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.
