Trump Signals Potential Agreement with China
Former President Donald Trump, whose economic forcefulness is renowned, signaled a possible China trade deal. Only a while ago, he reminded everyone that he signed a giant trade deal with China in 2020. Trump made these remarks at a moment when there is growing talk of another trade war between the two economic powerhouses.
Tariff Policies Under Trump
Since assuming office, Trump has always put tariffs at the forefront as a tool of trade negotiation. He has demanded the imposition of retaliatory tariffs on all nations, friend or enemy, as part of his strategy to reduce the trade deficit.
Under this policy, the Trump administration imposed a tariff on Chinese imports to the US at 10%. In response, China imposed tariffs on US imports.
China's Response to US Tariffs
China’s Ministry of Finance responded by imposing:
- A 15% tariff on US liquefied natural gas (LNG) and US coal.
- A 10% levy on crude oil, farm machinery, and high-engine vehicles.
This continued tit-for-tat tariff imposition is a reflection of the increasing tensions between the two nations. Trump's recent remarks regarding a possible trade agreement indicate continuous negotiations, but the result is by no means certain.
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