U.S. stocks soared to record highs on Thursday after reports suggesting the U.S. and China agreed to roll back their tariffs on each other.
BUT, a White House adviser has denied that such a deal has been reached and other U.S. officials are apparently against the tariff removal, dashing hopes of a possible thaw in the U.S.-China trade tensions.
Our Kim Jae-hee has the latest.
Throwing a wet blanket over hopes that the U.S. and China would scrap tariffs in phases as part of a partial deal to end their months-long trade dispute,... a White House adviser has denied that such a deal had been made.
The director of Trade and Manufacturing Policy, Peter Navarro said in a interview with Fox business that no agreement has been made at this time to remove any of the existing tariffs for the phase one deal.
He added China is "negotiating in pubic" by putting out the news, and that the President is the only one to make that call.
Reuters had previously said, citing multiple sources,... that the agreement to remove tariffs faced fierce opposition from within the White House and from outside advisers.
They have reportedly said a tariff rollback was not included in the deal reached between high-level officials from the two sides in October.
The report added there is a divide over removal of tariffs amid concerns that it could be disadvantageous to Washington in negotiations with Beijing.
Earlier, China's commerce ministry said it had reached a deal with Washington to remove tariffs on each other's goods as part of the agreement.
Reuters said the U.S. also has confirmed it, citing an anonymous U.S. official.
Kim Jae-hee, Arirang News.