US President Donald Trump has ruled out any trade agreement with China if the US trade deficit with a country – which claims to exceed $ 1 trillion – resolved.
“We have a business deficit of $ 1 trillion with China,” Trump told reporters on board Air Force One. “Hundreds of billions of dollars a year that we lose in China and if we resolve this problem, I won’t be an agreement.”
He added: “I am willing to conclude an agreement with China, but it must resolve this surplus. We have a huge problem with China … I want to solve it.”
The tariffs control US investment, says Trump
Trump prevented his extensive new tariff regime and said he had led to unprecedented domestic investments in key industries.
“Because of tariffs, we now have 7 trillion trillion dollars of investment in automotive manufacturing plants, smart companies and other types of businesses – at levels we have never seen before,” Trump said.
Deficits are “loss”
Trump said his administration spoke to leaders throughout Europe and Asia, many of whom are eager to negotiate business agreements – but it will not continue while the shortcomings will remain.
“The deficit is a loss,” he said. “We will have surpluses or we will be angry in the worst case.”
He stressed that China is “the worst in the group because the deficit is so large and not sustainable.”
“I was elected for it,” he added, referring to his long -term attitude to business imbalance.
A new schedule of tariffs: China, Canada, Mexico
According to Trump’s latest policy, 10% of the basic tariff now applies to all imported goods entering the United States. A country with a larger trade surplus faces even harder fines.
China, which exposed 20% of the tariff at the beginning of this year, will now face another 34% of the mutual tariff totaling 44% in obligations.
Canada and Mexico are exempt from mutual tariffs, but will still be subject to 25% of the import tariff to general goods. Canada will also face 10% of the energy export to the US.
(Tagstotranslate) Donald Trump
