President Donald Trump said on Friday that he did not agree to abolish tariffs on Chinese goods, suppressing hopes of an early resolution of the fast-paced trade conflict.
"They would like to have a retreat. I did not agree to anything, "he told reporters before heading to the White House on his way to Georgia." China would like to get a little discount, not a full kickback, because they know I won't. "
Stocks dropped to session levels following Trump's comments as optimism rises over prospects for US withdrawal
Chinese Commerce Department spokesman Gao Feng said Thursday that Washington and Beijing negotiators" agreed to abolish the additional duties imposed on the products at each other's stages, after making progress "in reaching a trade deal, according to a CNBC translation, Gao did not specify how much of the tariffs would cancel the two largest economies in the world.
The United States and China are working to sign this , which the White House has identified as a phase-in trade deal, and Trump hopes to address Beijing's exclusive trade barriers, including forced technology transfers and intellectual property theft, while guaranteeing more Chinese purchases of US lskostopanski goods.
The Trump administration abolished tariffs on more than $ 500 billion in Chinese goods, while Beijing placed tariffs on about $ 1
The White House declined to comment on Trump's remarks.
Skepticism quickly rose on Thursday over Chinese statements that the US agreed to abolish tariffs. Some administration officials and outside advisers have opposed the prospect of eliminating tariffs, worrying that it will reduce US leverage in ongoing negotiations, Reuters reported.
On Thursday evening, Trump's trade adviser Peter Navarro also denied the reports. He told Fox Business Network that "the only person who can make [the decision to roll back tariffs] is Donald J. Trump. "
Trump and Chinese President Xi Jinping sought a place to sign the first piece of the trade deal. They had planned to sign the agreement at the Asia-Pacific Economic Cooperation Conference in Chile later this month before the country's president canceled the event because of the protests.
On Friday, Trump said he and his Chinese counterpart would sign the first leg of the deal in the US. Earlier, he suggested that the parties could meet in Iowa for signing.
– CNBC's Quinn Breuninger contributed to this report
SEE: The tariff deal faces a White House discount