On Friday, President Trump announced his plans to host China next week in Washington to finish the ongoing tariff talks.
A U.S. delegation to China, led by Ambassador Lighthizer and Treasury Secretary Mnuchin, worked out many details of a proposed compromise on tariffs and trade practices between the two countries this past week.
This agreement is more important than ever — China has been taking advantage of our market for decades but President Trump made it clear after his election that this would be ending soon. After a back and forth “trade war” where each side continued to impose additional tariffs on products last year, both countries agreed to a truce to work out details on a permanent agreement.
President Trump commented that the talks are going well, but he plans to ‘get it done’ next week. March 1, 2019 is the deadline the U.S. set to reach an agreement before another tariff increase on Chinese goods will take effect. The U.S. has suggested the current 10% will rise to 25% if China refuses to compromise on a fair agreement. But it looks like the talks are going the right direction.
“Since my election, we’ve picked up trillions of dollars of worth and China has lost trillions. We are leveling the playing field,” President Trump said in his comments on Friday in the Rose Garden.
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