President Donald Trump has reportedly been close to finishing phase one of a new trade deal with China but if things don’t work out, he said he will increase tariffs on Chinese imports “substantially.”
“If we don’t make a deal, we’re going to substantially raise those tariffs. They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”
“If we don’t make a deal, we’re going to substantially raise those tariffs,” he said Tuesday while speaking to the Economic Club of New York. “They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”
Trump went on to say China is “dying” to make a deal but he’ll only sign one that’s good for U.S. companies and workers, he said, adding “we’re close. A significant phase one deal could happen … soon.”
The “phase one” Trump is referring to was supposed to come this month in Chile at an international conference that was canceled due to social unrest and protests over social inequality (seems to be a theme going on around the globe).
A new site hasn’t yet been announced, but Iowa and Alaska were recently ruled out. Locations in Asia and Europe are now being considered, according to a Bloomberg report citing an anonymous source.
Trump went on to blast China during his speech for being cheaters when it comes to global trade.
“Since China’s entrance into the World Trade Organization in 2001, no one has manipulated better or taken advantage of the United States more,” Trump said during a speech at the Economic Club of New York. “I will not say the word ‘cheated,’ but nobody’s cheated better than China, I will say that.”
Trump’s comments are a bit of a damper as stocks have rallied to record highs this week on positive trade news involving the end of the 18-month trade war between the world’s two largest economies. The S&P 500 and Dow gave up a lot of their gains after news of Trump’s comments broke. However, the S&P 500 rose 4 points to 3,091, another record high.