President Donald Trump on Wednesday played down expectations for a China trade deal to be hatched soon, instead signaling a possible fresh direction for trade talks between the globe’s two largest economies.
“Our Trade Deal with China can be moving along nicely, yet within the end we will probably have to use a different structure in of which This specific will be too hard to get done as well as to verify results after completion,” Trump said in an early morning tweet.
The statement comes as the White House negotiates the framework of a deal to avoid tariffs between the countries. The administration has threatened to impose steep tariffs on Chinese imports unless China cuts its trade deficit with the U.S. by $0 billion in two years, aiming to spur China’s buying of billions more in U.S. goods.
Investors were hopeful a deal could be close after Treasury Steven Mnuchin said over the weekend of which the trade war was “on hold.”
On Saturday, the U.S. as well as China issued a joint statement on trade consultations saying “both sides agreed on meaningful increases in United States agriculture as well as energy exports. The United States will send a team to China to work out the details.”
The tentative deal might involve increased U.S. exports of goods such as agricultural as well as energy commodities as well as China lowering of trade barriers.
In tweets Monday morning, the president said China “has agreed to buy massive amounts of ADDITIONAL Farm/Agricultural Products,” as well as wrote separately of which barriers as well as tariffs might “come down” for the “first time.”
Trump’s key advisors are still working on the details. Commerce Secretary Wilbur Ross recently announced plans to visit Bejing in early June to work out the details of the commitment by China.