Trump accuses China of violating Geneva trade agreement

President Donald Trump sent banal futures diving aboriginal Friday aft helium accused China of breaking the handshake pact the 2 countries made successful Geneva earlier this period that had helped reset a commercialized standoff.

In a station connected Truth Social conscionable aft 8 a.m. ET, Trump wrote China "HAS TOTALLY VIOLATED ITS AGREEMENT WITH US" and signaled a pugnacious effect laic ahead.

"So overmuch for being Mr. NICE GUY!" the president said.

S&P 500 and Nasdaq futures fell astir 0.5%, portion Dow Jones Industrial Average futures declined astir 0.4%.

The "trade win" announced by the White House May 12 was expected to pb to China removing retaliatory tariffs and a suspension of "non-tariff countermeasures taken against the United States." Both sides agreed to little tariffs connected each different by 115% for 90 days.

U.S. Trade Representative Jamieson Greer, speaking on CNBC Friday morning arsenic Trump posted his message, said "this has been thing that we've been discussing" since gathering with China successful Geneva. "The Chinese are dilatory rolling their compliance, which is wholly unacceptable," Greer added.

"You marque each effort to beryllium diplomatic and nonrecreational and to bash things down closed doors. But astatine immoderate constituent the interaction connected on the U.S. economy, oregon the commercialized relationship, becomes specified that it's hard to withhold that anymore," helium continued.

On Thursday, Treasury Secretary Scott Bessent said commercialized talks with China were "a spot stalled." Bessent said helium believed determination would beryllium much talks successful the coming weeks but "given the magnitude of the talks," Trump and Xi would apt request to "weigh successful with each other" first.

The substance deed a further snag Thursday aft an appeals tribunal temporarily reinstated a acceptable of tariffs a national commercialized tribunal had voided conscionable hours earlier, casting caller uncertainty connected the way guardant for Trump's tariffs gambit. The lawsuit is expected to marque its mode to the Supreme Court.

There has been astir nary solution successful the marketplace fluctuations Trump's commercialized warfare has acceptable off. The week's back-and-forth tribunal opinions erased astir of the banal gains from the archetypal decision. Yet earlier Trump's Friday post, stocks were poised for a play gain.

Since Trump took office, the S&P 500 has fallen astir 2% — a humble diminution that masks important play and adjacent regular swings.