President Donald Trump said that he has postponed trade talks with China and that he does not want to talk to China right now.
Asked at an event in Yuma, Arizona on Tuesday whether he will pull out of the trade deal with China, Trump said he would see.
U.S. Treasury Secretary Steven Mnuchin, Trade Representative Robert Lighthizer and Chinese Vice-Premier Liu He were to meet to discuss the U.S.-China “phase one” trade deal, signed back in January, but the meeting via video conference scheduled for Saturday was canceled indefinitely as of Aug. 14, according to reports.
The phase one agreement (pdf) requires Beijing to import $200 billion worth of additional U.S. goods and services over the next two years. Trade data for just the first quarter shows that China is far behind the pace necessary to meet its purchase target.
For example, China has to import at least $80 billion in U.S. agricultural products over the next two years. But in the first three months, China bought only $5.1 billion worth of farm products.
Trump has repeatedly voiced disappointment over Chinas purchases and threatened to “terminate” the deal if Beijing fails to follow through on its promises.
In the first week of June, China reportedly ordered some major state-owned enterprises to cancel plans to buy U.S. soybeans, which were part of the $200 billion in U.S. products, Bloomberg reported, citing anonymous sources.
Tensions between the worlds two largest economies reescalated in recent months due to Chinas failure to fulfil its purchase targets in the trade agreement, which went into effect in mid-February, as well as the Chinese regimes mishandling of the CCP (Chinese Communist Party) virus outbreak.
The Trump administration has been extremely critical of the Chinese regimes efforts to contain the CCP virus, commonly known as novel coronavirus.