Trump casts doubt on China deal

President TrumpDonald TrumpJan. 6 panel faces double-edged sword with Alex Jones, Roger Stone Trump goes after Woodward, Costa over China Republicans seem set to win the midterms — unless they defeat themselves MORE on Friday cast doubt on the status of a reported "phase one" deal with China that would involve a massive drop in U.S. tariffs.

"The Wall Street Journal story on the China Deal is completely wrong, especially their statement on Tariffs. Fake News. They should find a better leaker!" he Tweeted.



The Wall Street Journal was among several publications that reported that Trump was preparing to scrap new tariffs scheduled to go into effect on Sunday and cut existing tariffs in half on $360 billion of Chinese imports as part of an initial trade deal.

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China, in exchange, would commit to major agricultural purchases, easing the pain on farmers hit by its targeted retaliatory tariffs.

Other reports noted that China had not yet signed on to the deal.

Stocks on Thursday had soared to new heights on reports that the deal would go ahead. Trump had touted the "Record Stock Market & Jobs!" on Twitter just 15 minutes before Tweeting about the veracity of the reports.

China's top diplomat on Friday gave a scathing speech about the United States, calling the country a "troublemaker" and urging it to "calm down," according to The Washington Post. China, he told reporters, was "willing to resolve the contradictions and differences with the U.S. through dialogue and discussions based on equality and mutual respect, but we will never accept unilateral sanctions or bullying."

CNBC reported that Chinese officials were set to hold a press conference later Friday to specifically discuss the trade talks.