Lighthizersays feels “very good” about the phase one trade agreement with China

US Trade Representative Robert Lighthizersays feels “very good” about the phase one trade agreement with China, which is doing a good job of honouring the pact amid the coronavirus pandemic, according to a Bloomberg update.

• China this week bought more than $100m of U.S. soybeans, Lighthizer says during a virtual event held by the Economic Club of New York, refuting a report that Beijing wasn’t living up to its commitments on the commodity purchases
• Separately, Lighthizer says he’s not in favor of the U.S. pulling out of the World Trade Organization

Market implications

Besides the comments, the US stock market has been falling in the last hour of trade with the dow dropping 150 points and the Nasdaq down more than 1%.