Other administration officials stated that they would not give talks with the world’s second-largest economy priority, despite US President Donald Trump’s statement on Tuesday that he is waiting to hear from China before duties of more than 100% take effect.
Following days of chaos brought on by Trump’s broad taxes, which have sparked recessionary fears and upset a decades-old global trading order, world markets stabilized. US markets reported gains following a brutal selloff that has destroyed trillions of dollars since last week.
Targeted tariffs of up to 50% on numerous trading partners are scheduled to go into effect on Wednesday, and Trump has already imposed a 10% tariff on nearly all imports to the largest consumer market in the world. Trump promised to raise tariffs to 104% in reaction to China’s decision to match “reciprocal” penalties he announced last week, but China refused to give in to what it called “blackmail” and vowed to “fight to the end.”
Trump said there may be a way to resolve the issue. China is likewise quite interested in reaching an agreement, but they are unsure of how to begin. We are awaiting their phone call. On social media, he declared, “It will happen
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