Art of the (Trade) Deal: Trump 'Very Close' on China? | NTK Network Art of the (Trade) Deal: Trump ‘Very Close’ on China?

Art of the (Trade) Deal: Trump ‘Very Close’ on China?

The president hinted on Thursday that he's close to "doing something" with China, ahead of a highly-anticipated meeting with Chinese President Xi Jinping this weekend.

By NTK Staff | 11.29.2018 @12:01pm
Art of the (Trade) Deal: Trump ‘Very Close’ on China?

President Trump may be “very close” to “doing something” with China, who he said “wants to make a deal,” according to reporting from Bloomberg on Thursday.

“I think we’re very close to doing something with China, but I don’t know that I want to do it, because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes,” Trump told reporters Thursday as he departed the White House to travel to Buenos Aires for the Group of 20 Summit with global leaders.

“I really don’t know, but I will tell you that I think China wants to make a deal,” he continued. “I’m open to making a deal, but frankly, I like the deal we have right now.”

As Bloomberg, NTK Network, and others have noted, Trump’s planned meeting with Chinese President Xi Jinping is one of the most anticipated moments of the G20 meeting happening in Buenos Aires, Argentina this weekend.

Lots of business interests in the U.S. and China are hoping Trump and Xi find an off-ramp to the escalating trade war between two of the world’s largest and richest countries.

Politico‘s Ben White reported Thursday that back-and-forth tariffs between the two countries are hurting U.S. automakers, farmers, and manufacturers.

Trump’s trade battles are already slamming parts of the American economy, especially in Midwestern and farm belt states that helped propel him to the White House. Automakers like GM are cutting jobs, closing plants and complaining about billions in tariff-related costs. Soybean crops are rotting in fields with China’s market now closed.

Dairy farmers hit by retaliatory charges are selling family businesses. And blue-chip American companies from Whirlpool to Caterpillar and Stanley Black & Decker Inc. have cited higher prices generated by Trump’s tariffs.

According to White, some economists have warned that a full-blown trade war between the U.S. and China, with tariffs levied on all goods traded between the two nations, could trigger an economic decline.

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