Futures, Yuan Plunge After Navarro Says “China Trade Deal Is Over”

Futures, Yuan Plunge After Navarro Says “China Trade Deal Is Over”

Tyler Durden

Mon, 06/22/2020 – 21:26

Global pandemic, meh, buy stocks!

Global economic collapse, meh, buy stocks!

US-China trade deal is over? Sell, Mortimer, Sell!

US equity futures and offshore yuan are plunging in early Asia trading after White House trade adviser Peter Navarro said on Monday the trade deal with China is “over.”

“It’s over,” Navarro told Fox News in an interview when asked about the trade agreement.

Reuters reports that Navarros says the “turning point” came when the US learned about the spreading coronavirus only after a Chinese delegation had left Washington following the signing of the Phase 1 deal on Jan. 15.

“It was at a time when they had already sent hundreds of thousands of people to this country to spread that virus, and it was just minutes after wheels up when that plane took off that we began to hear about this pandemic,” Navarro said.

This follows various threats of US-China decoupling from the White House, and also an increasing anti-dollar rhetoric from Chinese officials.

Futures are getting hammered…