Trump eyes trade victory as China claims no tariff talks
Trade agreements are expected in three to four weeks, said US President Donald Trump in an interview with "Time" magazine. He noted that the United States is in talks with China regarding a customs agreement, but Beijing denies it. Trump believes that Xi Jinping contacted him.
According to Trump, tariffs are still needed and he stated that if the US continues to have tariffs on imported goods at 50% in a year, he will consider it a "complete victory." The conversation with the US president was published on Friday to mark the 100th day of Trump's second presidency.
The Republican also highlighted in the interview that Crimea will remain with Russia. The 78-year-old politician claimed that the cause of the Russian invasion of Ukraine was the start of talks about joining NATO.
China responds
At the same time, Beijing denied on Thursday that any talks regarding tariffs are taking place. "As far as I know, China and the US are not having any consultation or negotiation on tariffs, still less reaching a deal," emphasized Foreign Ministry spokesperson Guo Jiakun during a press briefing.
Meanwhile, on Wednesday, The Wall Street Journal reported that the White House is considering significantly reducing tariffs on imported Chinese goods to de-escalate the trade dispute with China. According to sources cited by the newspaper, tariffs may drop from 145% to 50-65%.
Reuters reported that China is considering exempting some products imported from the US from previously imposed tariffs of 125%. An unnamed source, cited by the agency, claims this is the strongest signal that Beijing is worried about the economic repercussions of the trade war with Washington.
The Ministry of Commerce is said to have established a special task force, which is gathering lists of products potentially eligible for exemption. Companies are encouraged to submit their applications.
The Chinese financial magazine "Caijing" reported, citing its sources, that plans are in place to include eight items related to semiconductors but excluding memory chips.
On Friday, a list of 131 product categories that could potentially be exempt was circulated on social media and among companies. It would include, among others, vaccines, chemicals, and jet engines. Reuters was not able to verify the authenticity of the list, it was noted.
