Capitals: Agencies
Chinese President Xi Jinping said on Wednesday that tariff wars harm international trade and hurt the global economy, according to China's official Xinhua News Agency.
The Chinese leader made the remarks during a meeting with his Azerbaijani counterpart, Ilham Aliyev, in Beijing. He announced that his country is ready to work with Baku to protect the international order and enhance cooperation in the security field.
In his latest remarks, President Donald Trump indicated that his administration may "significantly reduce tariffs on China."
Some interpret the softening of Washington's rhetoric, which came after a series of aggressive trade stances against China, as a result of pressure on the US Treasury and the turmoil in global markets. According to the Brussels-based Euronews website, the Republican leader expressed the new approach after reporters asked him about his opinion on Treasury Secretary Scott Besant's statements, in which he said that the high tariffs between the United States and China had effectively led to a trade embargo between the two countries. Trump then said, "145% is too high... It will come down significantly, but it will not reach zero."
In this context, CNN quoted an informed source as saying that the US administration does not want to cut off communication with the Chinese economy, and that Besant aims to attract investors and create a new balance in trade.
US President Donald Trump confirmed that relations between his country and China are going well and that the ongoing trade negotiations are achieving positive results.
Trump added, from the Oval Office, according to the New York Post, that many countries are now seeking to conclude trade agreements with the United States, in light of what he described as a lack of leadership in previous periods, which provided an opportunity for some to exploit Washington economically. He explained that the United States will generate huge revenues from the imposed tariffs, noting that the stock market is witnessing a significant improvement. He also affirmed his administration's intention to conclude trade deals with a large number of countries, emphasizing that any country that does not show a desire to negotiate with Washington will not be able to continue its economic dealings with it. According to the Youm7 news website in Cairo, Trump denied any intention to dismiss the Chairman of the Federal Reserve, explaining that what the administration is requesting is to adjust interest rates in line with the requirements of the current situation, noting that the American economy is currently going through a transitional period.
In another context, the US President addressed digital currencies, stressing the need to regulate this sector, indicating that his country will work to support it in the next phase.
Trump had previously announced the imposition of tariffs on Chinese imports, a move aimed—according to his statement—to protect American industries and strengthen the national economy. He noted that these tariffs would generate significant revenue for the United States, considering them an effective tool in negotiations with China. He also denied that the tariffs would reach 145%, while affirming his country's desire to reach a comprehensive trade agreement with Beijing.