The same people who said Trump wanted nuclear war with North Korea, told us he was starting a trade war with China.
The risk of a trade war was necessary to negotiate a better deal. But President Trump wanted that better deal, not a trade war. So the trade war is off “for now.” Like the critics who claimed Donald Trump wanted to start a nuclear war with North Korea, many said he would start a trade war with China. As with North Korea, there are still many issues with China that have yet to be resolved. But the point is, whether he succeeds or fails, he was making an effort to get a deal for Americans.
AFP reports, “US, China agree to abandon trade war: Beijing.”
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Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, Chinese state media reported Sunday.
The announcement came after high-level talks in the US capital and followed months of tensions over what President Donald Trump has blasted as an unfair commercial relationship between the two economic giants.
Vice-Premier Liu He, who led Chinese negotiators in Washington said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” state-run news agency Xinhua reported Sunday.
Liu called the agreement a “necessity”, but added: “At the same time it must be realised that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time.”[…]
The apparent detente comes after months of increasing tensions that have set markets on edge over fears of a damaging trade war.
Trump has repeatedly railed against his country’s trade deficit with China, describing it as a danger to US national security and threatening to impose tariffs on billions of dollars’ worth of Chinese goods.
US levies on $50 billion of Chinese imports could have come into effect as early as next week.[…]
“There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China,” the joint statement said.
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