Trump Defends Tariffs, China Digs its Heels in Again - Forex News by FX Leaders
U.S. - China Trade War

Trump Defends Tariffs, China Digs its Heels in Again

Posted Wednesday, June 12, 2019 by
Arslan Butt • 1 min read

Even if economists the world over and in the US disagree, President Trump continues to stand by his decision to impose tariffs until China agrees to a trade deal. On Tuesday, he tweeted, “Tariffs are a great negotiating tool.”

On Monday, Trump had announced that he was ready with the next round of tariffs on China in case Xi Jinping doesn’t meet him at the upcoming G20 summit. Meanwhile, China has neither confirmed this meeting nor is it backing down, vowing a tough response if the US continues to escalate the trade war.

According to Chinese Foreign Ministry spokesman Geng Shuang, China was open to trade talks on an equal footing and will fight to the end if US wants to build up trade frictions. Markets are worried about China’s response to further tariffs, which could include blacklisting US companies, banning rare earths exports to US markets, and imposing more retaliatory tariffs.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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