Donald Trump is ‘folding’ to China over tariffs, leaving his art of the deal mantra sent back to the drawing board.
The president told reporters in Washington on Tuesday he planned to be “very nice” to China in trade talks and that tariffs could drop in both countries if they could reach a deal, adding: “It will come down substantially, but it won’t be zero.”
The president has appeared to signal a U-turn on tariffs on Chinese goods after weeks of trade war speculation – and people have been quick to mock his ‘art of the deal’ on social media.
Over recent weeks, the back and forth has seen Trump raise tariffs on Chinese goods to 145 per cent, before China hit back with 125 per cent duties on US goods.
Trump said: “Ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States, and we want them involved, but they have to, and other countries have to make a deal, and if they don’t make a deal, we’ll set the deal.”
Stock markets have risen around the world after Donald Trump said his tariffs on China would come down “substantially.
The rally spread to Europe in early trading on Wednesday, with the UK’s FTSE 100 index up 1.6%, while the Italian FTSE MiB rose by 1.1%. Germany’s Dax gained 2.6% and France’s Cac 2.1%.
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