The president claims that a deal with China is still within reach and that relations between the two nations could recover.
Shipping containers sit stacked at the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. , in this aerial photograph taken in Shanghai, China, on Friday, May 10, 2019. The U.S. hiked tariffs on more than $200 billion in goods from China on Friday in the most dramatic step yet of President Donald Trump's push to extract trade concessions, deepening a conflict that has roiled financial markets and cast a shadow over the global economy.
Trump’s new assurances seemed to placate investors, as stock markets appeared to have stabilized following a deep rout on Monday. “My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn’t make any sense,” Trump tweeted Tuesday.
Our great Patriot Farmers will be one of the biggest beneficiaries of what is happening now. Hopefully China will do us the honor of continuing to buy our great farm product, the best, but if not your Country will be making up the difference based on a very high China buy...... Trump has vacillated between vowing to dig in against China and predicting a deal between the two countries could be weeks away. He has also argued the effects of the trade war would only China and not the U.S. But if Trump did levy a 25 percent tariff on all Chinese imports, U.S. economic output would shrink by at least $120 billion “as companies would have to rebuild entire supply chains,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, wrote in an investor note.
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