Trump hopeful of quick end to trade war with China

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WASHINGTON – U.S President Donald Trump predicts a quick end to the trade war with China, although no high-level talks have been scheduled since a regular round of consultations between representatives of the two largest world economies ended in Washington two weeks ago.

“This is happening, is happening quickly, and I think everything will happen quickly with China, because they are unlikely to be happy that thousands of companies leave them and go to other countries,” said Trump, speaking yesterday, May 23, at the White House according to Reuters.

However, the U.S  president did not provide any evidence of the “mass withdrawal” of companies from China.

Trump also said that he will meet with Chinese President Xi Jinping on the sidelines of the G-20 summit in Japan.

Washington and Beijing accuse each other of disrupting the negotiations that were intended to end the trade war between them.

Trump gave a forecast for China during a press conference that took place after he announced a plan to provide assistance to American farmers to compensate for the effects of the tariff war, which affected them particularly badly. After Trump imposed duties on Chinese goods last year, Beijing reduced purchases of American soybeans, resulting in unsold stocks of this product from farmers. In response, China introduced duties on American corn, pork and a number of other products.

“Financing of $ 16 billion will help preserve the well-being of our farms and show that no country can impose a veto on the economic and national security of the United States,” Trump said.

President Trump said last week that the United States and China actually concluded a trade deal, but the Chinese authorities violated its terms. According to the American media, the negotiations of the two countries are deadlocked, the prospects for the next round remain uncertain.

Since May 10th, the United States has once again raised duties on Chinese goods from 10% to 25% totaling $ 200 billion. Trump also commissioned the company to start raising duties on products from China by another $ 300 billion. The American side explained its actions by Beijing departs from the agreements reached earlier in the consultations on trade issues. In response, Chinese authorities said on May 13 that from June 1, they would introduce retaliatory duties in respect of more than 5,000 commodity items from the United States totaling $ 60 billion.

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