United States President Donald J. Trump tweeted that it would be an intelligent gesture for the People’s Republic of China to finish a trade deal with his administration. On May 11, 2019, his tweet suggested president Xi Jinping should act now and not count on a better deal after the 2020 election.
The day before, China and the U.S. held trade talks at the U.S. Capitol in Washington, D.C. The U.S. president stated that the talks on Friday were productive. Also, the negotiations will continue as the tariffs remain constant. However, they could be elevated depending on the progression of the condition.
Steve Mnunchin, Secretary of the U.S. Department of the U.S. Treasury told CNBC that the two sides are not currently in the process of a discussion about trade. However, China’s state media officially reported that the next series of negotiations will occur in Beijing.
CNBC reported that Trump suddenly announced the tariff hikes last Sunday. The U.S. stock market was in a state of chaos for the next few days. The president stated that the prolonged progress in the discussions were the reasons for his decision.
The news outlet then reported that Communist China no longer vowed to change national laws to address Western worries focused on intellectual property larceny. Also, there were a great number of other concerns, such as forced high tech transferences.
Trump stated that it would be a wise action for China to finish a trade deal with the U.S. Additionally, he said that China’s only problem is that they know that he will be reelected in two years.
The U.S. and China Increase Tariffs
Bloomberg reported that the president posted tweets a day after the discussions of trade ended without a resolution. The United States increased tariffs by billions. China clearly stated how they want to see their rival economic power conclude the trade war in the nation’s trade discussions, as well.
Liu He was interviewed with Chinese Media after the trade talks on May, 11. He then stated that for the U.S. to reach a trade resolution they must remove all extra tariffs. Additionally, they must create a well even deal for the self-respect of the two opposing economic and world powers. Finally, focus on the aim of the East’s properties with real demand. Liu is the vice premier of China, the communist world power in the Far-East.
Quartz reported that the trade war between the West and China in the East is “back on.” Beijing has promised to raised tariffs on U.S. goods to $60 billion. Washington, then, threatened to levy 25 percent duties to all of all Chinese products that are imported by the United States.
By John A. Federico
Edited by Cathy Milne-Ware
CNBC: Trump tells China to ‘act now’ on trade or face a ‘far worse’ deal in his second term
Bloomberg: Trump Warns China to Act on U.S. Trade Deal or Face Worse Terms
Quartz: How to escalate a trade war, Chinese Communist Party style
Featured Image Courtesy of Wolfgang Staudt’s Flickr Page – Creative Commons License