U.S. President Donald Trump said the phase one trade deal with China is "fully intact,” after his adviser Peter Navarro sowed confusion and spurred a temporary stock slump with comments interpreted as a decision to end the agreement.
"The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” Trump said in a Twitter post late Monday. Navarro had responded to a long question by Fox News interviewer Martha MacCallum asking whether aspects of the deal were "over” by saying: "It’s over. Yes.”
U.S. futures swung wildly with the yuan as the remarks caused concern that the deal signed in January, which paused the trade war between world’s two largest economies, was in jeopardy. Navarro later said he had been taken out of context.