President Trump said on the sidelines of the G7 summit in Biarritz, France, Monday that China has contacted his administration to request for trade talks to resume.It’s a remarkable turnaround, considering how much the long-running trade war has escalated in recent days.
Trump made the comments just after global stock markets reeled and China’s yuan currency fell to a fresh 11-year low following the latest tariffs on $550 billion in Chinese goods announced last Friday by the Trump administration.
Donald Trump said Friday he would raise tariffs against China, hours later the Chinese government said it would levy retaliatory duties on earlier U.S. action.
News of a possible beginning of negotiations came shortly after President Donald Trump threatened to declare, a national emergency that would lead USA businesses to close their relations with China.
White House press secretary Stephanie Grisham clarified Sunday that when Trump told reporters that he “might as well” have “second thoughts” about escalating the trade war, he meant he “regrets not raising the tariffs higher.”
Trump told reporters that he had “no plans right now” to follow through on his emergency declaration threat to force U.S. companies to leave China but added, “If I want, I could declare a national emergency.
China declared just 2 days ago it would continue fighting the trade war “until the end.”
Reuters reported earlier Monday that China’s economy czar, Vice Premier Liu He, said at a tech conference in southwest Chongqing that the Chinese government was “willing to resolve the matter through consultations and cooperation in a cool and calm attitude and resolutely oppose the escalation of the trade war.”