The world’s two largest economies are in a bruising trade war after the latest round of talks ended without an agreement
US President Donald Trump on Monday defending his tariff policy blamed China for breaking the trade deal. The world’s two largest economies are in a bruising trade war after the latest round of talks ended without an agreement.
In a series of tweets, Trump wrote, “we are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate,” Trump said, justifying his decision to impose a hefty tax on Chinese products, including fish, handbags, clothing and footwear. The new taxes would result in hefty revenue to the US, he said.
“We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries...,” he said.
“We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total tariffs received, and distribute the food to starving people in nations around the world! GREAT! #MAGA,” Trump said.
In latest developments, US President Donald Trump and China's Xi Jinping are likely to meet next month to hash out their differences on trade. However, nothing officially has been announced till now. The meeting is expected to take place on the sidelines of the G20 summit which is scheduled to take place in Osaka on June 28-29. The world's top two economies ended two days of negotiations in Washington on Friday with no deal.
The chances of Trump and Xi meeting during the Group of 20 summit in Japan in late June "are probably pretty good," the top White House aide said.
Trump had accused Beijing of reneging on its commitments in trade talks and ordered new punitive duties, which took effect Friday, on $200 billion worth of Chinese imports, raising them to 25 percent from 10 percent.