US President Donald Trump has said that he believes that Beijing would remove trade barriers as “it is the right thing to do.”
“Chinese President Xi Jinping and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!” Trump said wrote on Twitter.
US Stocks Tank Amid Trade War, Inflation Worries
In recent weeks relations between China and the United States have been overshadowed by the tensions in the sphere of trade. Earlier in the week, Trump threatened to introduce tariffs against China worth up to $150 billion annually. Beijing threatened to retaliate. US stock market has been performing poorly recently on fears of the trade war between the world’s two largest economies.
In March, Trump signed an order to impose a 25-percent tariff on imported steel and a 10-percent tariff on imported aluminum, followed by issuing a memorandum to impose $60 billion in extra tariffs on China over allegations of intellectual theft. The White House said the tariffs are designed to offset the advantages that Beijing has received through their unfair trade practices. In turn, the Chinese Commerce Ministry imposed new import tariffs on 128 US products.
In response, China has introduced own tariffs on the goods produced in the United States. The officials from the two states have also said that they could introduce new restrictions against each other.