US President Donald Trump recently secured a tariff deal with China, with both countries agreeing to reduce tariffs by 115% while retaining an additional 10% tariff, effective May 14.
The White House hailed the agreement as a historic win for the United States. China also suspended its initial 34% tariff on US goods. According to Trump, the deal was a “massive help for China,” as it helped avert a potential economic crisis.
“If I hadn’t made this deal with China, they would’ve broken apart a long time ago,” Trump told Fox News.
Trump said he will continue to adjust import tariffs on other trading partners unilaterally in the future, demonstrating its policy of “trading for peace”. He believes that this cooling move is not only a “goodwill gesture” to the Chinese economy, but also avoids a possible economic crisis.
According to him, the United States is currently planning to set new import tariff rates for other trading partners in the next two to three weeks, emphasising that he is not “in a hurry to reach an agreement with every country” but will make unilateral decisions based on US interests.
Make China great again
Following the agreement, Andy Rothman of Sinology commented on China’s policy course corrections, aimed at restoring confidence among entrepreneurs and consumers. He also remarked that Trump’s tariff conflict might ironically “make China great again.”
Regarding trade relations with other countries, Trump noted that India had offered to cancel 100% of tariffs on US goods.
“They can hardly do business. You know what? They are willing to cancel 100% of tariffs on the United States.”
What do you think of this?
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This post first appeared on WORLD OF BUZZ.
