Washington: Hours after Washington doubled tariff on 200 billion dollars worth of Chinese goods, US President Donald Trump said that there is “absolutely no rush” to reach a trade deal with China.
Trump also declared that the process of imposing tariffs on the rest of China’s imports has begun.
China has vowed that it will retaliate.
In a series of tweets on Friday, the US President wrote, “Talks with China continue in a very congenial manner – there is absolutely no need to rush – as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S….”
“….The process has begun to place additional Tariffs at 25% on the remaining 325 Billion Dollars. The U.S. only sells China approximately 100 Billion Dollars of goods & products, a very big imbalance. With the over 100 Billion Dollars in Tariffs that we take in, we will buy,” Trump went on to say.
Subsequent tweets suggested that the revenue from tariffs would be used to buy agricultural products from American farmers.
“With the over 100 Billion Dollars in Tariffs that we take in, we will buy ….agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. In the meantime, we will continue to negotiate with China in the hopes that they do not again try to redo deal!”
“Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
Minutes after posting them, Trump deleted the original series of tweets. However, they were reposted shortly after with minor changes.
The final tweet read, “Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!
Friday’s decision by the Trump administration to proceed with the tariff increase came after a pivotal round of trade talks in Washington on Thursday night failed to produce an agreement to forestall the higher levies, according to The New York Times.
Beijing has vowed to retaliate “China expresses deep regret over the development and will have to take necessary counter-measures,” the Ministry of Commerce said in a statement. “We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation.”
The United States and China were nearing a trade deal that would lift tariffs, open the Chinese market to American companies and strengthen China’s intellectual property protections.
But discussions fell apart last weekend when China called for substantial changes to the negotiating text that both countries had been using as a blueprint for a sweeping trade pact.
Trump, angered by what he viewed as an act of defiance, responded on Sunday by threatening to raise existing tariffs to 25 per cent and impose new ones on an additional 325 billion dollars worth of products.