Trump says he is 'not interested' in trade talks with China
By Eric Beech and David Lawder WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday shut the door on 'Phase 2' trade negotiations with China, saying he does not want to talk to Beijing about trade because of the coronavirus pandemic
By Eric Beech and David Lawder
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday shut the door on "Phase 2" trade negotiations with China, saying he does not want to talk to Beijing about trade because of the coronavirus pandemic.
"I'm not interested right now in talking to China," Trump replied when asked in an interview with CBS News whether Phase 2 trade talks were dead.
"We made a great trade deal," Trump said, of the Phase 1 agreement signed in January. "But as soon as the deal was done, the ink wasn't even dry, and they hit us with the plague," he said, referring to the novel coronavirus , which first emerged from the Chinese city of Wuhan.
For months, Trump has blamed China for sending the coronavirus to the United States, saying that China must be "held accountable" for failing to contain the disease. The pandemic has taken a stiff toll on the U.S. economy, endangering Trump's hopes for re-election in November. China pledged to increase purchases of U.S. farm and manufactured goods, energy and services by $200 billion (159 billion pounds) over two years as part of the Phase 1 trade deal, but Trump has said the pandemic changed his views on the agreement.
At the White House, Trump announced that he signed legislation and an executive order to hold China accountable for the "oppressive" national security law it imposed on Hong Kong.
The measure approved by Congress, the latest in a series of moves aimed at ratcheting up pressure on Beijing, gives Trump's administration the authority to penalize banks doing business with Chinese officials who implement Beijing’s new national security law on Hong Kong.
Trump said he has no plans to talk with Chinese President Xi Jinping.
Even before the coronavirus pandemic began, few trade watchers in Washington were expecting Phase 2 negotiations to bear fruit before the 2020 election.
While Phase 1 focused mainly on Chinese purchases of U.S. goods, improved U.S. access to China's financial services market and some intellectual property issues, Phase 2 was meant to tackle far more difficult issues associated with China's technology transfer policies, industrial espionage and government subsidies to state-owned enterprises.
(Reporting by Eric Beech; Editing by Chris Reese, Jonathan Oatis and Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Laura Sanicola NEW YORK (Reuters) - Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S.
By Lewis Krauskopf, Shashank Nayar and Medha Singh (Reuters) - Wall Street's main indexes ended little changed on Tuesday, with gains in energy and financial shares countering declines in healthcare, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation. The S&P 500 financial sector hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector
(Reuters) - Zoom Video Communications Inc on Tuesday forecast better-than-expected revenue for the current quarter, after beating quarterly estimates, as the video-conferencing platform expects steady growth from remote work and online learning. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups