Trump tweets optimism on China trade, lines up new U.S. tariffs

Clay Curtis
May 15, 2019

Facing criticism for the new round of tariffs on Chinese goods, the President defended his administration's handling of the trade standoff with an economic superpower.

He said that his respect for President Xi of China was "unlimited", adding that the USA was in a "fantastic" position and "when the time is right we will make a deal with China". The Dow Jones Industrial Average rose 207.06 points, or 0.82 per cent, to 25,532.05, the S&P 500 gained 22.54 points, or 0.80 per cent, to 2,834.41 and the Nasdaq Composite added 87.47 points, or 1.14 per cent, to 7,734.49.

Two U.S. lawmakers voiced support for Trump's trade fight with China, but with reservations.

The president also said China can still come to the table to make a deal before they get hurt from companies leaving, but noted that they tried to renegotiate the last deal even though it was close to being finalized.

Trump has threatened to extend tariffs to an additional $300 billion in Chinese exports that have not been targeted yet, but told reporters Monday: "I have not made that decision yet".

If China stops buying American farm products because of tariffs, Trump said, farmers will be compensated. "That's not acceptable. I said that's good, that's fine, put on the tariffs".

United States crude oil inventories increase last week: API
Saudi Arabia said the two petroleum pumping stations that were struck by drones are located in the greater region of Riyadh. A senior European diplomat voiced scepticism that Trump's "maximum pressure" strategy would force Iran to capitulate.

The statement said China hopes that the U.S. will return to bilateral economic and trade consultations, to meet each other halfway and strive to reach a mutually beneficial and win-win agreement.

Senate Majority Leader Mitch McConnell said on Tuesday that "nobody wins a trade war" but he hoped Trump's tactics in negotiations China would put the United States in a better position to move talks forward with Beijing. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some specialty compounds and rare-earth minerals.

Global Times' stance was echoed by China's state-owned broadcaster CCTV, which declared "China will strengthen its confidence.and fight for a new world".

Kudlow argues that the price is worth paying if the tariffs pressure China to address American complaints about subsidies, restrictions on access to the Chinese market, intellectual property theft, and mandated transfers of technology and ownership stakes.

More than 10 rounds of negotiations have been held between the two sides, ever since the two leaders agreed to put a hold on the trade dispute on the sidelines of previous year " s G20 summit in Argentina.

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