InvestIdeas

"We signed a trade deal where they're supposed to buy, and they've been buying a lot, actually. But that now becomes secondary to what took place with the virus," Trump told reporters. "The virus situation is just not acceptable."

Some officials had discussed the idea of cancelling some of the massive U.S. debt held by China as a way to strike at Beijing for perceived shortfalls in its candidness on the COVID-19 pandemic.

Among the other ideas under consideration for retaliation against China are sanctions, new non-tariff trade restrictions and a possible effort to lift China’s sovereign immunity, two sources familiar with the matter said.

Lifting sovereign immunity could allow the U.S. government and American citizens to file lawsuits seeking damages from Beijing in U.S. courts.