increase the chances of agreeing a so-called “phase one” trade deal.

MacDailyNews Note: President Trump’s quote:

The China trade deal is dependent on one thing: Do I want to make it? Because we’re doing very well with China right now and we can do even better with a flick of a pen. And China’s paying for it. And China has the worst year, by far, that they’ve had in 57 years. I have no deadline, no. In some ways, I think it is better to wait until after the election if you want to know the truth… In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right; it’s gotta be right.

15 Comments

  1. Self proclaimed dealmaker has squandered every opportunity to achieve win-win collaboration with all former allies. Such arrogant statesmanship weakens the USA as he increasingly isolates the nation. It’s already costing dearly, look at the deficit. Look at the balance of trade. Look at the stock futures. Look at domestic manufacturing and agriculture. Look at all the small businesses boarded up on Main Street.

    America needs more than Chinese-manufactured Apple disposable stocking stuffers to get the nation headed in the right direction. A new outlook would begin with what should be apolitical agreement: less foreign military expenditure and a ban on active combat mercenary contractors. More reform of domestic business efficiency . Congressional term limits (2). Balanced budget amendment to take place no more than 4 years after the vote. Repeal of many invasive parts of the misnamed Patriot Act. Incentives for new energy tech (much of it in energy efficency upgrades to infrastructure and distribution), rollbacks of fossil fuel subsidies. Internet bill of rights including a clear right to privacy and ISP liability for personal data theft. Worker retraining and small business support, limitation of multinational corporate power. End to gerrymandering and creaky insecure voting machines. Higher taxes on pollution and waste, lower income taxes on individuals. Close the loopholes such as offshore banking that were claimed to have been included in the last tax bill but were not. Dramatically improved technology / efficiency in renewed infrastructure. Harmonization of multilateral trade policies to bring other nations up to US standards, not belligerent standoffs. Health and education reforms to prioritize outcomes over profits. Reform of postal service getting Congress out of the way. Reform of the mint to eliminate mass waste (eliminate pennies, for a start). Make social security optional for high income earners (above 1.5x median income), who would be able to stop future payments into the system but will not be reimbursed for previous contributions nor be able to re-enter the system without penalty.
    Restore air and water quality, and get on with actual cleanup of superfund sites instead of dinking around padding contractor profits year after year.

    I am sure all of you have similar humble proposals for areas big and small in which to improve your nation.

    Perhaps if it wasn’t for all the tweeting, TV, and golf, something would have been accomplished from the above list in the last 3 years.

    1. You don’t understand how Donald Trump works.

      From The Art of the Deal:

      “The worst thing you can possibly do in a deal is seem desperate to make it. That makes the other guy smell blood, and then you’re dead.”

      1. Fat T’s ghost writer really rolled out some platitudes for the ages! Wow, now I know how to make a great deal! One would have never figured out such brilliant negotiation tactics on their own….. Gosh, it makes one wonder if any foreign leader might have seen through the bluster when meeting with the fat orange one. Surely they will cave when they see Fat T set his jaw with resolv … oh, wait, gotta go, it’s time for Fox and Friends.

        Problem is, while Fat T is busy playing belligerent dictator in a my-way-or-the-highway stance on ALL international matters with friend and foe alike, US farmers are on welfare and US manufacturing went from growth to stagnation. Public and private debts are rising — not a good sign in what is supposed to be a strong economy.

        Fat T criticized Obama for his constant growth economy, claiming that it wasn’t fast enough. Then Trump delivers slower economic growth, corporations inflate their own stock with deficit-ballooning tax rebates, and his minions cheer. There is plenty of wealth, the problem is that it isn’t circulating. It’s being hoarded by the billionaires and corporations, which Fat T handed an unnecessary bailout in Dec 2017.

        Is that what you want? A bipolar nation of elites and part-time uninsured disposable minions? A nation that makes nothing but tweets and stock trades and overpriced barista drinks in disposable cups, with no remaining industrial muscle to accomplish great things? Where are all the amazing factory openings? Where’s the leadership in any field of science or manufacturing? What does America do??? Make deals and import Chinese junk at more favorable exchange rates??? Other than seasonal holiday workers, what companies are predicting expansion for the next year?

        I GUARANTEE that the Fat T campaign strategy is to claim that he is very, very close to a big trade deal, he just needs another 4 years of legal immunity in order to get it done. “Trust me” he will say. Only he can possibly save America from whatever scapegoats he rattles off the top of his head. Also, he’s very busy golfing so there’s nothing else that can be done in the meantime. No meaningful reform, no infrastructure investment as promised in rally after rally. And all major US corporations including Apple will keep building most of their stuff in China or other non-democratic ecological dumps with near-slave labor practices. Fat T would know. He and his daughter’s lines of overpriced fashion are overwhelmingly made in China to this day.

        Some of us like to see action instead of blowhard tweets from the biggest hypocrite of all.

        1. Another encyclopedic-length diatribe from Mike which no one will stick with long enough to read. Give it a rest Mike. None of us want or need to have our sensible thinking be subjected to your (in your own mind only) supposedly superior twist on everything. You are not our teacher. Take a walk.

      2. One more thought:

        The blind sheep who constantly repeat predictions of a 2020 landslide are willfully ignorant. The Fat T party hasn’t won anything since 2016, and in fact lost the popular vote in 2016 too. His approval rating is 41.6% according to 538. https://projects.fivethirtyeight.com/trump-approval-ratings/?ex_cid=rrpromo

        Gerrymandering has served Fat T well, but he certainly doesn’t have enough accomplishments to landslide anything. Of course that won’t stop the Russian trolls from pushing for him.

        It will be interesting to see how y’all spin Fat T’s tax returns when more of his financial corruption becomes public. He could have proven his compliance with the Constitutional Emoluments clause long ago by showing his returns (that’s the easy thing for everyone, which is why every presidential candidate before him has done it) but obviously Fat T has much to hide. Apparently Ivanka and Jerod are qualified to be US economic tsars but they can’t possibly be trusted to operate a blind trust for Donny’s inherited and ill-gotten wealth. Silicone bimbo and illegal immigrant “Don’t Care, Do You?” Melania must be counting her 50%? Be best!

        1. “One more thought” your snide mocking condescension of our GREAT President Donald J. Trump, will NOT change the coming landslide election. Go it? So until then, you are reduced to wallowing in your voluminous petty HATE…

        2. Another encyclopedic-length diatribe from Mike which no one will stick with long enough to read. Give it a rest Mike. None of us want or need to have our sensible thinking be subjected to your (in your own mind only) supposedly superior twist on everything. You are not our teacher. Take a walk.
          How many thousands of words will you waste on this? Over and over and over and over. We get it. You don’t like the guy. Your bludgeoning us with your repetitious and always the same crap won’t change everyone’s minds. Give it a rest! Give it a rest!

    2. Another encyclopedic-length diatribe from Mike which no one will stick with long enough to read. Give it a rest Mike. None of us want or need to have our sensible thinking be subjected to your (in your own mind only) supposedly superior twist on everything. You are not our teacher. Take a walk.

      And kudos to 2020 Landslide for your more prescient assessment of the actual real-world situation.

  2. American farmers are shitting bricks over the news that a deal might not happen until after the election. A lot of farmers went under the last two years and there will be a bunch more in 2020.

    Longterm, American farmers have lost market share to South American competitors, and most of that won’t be coming back. It took 20 years to develop the Chinese markets for soy, hogs, corn, wheat. And those markets are now mostly closed to U.S. exporters.

    Brazilians love their surprise gift. They can’t plant enough acreage in soybean.

    1. Brazilians love their surprise gift. They can’t plant enough acreage in soybean.

      Which then must be why there’s all of a sudden threats for Tariffs on Brazilian Steel…?

      1. And another reason why all that tropical forest went up in flames.
        Instead of a butterfly effect, this is the Trump effect having huge impacts on the environment due to some ill thought intervention in trade.

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