Washington, May 14
US President Donald Trump on Tuesday defended his trade war with China as tensions escalated and markets extended their losses, promising a deal with Chinese President Xi Jinping soon, even as fears escalated about a protracted battle.
In a string of early-morning tweets, Trump kept up his “America First” agenda in support of hefty tariffs and called on US companies to back him by shifting their businesses away from China. But he also softened his tone on soybeans and other agricultural products, appealing to Beijing to act.
“When the time is right we will make a deal with China,” Trump said. “It will all happen, and much faster than people think!”
“Hopefully China will do us the honour of continuing to buy our great farm product, the best, but if not your Country will be making up the difference,” he wrote in post addressing US farmers directly.Last week, the head of the US Department of Agriculture said more aid was being planned for US farmers but gave no details.
World stock markets hovered near two-month lows on Tuesday, although slightly more optimistic comments from US and Chinese officials on trade brought some comfort a day after equities suffered their worst sell-off so far this year. A day earlier, Trump said he would talk to Chinese President Xi Jinping at a G20 summit in late June in Japan, and on Tuesday praised his “respect and friendship” with Xi. Both sides had appeared close to finalising a deal in recent weeks before Trump last week hiked up tariffs to 25 per cent from 10 per cent on $200 billion worth of goods imported from China.
He has also threatened further duties of up to 25 per cent on a further $300 billion worth of Chinese imports.
China, in turn, has proposed tariffs on more than 5,000 American products.
Trump said on Tuesday he could make a deal with Beijing now, but would not be burned again and criticised China for scuttling a recent close deal with a last-minute attempt to renegotiate. “We are in a much better position now than any deal we could have made,” he said.—Reuters
US puts Chinese, Pak firms on entity list
- A Pakistani company and several from China are among 12 foreign firms that were added to a US list of entities to ensure that sensitive technologies did not fall into the hands of those who would threaten its national security
- The 12 entities added to the list include four companies with locations in both China and Hong Kong, and a further two Chinese, one Pakistani and five Emirati persons, the Department of Commerce said
from The Tribune http://bit.ly/30nxvRs
via Today’s News Headlines
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