US-China Tariff Deal: US President Donald Trump said his administration was actively engaging with multiple countries, including China, on trade negotiations, emphasising that his primary goal was securing a fair trade deal. Trump told reporters aboard Air Force One that he had no plans to speak directly with Chinese President Xi Jinping this week, but noted that US officials were communicating with their Chinese counterparts.
Trump declined to confirm whether any trade agreements would be announced in the coming days, saying only that such an announcement could “very well be” expected.
Trump: We’ve gone cold turkey
Since April 2, the Trump administration has imposed a series of tariffs, including a 10% general tariff on most countries and significantly higher rates for certain trading partners. China has been hit with tariffs as high as 145% on some imports. In response, Beijing imposed retaliatory tariffs of up to 125% on US goods.
“At some point, I’m going to lower them, because otherwise, you could never do business with them, and they want to do business very much,” Trump said in an interview with NBC’s Meet the Press aired on Sunday.
Speaking to NBC, Trump acknowledged his administration had taken a hard line with China. “We’ve gone cold turkey,” he said. “That means we’re not losing a trillion dollars … because we’re not doing business with them right now. And they want to make a deal. They want to make a deal very badly.”
Trump also pointed to signs of economic slowdown in China, including data showing the steepest contraction in factory activity since 2023 and a sharp decline in export orders.
China signals openness to talks
On Friday, China’s Ministry of Commerce stated that it was evaluating the possibility of initiating trade talks with the US following the latest round of tariffs. “China is currently evaluating this,” the ministry said.
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US markets responded positively to the signal from Beijing, with stock indexes rising.
(With inputs from Reuters, South China Morning Post)
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