Left Menu
Development News Edition

UPDATE 3-Trump says has not agreed to roll back tariffs on Chinese goods


UPDATE 3-Trump says has not agreed to roll back tariffs on Chinese goods
US President Donald Trump Image Credit: ANI

President Donald Trump on Friday said he has not agreed to rollbacks of U.S. tariffs sought by China, sparking fresh doubts about when the world's two largest economies may end a 16-month trade war that has slowed global growth. Officials from both countries on Thursday had said China and the United States have agreed to roll back tariffs on each others' goods in a "phase one" trade deal. But the idea of tariff rollbacks met with stiff opposition within the Trump administration, Reuters reported later on Thursday.

Those divisions were on full display on Friday, when Trump - who has repeatedly described himself as "Tariff Man" - told reporters at the White House that he had not agreed to reduce tariffs already put in place. "China would like to get somewhat of a rollback, not a complete rollback, 'cause they know I won't do it," Trump said. "I haven't agreed to anything."

He said China wanted to make a deal more than he did, adding that the U.S. tariffs were generating "billions of dollars" for U.S. coffers. "I'm very happy right now. We're taking in billions of dollars," he said. U.S. stocks dipped after Trump's comments, and the dollar fell against the yen, stalling a rally fueled by trade deal optimism that has brought major indexes to record levels.

Trump also said the trade deal with China, if completed, would be signed in the United States. "Assuming we'd get it ... it could be Iowa or farm country or some place like that. It will be in our country," he said. The farm state of Iowa has been hammered by China's retaliatory tariffs on U.S. soybeans, pork and other farm products, but has longstanding connections to Chinese President Xi Jinping.

Hu Xijin, editor of China's state-run Global Times newspaper, reacted on Twitter, writing that markets were not expecting Trump's statements. "It's not a flat denial," Hu tweeted. "What's certain is that if there's no rollback of tariffs, there will be no phase 1 deal."

Experts inside and outside the U.S. government warn the "phase one" trade pact could still fall apart. U.S. officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on U.S. demands for big agricultural purchases, among other issues. Trump has used tariffs on billions of dollars of Chinese goods as his primary weapon in the protracted trade war. The prospect of lifting them, even in phases, has drawn fierce opposition from advisers in and outside of the White House who remain wary of giving up a key aspect of U.S. leverage.

China in May scuttled a previous trade deal that U.S. officials said was 90% completed. If an interim deal is finished and signed, it is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

But China was also seeking cancellation of other U.S. tariffs put in place since January 2018. Chinese Commerce Ministry spokesman Gao Feng on Thursday said both countries must simultaneously cancel some tariffs on each other's goods to reach the phase one pact.

Also Read: US House approves procedure to impeach President Donald Trump

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

Videos

Latest News

Ficken's last-play FG lifts Jets over Dolphins

Sam Ficken made a 44-yard field goal as time expired to lead the host New York Jets to a 22-21 win over the Miami Dolphins on Sunday. The kick was set up by a pass-interference penalty against Miamis Nik Needham that was not called on the f...

Browns knock off woeful Bengals

Denzel Ward returned an interception for a touchdown, Baker Mayfield and Kareem Hunt had one rushing touchdown apiece, and the Cleveland Browns held on for a 27-19 win over the visiting Cincinnati Bengals on Sunday afternoon. Nick Chubb add...

Lock, Broncos pound Texans in Houston

Drew Lock passed for 308 yards and three touchdowns, Kareem Jackson had an interception and a fumble return for a score against his former team, and the visiting Denver Broncos beat the Houston Texans 38-24 on Sunday. Noah Fant had four rec...

Ravens top Bills for 9th straight win behind Jackson's 3 TD passes

Lamar Jackson threw three touchdown passes and Baltimore sacked Josh Allen six times on Sunday as the Ravens extended their winning streak to nine games with a 24-17 victory against the Buffalo Bills in Orchard Park, N.Y. Baltimore 11-2 out...

Give Feedback