Washington DC [US], May 8 (ANI): US President Donald Trump on Wednesday stated that the 145% tariffs on most imports from China will remain in place “for now,” as US and Chinese officials prepare for trade talks in Switzerland this week.
During the swearing-in ceremony of David Perdue as the new US Ambassador to China, Trump emphasized that the US was no longer facing the massive trade losses it once did.
“We were losing a trillion dollars a year, now we’re not losing anything. That’s the way I look at it,” Trump said when asked about the upcoming trade talks.
When questioned in the Oval Office about whether he would consider reducing the tariffs to encourage China to return to negotiations, Trump simply replied, “No.”
Trump also rejected China’s claim that the US had initiated this week’s round of trade talks, stating, “They said we initiated? Well, I think they ought to go back and study their files.”
According to CNN, US stock markets saw a slight dip following Trump’s remarks and have continued to decline since the official tariff decision was announced.
Trade between the world’s two largest economies has largely stalled since the tariff war began in March. However, this week’s meeting between top US and Chinese trade officials marks the first formal round of talks since then, CNN reported.
Meanwhile, Federal Reserve Chair Jerome Powell noted that the outcome of the trade talks could significantly impact the US economy.
“We are entering a new phase where the administration is beginning talks with a number of our important trading partners. That has the potential to change the economic picture materially — or not,” Powell said, according to CNN. (ANI)
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