Trump Hopes for Deal as Trade War Escalates
US President Donald Trump expressed hope for a deal with China on Thursday as tensions between the two nations continue to escalate, affecting global markets. After meeting with his Cabinet, Trump told reporters, "We would love to be able to work a deal" with China, despite accusing them of taking advantage of the US for years, CE Report quotes Anadolu Agency
The president raised his "reciprocal tariffs" on China to 125%, adding to the 20% tariff imposed earlier this year on illicit fentanyl trafficking. This brings the total tariff rate to 145%.
Despite China limiting the number of American films allowed in the country in response, Trump downplayed the move, stating, "I think I’ve heard of worse things."
While markets surged on Wednesday following a 90-day tariff reprieve for dozens of countries, fears of a prolonged trade war sent the Nasdaq down more than 3.5% and the Dow nearly 2% on Thursday.
