Trump says he doesn’t need a trade deal before election
As China and the U.S. near a new round of trade negotiations, President Donald Trump said Friday he doesn’t feel that he needs to secure an agreement before next year’s election.
Trump told reporters he wants a complete deal with China and won’t accept one that only addresses some of the differences between the two nations.
“I’m not looking for a partial deal. I’m looking for a complete deal,” Trump said during a news conference with Australian Prime Minister Scott Morrison.
For more than a year, the world’s two largest economies have been locked in a high-stakes duel marked by Trump’s escalating penalties on Chinese goods and Beijing’s retaliatory tariffs.
Trump says voters understand the “spat” between the U.S. and China and insist the ongoing trade war won’t hamper his reelection chances, but he conceded that reaching an agreement “would probably be a positive” for his campaign.
Trump continued to try to paint a dark picture of the Chinese economy before negotiations resume next month in Washington. Negotiators from the two countries are also engaging in discussions over the next two weeks to lay the groundwork for the October session.
“China is being affected very badly. We’re not,” Trump insisted.
It’s true that China’s economy is decelerating, slowed by Trump’s taxes on Chinese imports and by Beijing’s deliberate campaign to combat runaway debts. Still, the International Monetary Fund expects the Chinese economy to grow 6.2% this year.
Morrison said Australia has benefited greatly from China’s economic growth. At the same time, he said once China’s economy got to a certain level, “then you need to be obviously playing to the same rules as those other developed nations.”
Meanwhile, the United States Trade Representative updated and expanded its list of products coming from China temporarily excluded from import duties. The hundreds of products listed include such things as parts for automatic teller machines, power supply cables for airplanes, drone parts, drinking straws and electronically propelled skateboards.
Trump also emphasized the importance of passing a new trade agreement with Canada and Mexico. “Hopefully, that’s going to be put up to a vote very soon,” Trump said. “We need that for our country.”