Daijiworld Media Network – Washington
Washington, May 8: In a firm stance ahead of key trade negotiations, US President Donald Trump on Wednesday made it clear that the 145 per cent tariffs imposed on Chinese imports will remain in place "for now", even as delegations from both countries prepare to meet in Switzerland later this week for the first formal talks since the tariff war reignited in March.
Addressing reporters during the swearing-in ceremony of David Perdue as the new US Ambassador to China, President Trump asserted that America is no longer incurring trade losses to the extent seen in previous years.
“We were losing a trillion dollars a year, now we're not losing anything. That's the way I look at it,” he said, brushing aside suggestions that lowering tariffs could help bring China back to the negotiating table.
When directly asked if he would consider rolling back tariffs to ease tensions, Trump responded with a curt “No,” indicating no immediate intent to offer economic concessions.
Trump also dismissed China's assertion that the US had initiated the latest round of trade talks. “They said we initiated? Well, I think they ought to go back and study their files,” he retorted.
According to reports from CNN, US stock markets showed a slight dip following Trump’s remarks and have continued to exhibit volatility since the formal announcement of the tariff decision.
Trade between the world’s two largest economies has been largely frozen since the steep tariffs came into force earlier this year. The tariffs, which cover a vast majority of Chinese goods entering the US, have raised concerns among global investors and economic observers about potential ripple effects across supply chains and global trade.
Federal Reserve Chair Jerome Powell, commenting separately, acknowledged that the outcome of the US-China trade negotiations could significantly influence the trajectory of the American economy.
The talks in Switzerland are expected to be closely watched, though Trump’s uncompromising position suggests that any near-term breakthroughs may be limited.