US President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China “soon” but offered no new details on negotiations in a campaign-style speech touting his administration’s economic record.
Trump said US and Chinese negotiators were “close” to a “phase one” trade deal, but largely repeated well-worn rhetoric about China’s “cheating” on trade.
“They are dying to make a deal. We’re the ones that are deciding whether or not we want to make a deal,” Trump said of China. “We’re close. A significant Phase One trade deal with China could happen. Could happen soon. But we will only accept a deal if it’s good for the United States and our workers and our great companies.”
Trump said he would raise tariffs on Chinese goods “very substantially” if China does not make a deal with he United States. “And that’s going to be true for other countries that mistreat us too,” he added.
Trump once again took aim at the Federal Reserve’s monetary policy decisions that have left U.S. interest rates higher than many other economies and said he would prefer negative rates.
“Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loan, known as negative interest. Who ever heard of such a thing?” he told members of the Economic Club of New York.
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