US under ‘no pressure’ to achieve trade deal with China – President Trump
As the prospect of new tariffs loom, the US president, Donald Trump says Washington is under ‘no pressure’ to achieve a trade deal with China.
The comments come amid reports the two sides could resume talks to stave off a third round of US tariffs.
China, according to reports welcomed the offer of talks and said the two countries were discussing the details.
The US has launched a trade war against China which could see all of its exports to the US subject to duties.
In one of it’s tweet on Thursday, Trump said;
“We are under no pressure to make a deal with China, they are under pressure to make a deal with us”
“Our markets are surging, theirs are collapsing.”
Both US and China have slapped one another’s goods with tariff up to $50bn in an escalating trade war this year and both happen to be the world’s two largest economies.
The tariffs are the latest Trump policy to challenge the free trade system which has prevailed for decades.
The tariffs are already affecting companies, particularly the automobile industry, and hurting economies.
Mr Trump said last week he could move “very soon” to impose tariffs on an additional $200bn (£153bn) worth of products with taxes on another $267bn “ready to go on short notice”.
If both sets of tariffs go ahead it would mean virtually all of China’s US exports would be subject to new tariffs.
According to former US trade representative, Michael Froman, he said
“The US administration views tariffs as a way of getting the attention of the Chinese leadership and increasing their leverage at the negotiating table”
“I don’t think the imposition of tariffs are a wise move because it’s a tax, it’s a tax on the consumer ultimately. It’s also very disruptive to companies who are trying to manage global supply chains.”
China has accused the US of launching “the largest trade war in economic history” and has retaliated in kind.