September 22, 2020

‘Getting VERY close to a BIG DEAL with China’ – Trump

“Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Trump twitted on Thursday.

Trump and US trade negotiators are scheduled to meet at the White House on Thursday to finalize their plan for new China tariffs set to take effect this weekend.

“The two sides’ economic and trade teams are maintaining close communication,” Gao Feng, spokesman at the Chinese commerce ministry, told reporters.

Unless the first phase of a new trade deal is reached by Saturday, the US is expected to impose 15 percent duties on $160 billion of Chinese consumer products such as smartphones, laptops, other electronics and clothes.

Also on US-China trade sinks in November as tariff war drags on

The two countries agreed in October to conclude a preliminary trade agreement, but so far talks have failed to produce a deal.

US stocks jumped in early trading after Trump’s tweet, with the SP 500 hitting a fresh record high at 3,159.97. The Dow Jones Industrial Average traded 200 points higher, at 28,085.53. The Nasdaq Composite advanced 0.4 percent to 8,699.62.

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