No one knows whether new tariffs will hit Chinese goods this weekend, after Trump disputes report of trade deal
Just when you think you know what's going on in Washington, President Trump throws another wrench into the works.
While The Wall Street Journal reported Thursday that the Trump administration had reached a limited trade deal with China, supposedly agreeing to cancel new tariff hikes and roll back existing tariffs on some Chinese goods, Trump tweeted Friday the story was "completely wrong, especially their statement on tariffs."
The report had described the deal as something Trump was poised to sign off on. Beijing had reportedly agreed to increase purchases of U.S. farm goods, along with other concessions, in exchange for the reduced tariffs, which would have been a big step in cooling the ongoing trade war that has spooked investors and raised consumer prices.
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Now, it's completely unclear what the deal includes, or if there's even a deal at all. Trump did promise a trade deal was "very close" on Thursday morning, but that's something he's said repeatedly without any agreement actually materializing. As CBS News' Weijia Jiang noted, its hard to know what to expect, especially since the White House hasn't offered any official clarification. Chinese officials aren't talking either, and local sources are calling it a "delicate situation," which should surely reassure investors. Summer Meza
