Trade War : US President Donald Trump ready to discuss terms after China requests renegotiation

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SAINT-JEAN-DE-LUZ, France, August 26: United States President Donald Trump on Monday said China is keen to roll back to the “calm” negotiation table and that the world’s two largest economies are expected to kick-off their trade talks soon.

Trump praised and welcomed Chinese leader Xi Jinping’s willing to crack a trade deal in the midst of ongoing trade war, on the sidelines of the G7 summit held in the French city of Biarritz.

According to CNBC news, Trump said Bejing called last night “our top trade people and said ‘let’s get back to the table’ so we will be getting back to the table and I think they want to do something”.

He added China have been hurt very badly with US tariffs on Chinese export but understand “this is the right thing to do and I have great respect for it. This is a very positive development for the world”.

“They’ve been hurt very badly but they understand this is the right thing to do,” he said.

“I think we are going to have a deal,” he added. “They have supply chains that are unbelievably intricate and people are all leaving and they are going to other countries, including the United States by the way, we are going to get a lot of them too.”

Trump has on Sunday stated China and the US were finally getting along in a good manner and have resumed talks.

“Actually we are getting along very well with China right now, we are talking. I think they want to make a deal much more than I do. I’m getting a lot of money in tariffs its coming in by the billions. We’ve never gotten 10 cents from China, so we will see what happens,” Trump said on Sunday.

Before departing for the international G7 summit, the US president has said it is expected he would raise tariffs over Chinese imports worth $250 billion up to 30 percent from 25 per cent on October 1. Moreover, he also said he would raise tariffs over an additional $300 billion worth Chinese exports up to 15 percent instead of 10 percent by September 1.
On Sunday, he said he could also declare a national emergency to the escalating China-US trade war if he sought to. “In many ways this is an emergency,” Trump said of the pertaining trade spat.

“I could declare a national emergency, I think when they steal and take out and intellectual property theft anywhere from $300 billion to $500 billion a year and when we have a total lost of almost a trillion dollars a year for many years,” Trump said, further adding he had not planned to call on national emergency.

Moreover, US treasury secretary Steven Mnuchin also doubled down on Trump’s latest effort in the trade spat by labelling China for unfair trade rules. On the sidelines of the G7 summit on Sunday, Mnuchin said, “We do not have free trade with them.”

 

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