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Donald Trump has announced he’s willing to back way off Chinese tariffs after his levy package hit the stock market, the strength of the dollar, small businesses and American jobs.
But there could be a problem: The Chinese have to come to the negotiating table.
Though China has expressed a willingness to deal, China’s Foreign Ministry Wednesday presented pointed specific instructions for Trump before the two countries can come together on a tariff compromise.
Ministry spokesperson Guo Jiakun emphasized in a daily briefing that China will not be bullied by U.S. tariff threats.
"We don't want a trade war, but we are not afraid of it,” he said.
“If the U.S. truly wants to resolve issues through dialogue and negotiation, it should stop threatening and blackmailing, and engage in dialogue with China based on equality, mutual respect, and mutual benefit," he added..
“Talking about reaching an agreement with China while constantly pressuring China to the maximum is not the correct way to deal with China and will not work.”
Treasury Secretary Scott Bessent has admitted that negotiating with the Chinese has been a “slog,” and it’s not even clear there has been any communication between the two countries. But Bessent also emphasized that the current trade war is not “sustainable.”
It’s also unclear how committed Trump is to work something out. Though he reiterated his support for a deal in comments to reporters at the White House Wednesday, he also went on again about how China has played Americans for suckers by selling them inexpensive goods.
“They know they can’t get away with it any longer but they’re still going to be fine, and we’re going to have a country we can be proud of, not a laughing stock all over the world,” he said.
When asked by a reporter if negotiations with China were “actively” proceeding, Trump responded: “Actively. Everything’s active.”
The Wall Street Journal reported that the Trump administration was considering reducing its tariffs on Chinese goods from 145 percent to possibly anywhere from 50 percent to 65 percent.
Trump on Tuesday called his own 145 percent tariff on Chinese goods “too high,” adding: “It will come down substantially, but it won’t be zero.”
China has imposed a 125 percent tariff on American goods.
Trump said he plans to be "very nice" to China to reach a deal.
