‘It’s possible’: Trump eyes new trade deal with China
World: President Trump is initiating talks for a new trade agreement with China to enhance American exports and invite increased Chinese investments into the US economy.
President Trump is exploring a new trade deal with China, aiming to boost China's purchases of American products and attract more Chinese investments to the US.
According to the New York Times (NYSE:NYT), multiple sources close to the president, Trump is pushing for a wide-ranging deal with Chinese President Xi Jinping, going beyond just trade, despite potential hurdles. He's eager to secure a comprehensive agreement that addresses multiple aspects of the US-China relationship.
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“It’s possible, it’s possible,” Trump told reporters on Air Force One on Wednesday, when asked if he would make a new agreement with China.
US imposes additional 10 per cent tariff on all Chinese imports
President Trump hasn't outlined the specifics of a potential deal with China, and any agreement will likely face significant hurdles, partly due to Trump's own actions. Trump has increased pressure on China by imposing an additional 10 per cent tariff on all Chinese imports, citing unfair trade practices and China's failure to curb the flow of fentanyl into the US.
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The president nonetheless heaped praise on Chinese President Xi Jinping, but once again did not say if or when they would speak directly. “There’s a little bit of competitiveness, but the relationship I have with President Xi is, I would say, a great one,” Trump said.
Preliminary trade agreement with China
In January 2020, President Trump negotiated a preliminary trade agreement with China, where Beijing agreed to protect US trade secrets and technology, purchase an additional $200 billion worth of American products, and reduce trade barriers for US exports.
However, the relationship was short-lived, as the coronavirus pandemic hit the globe just weeks later, with Trump pointing fingers at China. This marked a significant shift in their trade dynamics.
“They had about $50 billion worth of our product, and we were making them buy it. The problem is that Biden didn’t push them to adhere to it,” Trump said, referring to his predecessor.
(With inputs from agencies)