President Trump is winning again. China just blinked in the trade war with the US.
China changed its tune on trade negotiations on Monday shortly after President Trump threatened to declare a national emergency that would result in American businesses freezing relationships with China.
Reuters reports that China is now saying they would like a “calm” end to the trade war with the U.S:
“China is willing to resolve its trade dispute with the United States through calm negotiations and resolutely opposes the escalation of the conflict.” – China’s top trade negotiator
This change came as Asian markets tanked and its currency plummeted to an 11-year low after Trump’s latest tariffs on over $500 billion in Chinese products announced just last Friday.
President Trump tweeted on Friday:
“For many years, China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight. Sadly, past Administrations have allowed China to get so far ahead of Fair and Balanced Trade that it has become a great burden to the American Taxpayer. As President, I can no longer allow this to happen!”
In the spirit of achieving Fair Trade, we must Balance this very unfair Trading Relationship. China should not have put new Tariffs on 75 BILLION DOLLARS of United States product (politically motivated!). Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%. Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!
On Monday, Chinese officials called U.S. officials to “get back to the table.”
President Trump called the announcement a “very positive development.”
“They want to make a deal. That’s a great thing.”
Senator Lindsey Graham warned against breaking ranks with what President Trump is doing to get China to make a move to negotiate on trade:
“Every Democrat and every Republican of note has said China cheats. The Democrats for years have been claiming that China should be stood up to, now Trump is, and we’ve just got to accept the pain that comes with standing up to China.”