A trade deal with China that would end the trade war and ease the damage to American agriculture seemed just around the corner.
Not so fast. President Trump is threatening to impose new tariffs as early as tomorrow—after U.S. negotiators accused Chinese officials of reneging on promises made in the negotiations so far.
KELOLAND’s Anna Wiernicki reports trade talks between the U.S. and China continue today in Washington, as lawmakers applaud the president’s tough approach…and worry about the impacts of the trade war on their constituents.
The pressure is on for U.S. and Chinese officials to reach a deal and end the year long trade war.
“I know they want to negotiate, they are talking about negotiating, but I don’t think they are ready to negotiate,” President Trump said.
President Donald Trump says negotiators must strike a deal by Friday.
“We were getting very close to a deal, then they started to renegotiate a deal. We can’t have that. We can’t have that.
So President Trump says the U.S. is ready to raise tariffs on billions of dollars worth of Chinese imports to 25 percent…as early as Friday.
“I kind of see it as a short term pain for a long term gain,” Texas Republican Congressman Michael McCaul said.
But McCaul says he’s confident it won’t come down to that.
“We all want this to be resolved by Friday, it is the deadline. I am hopeful that it will be. My intelligence is that they are very close.
U.S. markets have been unsteady…reacting to the threat of higher tarriffs.
“I think tariffs can be a useful tool to bring another country to the table, but in the end i think they are not good policy,” U.S. Senator John Cornyn said.
Cornyn says American farms and businesses want an end to the trade war, but so does China.
“I think China needs a deal because the economic disruptions these high tariffs cause their economy and what that means to President Xi’s regime is something that really gets their attention,” Cornyn said.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will continue meeting with Chinese trade officials as the Friday deadline approaches.