President Donald Trump on Friday said there wasn’t a need to “rush” trade talks with China, after a midnight deadline passed and tariffs increased on $200 billion in Chinese imports.
After increased tariffs took effect early Friday, Trump said talks between the U.S. and China were continuing “in a very congenial manner — there is absolutely no need to rush.”
U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are scheduled to meet again Friday morning with the aim of hammering out a deal, but Trump indicated he was content with even more tariffs.
“The process has begun to place additional Tariffs at 25% on the remaining 325 Billion Dollars,” in Chinese goods that aren’t now affected, Trump said in one of a series of tweets.
The president, who has called himself a “tariff man,” also claimed that the levies on foreign goods will make the U.S. “MUCH STRONGER, not weaker.” Tariff revenue has indeed soared, as MarketWatch has written, but it doesn’t amount to much in proportion to the federal budget deficit. What’s more, the cost to Americans could become more visible if the trade war continues.
Trump also again brought election politics into his China statements, saying his isn’t the administration of “Sleepy Joe” Biden, the front-runner for the Democratic presidential nomination.
futures fell more than 100 points Friday as Trump was tweeting about China and the negotiations were set to resume in Washington.
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