“US Under No Pressure to Make a Deal With China”
Thursday, US President Donald Trump denied a recent report in the WS-J that claimed that his Administration has reached out to China to begin new trade talks.
“The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us,” President Trump wrote onTwitterThursday morning. “Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”
The newspaper reported Wednesday that Treasury Secretary Steven Mnuchin had extended the offer to Chinese officials, though a spokesperson for Secretary Mnuchin declined to comment. This was confirmed by White House National Economic Council Director Larry Kudlow in a nationally televised interview on Wednesday.
The WS-J also wrote that the move “follows a steady rise in political pressure on President Trump to ease up on trade fights — which have pinched consumers and prompted painful retaliation against US exports ahead of November elections in which his Republican Party risks losing congressional control.”
“Well, it’s just an invitation, as far as I know,” Mr. Kudlow said. “There’s some discussions and information that we received that the Chinese Government and the Top officials of the Chinese Government wished to pursue talks.
Thursday, the European Union Chamber of Commerce in China said 1 in 6 of its members that responded to a survey are delaying investment or expansion. It said the conflict is “causing significant disruptions to global supply chains.”
China is running out of American imports for retaliation due to their lopsided trade balance, but threatened unspecified “comprehensive measures” in June. That prompted worries it would use regulatory controls to disrupt US business operations in China.
China has tried without success to recruit Germany, France, SKorea and other governments as allies against Washington. Some of them have criticized President Trump’s tactics but many echo US complaints about Chinese market barriers and industrial strategy.
“We share the concerns of the U.S. regarding China’s trade and investment practices, but continuing along the path of tariff escalation is extremely dangerous,” the European chamber President said in a statement.