Most Asian equities recovered from their early losses and traded higher as US President Donald Trump today clarified the phase-1 deal signed with China in January is "fully intact".Earlier today, equities fell sharply after White House trade adviser Peter Navarro said the trade deal with China is "over". In an interview with Fox News, Navarro said Trump has decided to terminate the trade deal with Beijing as intelligence officials grow increasingly confident that the novel coronavirus pandemic originated in a Wuhan laboratory in China.Meanwhile, investors continue to focus on the prospect of global economic recovery from the coronavirus pandemic.On Monday, the World Health Organization reported a record rise of 183,020 cases globally in a 24-hour period, with the biggest rise in cases on Sunday in North and South America.Investors were worried that resurgence in virus cases would lead to re-imposition of lockdowns, hampering prospects of a rebound in global economy. South Korea on Monday declared itself in the midst of "second wave", while Germany also saw its rate of infection rise.