Speaking at NATO summit in London, President Trump hinted his intention to delay the trade deal with China until after the 2020 re-election.

China wished to go ahead with the trade deal right now but the president said that he was in no rush to strike the deal, “In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we will see whether or not the deal is going to be right.”

Since 2018, when the trade negotiations began in earnest,  both China and the United States imposed tariffs on billions of dollars’ worth of each other’s goods.  And China has been hurt worse than the United States, said President Trump.

Chinese economic growth slowed in the third quarter to its lowest in 10 years, while data from October—the first month of the fourth quarter—indicated that economic growth had slowed further, reported South China Morning Post.

On Thursday, Nov. 21, Chinese Ministry of Commerce spokesman Gao Feng dismissed speculation that the trade talks were in trouble, calling it unreliable “rumors.” Yet, Washington indicated that the two sides were still at odds and a deal depended on further concessions from Beijing, reported The Guardian.

The president said earlier that he would raise tariffs on Chinese imports if Phase One of the deal was not reached with Beijing. “If we don’t make a deal with China, I’ll just raise the tariffs even higher,” he said. It means 15% levies on an additional $160 billion in Chinese goods.

And the next deadline is Dec. 15.

He also made no further comments about whether he aimed at the Phase One deal or the complete deal, just citing he had no deadline for it.

The implication of the trade deal delay has made an immediate impact on the stock market. The Dow, reportedly dropped  450 points, the biggest fall in two months after the postponement of Sino-US trade deal was made known.

Commerce Secretary Wilbur Ross indicated that staff-level talks with China continue, but that no high-level discussions are scheduled, reported CNBC.