There is no way a trade deal between the U.S. and China can be a “50-50” affair, U.S. President Donald Trump has said.
Additionally, Trump says that the tariffs imposed on Chinese goods have begun having an impact already as companies are relocating production from China to other countries, especially Vietnam.
On Sunday, May 19, Fox News Channel aired an interview it recorded last week in which the U.S. president states that there was a “good deal” in place but China “changed it.”
He then adds: “And I said that’s OK, we’re going to tariff their products.”
New tariffs on Chinese goods came into effect on May 10, the same day the two economic powerhouses held the last of their recent trade negotiations.
In the wake of the 25% tariff hike, China has retaliated with its own tariffs. The Asian economic giant has also been harsh in its criticism of the U.S., with signals that any would be negotiations could be a long way off from happening.
But the U.S president won’t back down, at least that is according to his intention of seeing the new tariffs net the country over $100 billion. Trump is also upbeat that China cannot stand the harsh trade restrictions, hence will eventually come to the negotiating table.
Trump noted that he had engaged the Chinese President Xi Jinping before the negotiations on May 10. He allegedly informed him that any agreement would favor the U.S., not “50-50”- mainly due to China’s past trade practices.
But Beijing has seemingly fired back, stating that the country is in “no rush” to have the trade talks resume, the South China Morning Post has reported on Monday, May 20.
The Chinese seem to be responding to Trump’s claims that the lack of a deal and trade tariffs were going to “kill” China. That also comes after reports showed that the trade talks between the two countries have stalled.
It is thought China will look to suspend the mooted meeting between Trump and Chinese president Xi Jinping if the U.S. counterpart continues not to “realistic.”