Global Times, a Chinese state-owned media company, cites sources “close to the Chinese government” who say that China may want to redo the Phase One Trade Deal with the U.S.
Politico says government advisers reportedly have said China should void the deal and renegotiate the four-month-old agreement with the U.S. so it’s more favorable for Beijing.
“In fact, it’s in China’s interests to terminate the current phase one deal,” says an unnamed trade adviser quoted in the Times. “The U.S. now cannot afford to restart the trade war with China if everything goes back to square one.”
However, U.S. President Donald Trump was asked about the report on Monday, saying that he wasn’t interested in renegotiating the trade deal, “not even a little.”
The president said he’d heard those same reports that China would like to reopen trade talks with the U.S. and make it a better deal for them.
“I’m not interested in that,” Trump says. “Let’s see if they live up to the deal they’ve signed.”
Trade tensions have been climbing between the two nations as the Trump Administration accused Beijing of spreading misinformation about COVID-19 and failing to contain the virus.