Donald Trump, the President of the United States of America, seemed to quell the market jitters over the escalating tariff war tensions that it has with Beijing last Friday night, after informing reporters that a trade deal between the United States and China is getting nearer. He also added that a lot of progress had been made to resolve the differences between the two countries. However, he warned that he still may impose more tariffs on the goods from China.
President Trump started: “China very much wants to make a deal…We’ve had very good discussions with China, we’re getting much closer to doing something.”
Prior to leaving the White House for a campaign event, US President noted: “I spoke with President Xi (Jinping) yesterday. They very much want to make a deal. I think we’ll make a deal with China, and I think it will be a very fair deal for everybody, but it will be a good deal for the United States.”
However, the remarks come hours after Larry Kudlow, the senior economic adviser of Donald Trump said that the United States was “not on the cusp of a deal.”
The comments follow on from the months of tit-for-tat actions that were taken by both Beijing and Washington, which has amounted to billions of pounds’ worth of tariffs that were being imposed on exported goods.
Trump made the reformation of the trade relationship of America with China a flagship pledge during his campaign to become President. He has also vowed to clamp down on Chinese tech companies that he claims are infringing on the intellectual property rights of the United States.
The confidence in markets around the globe has been shaken by the intensifying trade dispute, with a swathe of international firms, including Jaguar Land Rover, issuing a warning that its profits will be negatively affected by the imposition of tariffs.