White House aide calls reports of trade talks snag 'rumor stuff'

As the Dow Jones Industrial Average and the S&P 500 were aiming for all-time highs Wednesday, the market had a hiccup following a mid-afternoon report that trade talks with China hit another stumbling block before bouncing back.

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"Everybody stop listening to the rumors," Peter Navarro Assistant to the President, and Director of Trade and Manufacturing Policy, told FOX Business' Liz McDonald on "The Evening Edit," Wednesday, "We are going to get a great deal we are on a glide path to a phase one agreement."

The markets have gyrated nearly every time the smallest of reports have trickled out on an impending deal or lack thereof. Navarro has advice for concerned investors. "All this rumor stuff, it is all just someone making a lot of money, moving the markets," he said. "Don’t chase these rumors they are not going to make you any money."

The earlier reports had the trade talks between the U.S. and China hitting a wall over farm purchases. The Trump administration has been touting a limited trade deal since last month. But in recent days, optimism has sagged within the farming sector.

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China is the world's largest importer of soybeans bought $12 billion worth of the crop from the U.S. in 2017.

After President Trump announced the promise of a  "phase one" deal last month saying China would buy $40 billion to $50 billion worth of U.S. agricultural products.

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China has bought 20 million tons of U.S. soybeans and 700,000 tons of pork this year, according to China's deputy director of the Foreign Ministry, Geng Shuang. China imported about 33 million tons of American soybeans annually before the tariff fight and collapsed to 16.6 million tons last year.

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Trump has even suggested he wants to sign the phase one trade deal in Iowa which would be a boon for U.S. farmers.

The Associated Press contributed to this article.