Trade Agreement: China can’t have a 50-50 Deal
TRADE AGREEMENT – US President Donald Trump said in an interview that China cannot get a “50-50” deal out of trade negotiations.
He also added that his tariffs on Chinese products are compelling companies to move production to other countries in Asia outside of China.
Trump said during that interview that the United States and China “had a very strong deal, we had a good deal, and they changed it. And I said that’s OK, we’re going to tariff their products.”
After the last round of trade talks that finished on May 10, there were no further meetings scheduled between Chinese and US negotiators.
Also on May 10, Trump had raised the tariff rate on $200 billion worth of Chinese products from 10 percent.
The US president made the decision after China demanded major changes to the deal. China’s demand soured the negotiations, which have been going smoothly according to US officials.
China has adopted a tougher stance in its rhetoric, indicating that a continuation in the talks aimed at resolving a months-long trade war between the two economic powerhouses was not probably going to happen anytime soon.
Trump added that he would be happy to simply keep the tariffs on Chinese goods because the US would be raking $100 billion or higher out of them.
However, he believed that China would still be compelled to make a deal with the US since “they’re getting killed with the tariffs, China’s getting totally killed.”
He said he had already told Chinese President Xi Jinping that any form of deal cannot be “50-50,” meaning it should be more in favor of the US because of China’s past trade practices.
China Won’t become Top Economy, says Trump
The US president has also said that he was “very happy” with the trade war, adding that China wouldn’t be a top economic power under his watch.
“We’re taking in billions of dollar,” said Trump. “China is obviously not doing well like us.”
Trump’s comments indicated that he wasn’t trying to get back to negotiating with China after the fallout of the discussions earlier in May.
According to Trump, China’s economy is “not great” at present.
“Our economy has been fantastic. Because they were catching us, they were going to be bigger than us. If Hillary Clinton became president, China would have been a much bigger economy than us by the end of her term. And now it’s not even going to be close.”
Trump also said that he believed China wants to take the role of the world’s leading superpower, and it’s “not going to happen with me.”
“I think that’s their intention. Why wouldn’t it be? I mean they’re very ambitious people. They’re very smart,” he said.
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