Pakistan(National Times)- WASHINGTON: President Trump says he wants a \u2018fair\u2019 trade deal with China, but it\u2019s still unclear when the two sides will break the deadlock over tariffs. Speaking to reporters in Washington on Wednesday, Trump said talks with Beijing are ongoing and that both countries could reach an agreement. But top US officials gave no clear answers on how or when the current tariffs might be reduced. Trump told reporters his country would have a “fair deal with China,” adding that “everything\u2019s active” when asked whether Washington was talking to Beijing. However, how soon the tariffs might be lowered “depends on them,” Trump said, referring to Beijing, even as he maintained that he gets along “very well” with Chinese President Xi Jinping and hopes they can reach an agreement. Trade tensions between the world\u2019s two biggest economies have soared as Trump ramped up levies on imports from China this year, imposing an additional 145 percent tariff on many products over practices Washington has deemed unfair, and other issues. Beijing, in turn, has retaliated with new 125 percent tariffs on US goods. Despite signals that Washington is looking towards a fair agreement, the state of discussions remains murky. Asked whether there is direct US contact with China on trade, Trump said: “Every day.” Yet earlier Wednesday, US Treasury Secretary Scott Bessent told reporters that both countries are “not yet” talking when it comes to lowering tariffs. “I think both sides are waiting to speak to the other,” he said at an event on the sidelines of the International Monetary Fund and World Bank\u2019s spring meetings in Washington. He added that there is no unilateral offer from Trump to slash duties on Chinese goods.<\/p>\n\n\n\n
Bessent said the staggeringly high tariffs both countries have imposed on each other\u2019s goods must come down before negotiations can occur. “I don\u2019t think either side believes that the current tariff levels are sustainable, so I would not be surprised if they went down in a mutual way,” he added on the sidelines of an Institute of International Finance forum. “This is the equivalent of an embargo, and a break between the two countries in trade does not suit anyone\u2019s interest,” Bessent said, stressing that “de-escalation by both sides is possible.” But he gave no timeframe on how soon bilateral talks could take place. “It\u2019s both a blessing and a curse that the strongest relationship is at the very top,” Bessent said, referring to Trump\u2019s ties with Chinese counterpart Xi. However, with “any de-escalation, the talks would not begin at the very top.” While Trump has swiftly rolled out sharp tariffs on different countries and sectors, he has also been quick to introduce certain exemptions \u2014 most recently a temporary reprieve for tech products like smartphones and chipmaking tools. He could broaden the carve-outs, the Financial Times reported Wednesday, saying Trump could exempt car parts from some tariffs on Chinese imports \u2014 alongside those on steel and aluminium. On Wednesday afternoon, Trump said he was not considering changes to US auto tariffs but noted that levies on Canada could rise in terms of cars. Separately, Bessent said Wednesday that he did not have a stance on whether the president had the authority to fire Federal Reserve Chair Jerome Powell if he wanted to. He suggested Trump\u2019s previous comment that the “termination” of Powell could not come fast enough might also refer to the end of the Fed chief\u2019s term. Earlier Wednesday, Bessent said in a speech that Beijing\u2019s export-reliant economic model is “unsustainable” and “not only harming China but the entire world.” He stressed US concerns around trade imbalances that the Trump administration says it hopes to address through sweeping tariffs. But Bessent maintained that “America first does not mean America alone.” He insisted that the administration\u2019s moves are broadly a call for deeper collaboration and mutual respect among trading partners, while taking aim at policy choices by other countries that he said have hollowed out US manufacturing and put its security at risk.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan(National Times)- WASHINGTON: President Trump says he wants a \u2018fair\u2019 trade deal with China, but it\u2019s still unclear when the two sides will break the deadlock over tariffs. Speaking to reporters in Washington on Wednesday, Trump said talks with Beijing are ongoing and that both countries could reach an agreement. But top US officials gave […]<\/p>\n","protected":false},"author":2,"featured_media":103084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-103083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"\n