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Love The Position We're In: Trump On China Amid Trade Dispute

Love The Position We're In: Trump On China Amid Trade Dispute”

Larry Kudlow, Donald Trump's chief economic adviser, understands that tariffs on Chinese imports are a tax paid by American companies and consumers-a point his boss refuses to acknowledge.

"We can make a deal with China tomorrow, before their companies start leaving so as not to lose United States of America business, but the last time we were close they wanted to renegotiate the deal", he said. 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. "I think it's working out very well". "You had a great deal, nearly completed, & you backed out!" he tweeted on Monday.

The new round of tariffs will hit other parts of the U.S. food industry, with beans, lentils, honey, flour, corn and oats all on the list of goods that will be taxed.

Trump insisted the tariffs the U.S. has placed on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S. Consumer to pay the Tariffs". China retaliated on Monday with tariffs on $60bn of U.S. imports, precipitating a dive on the USA stock markets.

Democratic Sen. Chris Van Hollen of Maryland said, "There's no doubt that we need to challenge China to change a lot of its trade practices and its domestic business practices. That's not acceptable. I said that's good, that's fine, put on the tariffs".

Mr. Trump plans to meet with Mr. Xi during the G-20 Summit in Japan in late June.

At the same time, China is vowing not to succumb to such pressure. "It will always continue", the US President said, describing the negotiations as "very good" while touting his "extraordinary" relationship with Xi. China's Foreign Ministry said on Tuesday it hoped the United States did not "underestimate China's determination and will to safeguard its interests".

The U.S. leader claimed that tariffs on steel imports into the United States had "rebuilt our steel industry".

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".

But both sides have expressed willingness to come together and make a trade deal to cool the escalating trade war between the two superpowers.



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