The president is suggesting a U. S.-China trade deal could be nearing — and it seems to be buoying the stock market right on schedule. But a senior administration official told CNBC on Friday that the U. S. and China were a long way from reaching an agreement.
A week ago, President Donald Trump told a crowd at the White House that he had a message for Chinese President Xi Jinping.
“They want to make a deal so badly. And I said, ‘You’re not ready yet. No, you’re not ready. No.'” Trump said he told Xi. “I told him, ‘You’re not ready'”
With the midterm elections just days away, the president is singing a different song — and it seems to be buoying the stock market right on schedule.
Just a day after the president’s top economic advisor Larry Kudlow said that the administration has not engaged the Chinese in “intense talks lately,” the president said that trade discussions “are moving along nicely.”
On Friday, a report that said Trump had asked U. S. officials to prepare a draft trade agreement with the country sent the market higher.
Investors hopeful for a trade deal are skeptical about the recent change in rhetoric, suggesting it could be heavy on politics and short on policy. The White House did not respond to a request for comment.
“In my opinion, will all due respect to the president, he’s talking up the stock market before the midterm elections,” said Howard Ward, chief investment officer of Gamco Investors.
“There have been no discussions taking place between the China and the U.
