US President Donald Trump said he hasn’t even taxed China yet compared to what he can do and the US has tens of billions of dollars rolling in from China. PHOTO: REUTERS
During a wide-ranging session with reporters in the Oval Office, Trump said China is using stalling tactics and he doubted a trade deal will be reached any time soon, with lead negotiators for the two countries to meet in Shanghai next week.
Trump has been tough on Chinese trade practices throughout his presidency and has levied tariffs on billions of dollars of Chinese imports and threatened tariffs on another $325 billion worth of Chinese goods if no progress is reached.
China rejects India media reports about BRI projects
China levied tariffs of its own against US products and together the two countries have disrupted global supply chains and shaken financial markets in their dispute over how China does business with the rest of the world.
Trump said China may be delaying a deal in a bid to wait him out in the hope a Democrat wins in November 2020.
“I think that China will probably say let’s wait,” he said. “Let’s see if one of these people who gives the United States away, let’s see if one of them could get elected.”
He said the Chinese leadership is probably thinking, “Maybe we can deal with another dope or another stiff” instead of him.
The White House said on Wednesday that US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer would meet with Chinese Vice Premier Liu He for talks in Shanghai starting on July 30.
It would be their first face-to-face meeting since Trump and Chinese President Xi Jinping agreed to revive talks to end their year-long trade war.
Talks collapsed in May after China reneged on promises made in earlier negotiations, US government and private-sector sources said at the time.
“I don’t know if they’re going to make a deal,” Trump said of his negotiators. “Maybe they will, maybe they won’t.”
He said he did not really care, because the United States is taking in billions in tariffs.
While Trump insists the tariffs are beneficial to US Treasury coffers, in reality the costs are passed on to US companies and consumers.
“We haven’t even taxed China yet compared to what I can do,” he said. “We have tens of billions of dollars rolling in from China,” he said.
White House Economic Adviser Larry Kudlow said he does not expect a grand deal from next week’s trade talks with China but US negotiators hoped to reset the stage for further productive talks on reducing trade barriers.
Published in The Express Tribune, July 28th, 2019.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ