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Reproduced from Panjiva; Chart: Axios Visuals

U.S. stocks fell sharply in the final hour of trading Wednesday after President Trump seemingly reignited the trade war, telling reporters the U.S. would be evaluating whether China has complied with the "phase 1" trade deal to buy an extra $200 billion a year of U.S. goods.

Why it matters: As the coronavirus pandemic continues to choke the U.S. and global economy, Trump is threatening to tighten the vice.

By the numbers: S&P Global Market Intelligence, Panjiva, finds that not only is China not making purchases on pace for a $200 billion increase, it is now $21.2 billion behind — not even halfway to its target on a monthly basis.

  • Further, data Thursday showed Chinese exports rose 3.5% year over year in April while imports fell 14.2%, bringing China’s trade surplus for the month to $45.34 billion — well above the $6.35 billion economists had predicted.

What's happening: Most had long expected that China would be unable to meet the terms of the deal as the novel coronavirus ravaged its economy, causing the worst quarterly economic contraction on record.

  • But it was expected the U.S. would look the other way, given the economic situation.

What we're hearing: "Trump is basically trying to distract the American public from focusing too much on the unemployment rate, employment figures and so on," Keith Wade, chief economist at Schroders, said during a recent webcast.

  • "If we do reignite the trade wars, and we see the ‘phase 1’ deal fail, I think it won’t just be China that loses, it will be the U.S. as well."

Between the lines: The nascent stock market rebound also could be threatened by revived tensions between the world's two largest economies.

  • “That’s probably the number one concern in the market when we talk to investors and sell-side analysts,” Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, told CNBC Wednesday.

Watch this space: The general public is starting to grow more wary of the tariffs. A new survey from CivicScience finds a record high 71% of Americans are concerned, and industry lobbying groups have ramped up messaging again opposing the trade war.

  • “Adding more tariffs during a time of economic crisis will only further punish U.S. companies, manufacturers, and farmers who are already struggling to survive," Americans for Free Trade spokesperson Jonathan Gold said in a statement earlier this week.

Go deeper

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Updated 7 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 9 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.