Oil up after Trump assurance on China trade deal

Donald Trump wearing a suit and tie White House trade adviser Peter Navarro who will now serve as national defense production act policy coordinator speaks about the coronavirus in the James Brady Press Briefing Room Friday

Over the past four years, tariffs have been a significant focus for Trump, who has promised to resurrect USA manufacturing by slapping steep tariffs on foreign competitors, particularly China.

Worries about the deal between Washington and Beijing hit USA stock futures yesterday night after White House advisor Peter Navarro said in a television interview that the agreement was "over". -China trade deal was "over".

Prices pared early gains after the U.S. Purchasing Managers' Index (PMI) showed the country's rebound from coronavirus depressed levels was not as sharp as in Europe.

Navarro later backtracked on his remark.

The Trump administration has accused China of not only delaying informing the world about the severity of coronavirus, but point to the Communist regime's crackdown on whistleblowers who tried to alert the world about the potential danger.

Earlier on Monday when asked about the trade agreement, White House trade adviser Peter Navarro told Fox News "it's over".

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But Trump immediately posted on Twitter, "The China Trade Deal is fully intact".

Fox Business anchor Maria Bartiromo told "America's Newsroom" on Tuesday that she thinks that phase one of the U.S. -China relations have deteriorated sharply since the two countries signed Phase 1 of a trade deal January 15th. U.S. Imports from China shot up to $31.1 billion from $19.8 billion in March, which marked the lowest monthly total in 11 years.

Meanwhile, confirmed cases of covid-19 continue to climb in the USA and overseas.

Based on that alleged misconduct and deception on the part of Beijing, MacCallum pressed Navarro on whether the Trump administration can expect China to live up to its end of the trade deal.

Lighthizer said last week that about $10 billion in Chinese purchase commitments had been made under the deal, including $1 billion worth of cotton. Oil has rallied in recent days above $40 a barrel as some US states moved forward with the phased reopening of their economies, while physical crude prices are climbing due to cuts by Russian Federation.

The adviser's comments injected a strong dose of volatility into global markets with currency and futures markets dipping and Asia Pacific stocks falling into negative territory, before recovering after Navarro had issued a statement that his comments had "been taken wildly out of context".

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