Trump 'not interested' in reopening US-China trade deal after report of Beijing discontent

US President Donald Trump said on Monday (May 11) he opposed renegotiating the US-China "Phase 1" trade deal after a Chinese state-run newspaper reported some government advisers in Beijing were urging fresh talks and perhaps invalidating the agreement.

Trump, who himself has considered abandoning the pact signed in January, told a White House press briefing he wanted to see if Beijing lived up to the deal to massively increase purchases folks goods.

"No, not at all. Not even a little bit," Trump said when asked if he'd entertain the thought of reworking Phase 1. "I'm not interested. We signed a deal. I had heard that too, they'd like to reopen the trade talk, to create it a better deal for them."

The Global Times tabloid reported on Monday that unidentified advisers near the talks have suggested that Chinese officials revive the possibility of invalidating the trade pact and negotiate a fresh someone to tilt the scales more to the Chinese side.

The Global Times is published by the People's Daily, the official newspaper of China's ruling Communist Party. Without the official party mouthpiece, the Global Times' views are believed sometimes to reflect those of its leaders.

NEW SOYBEAN PURCHASES

Hours after the report was published, Chinese importers on Monday bought at least four cargoes, or around 240,000 tonnes, of US soybeans on Monday for shipment from July, and additional sales are possible, two traders acquainted with the deals said on Monday.

The purchases were the latest in a recently available string by China, which US officials say in addition has begun implementing other areas of the trade deal regarding intellectual property protections.

THE UNITED STATES Trade Representative's office did not react to repeated queries on the Global Times article.

Under the Phase 1 deal signed in January, Beijing pledged to buy at least US$200 billion in additional US goods and services over 2 yrs while Washington agreed to roll back tariffs in stages on Chinese goods.

Trump, who has blamed China's early handling of the new coronavirus outbreak in its central city of Wuhan for a large number of US deaths and millions of job losses, said last week he was "very torn" about whether to get rid of the Phase 1 trade deal. Those comments came just hours after top trade officials from both countries pledged to press ahead with implementing the agreement.

'TSUNAMI OF ANGER'

Rising US-China tensions over the coronavirus outbreak have cast the trade deal and proposed talks on a Phase 2 deal into doubt.

The Trump administration asserted there is evidence the new coronavirus originated from a Wuhan laboratory, an allegation that China has rejected. On Monday, a fresh source of tension exposed, with reports that the administration is likely to issue a warning that computer hackers linked with the Chinese government are trying to steal information from US researchers.

US intelligence and police did not immediately respond to requests for comment.

Commentary: Trump and Xi must end the blame game and restore trust

The Global Times said malicious attacks by america have ignited a "tsunami of anger" among Chinese trade insiders after China made compromises in the Phase 1 pact.

"It's actually in China's interests to terminate the existing Phase 1 deal," a trade adviser to the Chinese government told the Global Times, citing the weakening US economy and upcoming US presidential elections. "THE UNITED STATES now cannot afford to restart the trade war with China if everything dates back to the starting place."

Clete Willems, a former White House trade adviser who took an active role in the US-China negotiations, said China had followed through on a lot of the structural provisions in the Phase 1 deal, including new rules to safeguard intellectual property.

"I don't believe we're at the point where we should give up the offer. It has yielded positive results so far," said Willems, who's now with the Akin Gump law firm in Washington.