‘Close deal or face far worse terms’
WASHINGTON: President Donald Trump said it would be wise for China to “act now” to finish a trade deal with the United States, warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election next year.
“I think that China felt they were beaten so badly in the recent negotiation that they may as well wait around for the next election,” he said on Saturday in a pair of early-evening tweets. “The only problem is that they know I am going to win.”
Trump’s comments came a day after talks between the two economic superpowers ended without a resolution, the US increased its tariffs on billions of dollars of imports, and China made clear what it wanted to see from the US in talks to end their trade war.
In a wide-ranging interview with Chinese media after talks ended, here, on Friday, Vice-Premier Liu He said in order to reach an agreement, the US must remove all extra tariffs, set targets for Chinese purchases of goods in line with real demand, and ensure that the text of the deal was “balanced” to ensure the “dignity” of both nations.
Liu’s conditions underscore the work still to be done if an accord is to be reached between the world’s two largest economies.
Trump’s own negotiators told China it had a month to seal a deal or face tariffs on all its exports to the US.
That threat was made during talks on Friday, hours after Trump upped the ante by imposing a second round of punitive duties on US$200 billion (RM832.05 billion) in Chinese goods. China vowed retaliation, but hadn’t announced any details as of yesterday.
US Trade Representative Robert Lighthizer said the administration would today release details of its plans for tariffs on an additional US$300 billion in imports from China, setting the process in motion for Trump to deliver on the threat to hammer all Chinese trade.
Trump’s move to raise tariffs on Friday came after China backed away from prior commitments to enshrine changes promised at the negotiating table in Chinese law, according to US officials.