WASHINGTON: President Donald Trump on Friday ruled out a complete roll back of US tariffs on the import of Chinese products, saying he was not in a hurry on a trade deal with Beijing, days after announcing that he was considering signing the first phase of the long-awaited agreement with that country.
Trump had on November 2 told media that the US is moving along with the deal with China. The Chinese want complete rollback. I won’t do it, Trump told reporters on the South Lawns of the White House when asked if there would be a roll back on Chinese tariffs. Trump said that if he gets a deal with President Xi, it could be Iowa or other farm country for a summit but reiterated that he is not in a hurry on a trade deal.
The Chinese are desperate to have a trade deal, he added. The US and China are locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items in March last year. The US has imposed tariffs on USD 250 billion of Chinese goods, having accused the country of unfair trade practices.
Beijing hit back with duties on USD 110 billion of US goods, blaming the US for starting “the largest trade war in economic history”. Trump also disputed a Chinese statement issued a day earlier in which the country’s commerce ministry said that the tariff relief would be part of the first phase of the trade deal between the two countries.
“They’d like to have a rollback. I haven’t agreed to anything. China would like to get somewhat of a rollback, not a complete rollback, because they know I won’t do it, he said.
But we’re getting along very well with China. They want to make a deal. Frankly, they want to make a deal a lot more than I do. I’m very happy right now. We’re taking in billions of dollars,” Trump said. Trump said the summit would not take place in Mar-a-Lago resort in Florids. I don’t think so, he said.
Trade talks between the world’s largest economies started last November. But after more than a dozen rounds of talks in both Beijing and Washington DC, the talks have not yielded any desired result. As per the initial decision taken by Trump and Xi last November, the two countries were scheduled to arrive at a deal in 100 days. PTI
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