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US-China Trade Talks: Trump says China "broke the deal"

May 9, 2019 | Thursday

Economy

   

Washington -- United States President Donald Trump on Wednesday said China did "broke the deal" for their ongoing U.S.-China trade resolutions.

During President Trump's speech at a rally in Florida, he associated the recent threat to increase tariffs due to Beijing's negotiation stands. President Trump mentioned the tariffs he is to implement as China "broke the deal." He also mentioned that Vice Premier Liu He is flying to Washington to attend a scheduled trade talk this week. However, Trump said, China "can't do that (broke the deal), so they'll be paying."

During the weekend, President Trump surprised the market on his threatening tweets to significantly increase American levies for all Chinese goods. According to President Trump, the first increase will be implemented on Friday, and will further increase "shortly.

President Trump said the trade talks with China had been progressing "too slowly" with Beijing trying to re-negotiate. It took the observers to a shock as previous reports show that China and U.S. economies are set to sign an agreement this week.

President Trump also noted that they are not to "back down." Note until China stop cheating by stealing America's workers and jobs. He said that the tariff threats are "going to happen" or Washington will not do business with them.

Meanwhile, managing director and chief financial economist at MUFG a global financial group, Chris Rupkey in a note responded to President Trump's speech last Wednesday. Rupkey said that they aren't quite sure to whom the president addresses his speech during the rally. But it surely scares the whole financial markets.

On the contrary, China said on Wednesday they will retaliate whenever the U.S. tariffs on $200 billion worth of Chinese goods increase by 10 percent to 25 percent, as President Trump said on his tweets.

   

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