New trade deal with china is ‘possible’ says trump

New trade deal with china is ‘possible’ says trump

U.S. President Donald Trump suggested on Wednesday that a trade deal was ‘possible’ with China — a key target in the U.S. leader’s tariffs policy.

In 2020, the U.S. had already agreed to ‘a great trade deal with China’ and a new deal was ‘possible’, Mr. Trump told reporters aboard Air Force One.

One month into his second term in office, Mr. Trump has threatened sweeping tariffs on allies and adversaries alike — targeting China as well as neighbours Canada and Mexico, and the European Union — and using levies as his main policy tool for lowering the massive U.S. trade deficit.

At the beginning of February, he slapped additional customs duties of 10% on all products imported from China.

Beijing’s Foreign Ministry said on Thursday that China and the United States ‘should resolve their concerns through dialogue and consultation based on equality and mutual respect’.

‘Trade and tariff wars have no winners and only serve to damage the interests of people all over the world,’ Ministry Spokesperson Guo Jiakun said.

At a separate news conference, China’s Commerce Ministry said Beijing ‘urges the U.S. side not to wield the big stick of tariffs at every turn, using tariffs as a tool to engage in coercion all around’.

Mr. Trump is also threatening to impose 25% tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as he turns up the heat on some of the biggest U.S. trading partners. The President initially announced tariffs of 25% on all Canadian and Mexican imports, before U-turning hours before they were due to come into effect, granting a one-month reprieve in principle until March 1.