WASHINGTON/BEIJING - US President Donald Trump on Friday said he was in no hurry to sign a trade deal with China as Washington imposed a new set of tariffs on Chinese goods and negotiators ended a second day of talks to try to salvage an agreement.
"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump said in one of the tweets. Trump, who has adopted protectionist policies as part of his"America First" agenda and railed against China for trade practices he labels unfair, said the trade talks, originally due to end on Friday, could drag on beyond this week.
US Agriculture Secretary Sonny Perdue said on Friday that Trump had asked him to create a plan to support the farmers. The US Department of Agriculture already has rolled out up to US$12 billion to help offset farmers' China-related losses. Trump gave US importers less than five days notice about his decision to increase the rate on US$200 billion worth of goods, which now matches the rate on a prior US$50 billion category of Chinese machinery and technology goods.Investors worry the escalating trade war will further damage a slowing global economy. The higher tariffs could reduce US
The US-China battle also has raised alarm in Europe, which faces an economic slowdown and the ripple effects of Britain's decision to leave the European Union. There are concerns Trump will follow through on a threat to impose tariffs on imported cars and auto parts, an important export sector for Europe.
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