The U.S. and China signed a preliminary trade deal in Geneva last month, with both parties agreeing to lower their respective tariffs by 115% among other measures. However, it seems a final deal is far from being reached given policy violation accusations from both sides.
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On Tuesday, China Ministry of Foreign Affairs spokesperson Lin Jian said that China has respected the deal while the U.S. “falsely accuses and smears China, and has taken extreme suppression measures against China such as new chip export controls, blocking EDA sales, and announcing plans to revoke Chinese students’ visas.”
U.S. and China Exchange Accusations
Jian’s statement comes after President Trump accused China of violating the deal, with U.S. Trade Representative Jamieson Greer adding that China has failed to remove tariff countermeasures, such as the restriction of the flow of critical minerals used in semiconductors and vehicles.
During the past few days, several White House officials have said that Trump would soon speak to President Xi Jinping over the phone. On the other hand, Jian said that “I have no information to offer” when asked if he had any knowledge of the call.
The S&P 500 (SPX) is still rising on the day despite increasing tensions between the two world powers.
