Tariffs on China 'for a Substantial Period of Time,' Says Trump

  • Tariffs on China 'for a Substantial Period of Time,' Says Trump

Tariffs on China 'for a Substantial Period of Time,' Says Trump

The U.S. wants to continue to wield the threat of tariffs as leverage to ensure China won't renege on the deal, and would only lift the duties fully when Beijing implemented all parts of the agreement.

An agreement between China and the U.S.to resolve the trade war "is coming along nicely", said President Trump on Wednesday, although US tariffs could remain in force for some time to assure that China lives up to the terms of the deal.

But Mr Trump said: "we're not talking about removing them".

Mr Trump said that the U.S. was making "billions and billions" from the Chinese tariffs and "for a period of time, [they] will stay".

Senior US officials will visit Beijing for a new round of trade war talks on March 28-29, followed by a trip to the United States by China's top negotiator in April, the Chinese commerce ministry said Thursday.

Washington is demanding that China end practices it says force the transfer of American technology to Chinese companies, improve access for American companies to China's markets, and curb industrial subsidies.

Over the last eight months, the United States and China have slapped tariffs on more than US$360 billion in two-way goods trade, weighing on the manufacturing sectors in both countries.

On Friday, China's rubber-stamp parliament approved a foreign investment law to strengthen protections for intellectual property - a central U.S. grievance - but critics said the bill was rammed through without sufficient time for input from businesses.

Elsewhere on Wednesday, the Federal Reserve cut its growth forecasts for the U.S. and Chairman Jerome Powell told reporters the global economy had begun to slow, notably in China, where tariffs were one obstacle to faster growth.

After pointing out that China had offered to purchase up to $1.2 trillion worth of agriculture, aircraft, and energy products over a 6-year period, "But Trump has long wanted a number "double or triple" China's $1.2 trillion proposal, these people said, requesting anonymity due to the sensitive nature of the discussions".

Wall Street baulked at Mr Trump's comments, with the benchmark Dow Jones falling nearly 1%.