US President Donald Trump on Monday threatened to impose tariffs of up to 155 percent on Chinese goods if President Xi Jinping does not sign a ‘fair deal’ with Washington. After this statement of Trump, the tension regarding trade between the world’s two largest economies has increased again.
This warning has come at a time when Trump has signed an important mineral agreement with Australian Prime Minister Anthony Albanese at the White House. This agreement aims to strengthen supply chains and China It is part of efforts to reduce dependence on.
“I think China respects us very much. They’re paying us a tremendous amount of money in the form of tariffs. As you know, they’re paying 55 percent, that’s a lot of money. China is paying 55 percent and if we don’t make a deal, we may have to pay 155 percent by November 1,” Trump said ahead of his bilateral talks with Albanese.
The Republican leader said that America has signed trade agreements with many countries that previously took advantage of Washington. He said, “Not anymore, I hope we can make a very fair trade deal with Chinese President Xi Jinping. I think most of you will be there. It will be very exciting.”
‘Many countries took advantage…’
Trump has long been calling tariffs a diplomatic weapon. He has reiterated that his administration will not tolerate unfair trade practices. He said, “Many countries took advantage of America and now they are not able to take advantage.”
His statement comes amid reports that China did not import a single shipment of US soybeans in September, which is the first time since November 2018, as Chinese buyers are turning to South America amid ongoing trade tensions.
Trump had previously announced plans to impose 100 percent tariffs on Chinese goods and impose new export restrictions on “all critical software” from November 1. The proposed duties will be in addition to the 55 percent tariff already imposed on sugar imports.
‘Good relations with Jinping…’
Speaking to reporters on Sunday (local time), Trump said that Xi Jinping He has very good relations with. There are differences between us on some issues. They are paying us huge amounts of money in the form of tariffs. “They might want to tone it down and we’ll work on it, but they’ll have to give us some things as well.”
He added, “During my first administration and my first term, they paid too much. Now they are paying unbelievable amounts to America. They probably can’t pay that much. We can reduce it, but they have to do something for us too. It’s no longer a one-way street.”
Trump confirmed he would meet Xi Jinping in South Korea soon, saying, “I think when we finish our meetings, China and I will have a very fair and excellent trade deal that will be great for both countries and great for the world.”
donald trump Ahead of Xi’s statement, US Treasury Secretary Scott Bessant said US and Chinese officials would hold discussions in Malaysia this week, while reports indicated Trump had considered canceling his first face-to-face meeting with Xi since returning to the White House.
(With agency inputs)
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