US-China trade talks back on track: Trump

US-China trade talks back on track: Trump

Agency News

Washington, Aug 26: US President Donald Trump on Monday said that China called the United States in an attempt to make progress in reaching a trade deal that would end the ongoing dispute between the world's two largest economies.

"I have great respect for the fact that China called. They want to make a deal," Trump told reporters on the sidelines of the G7 Summit in France.

Trump said that he believed Washington and Beijing will be able to negotiate a trade agreement because both nations are now dealing "on proper terms."

Trump tweeted on Monday that trade talks between the two nations are underway.

"Great respect for the fact that President Xi & his Representatives want "calm resolution." So impressed that they are willing to come out & state the facts so accurately. This is why he is a great leader & representing a great country. Talks are continuing!" Trump said.

Trade tensions between the United States and China escalated on Friday, when the Chinese State Council said tariffs ranging from 5 to 10 per cent would be applied to $75 billion worth of US goods, with some taking effect on September 1 and others on December 15, and a 25-per cent duty being introduced on US cars.

Later on Friday, Trump said that Washington would raise the existing tariffs on $250 billion worth of Chinese goods to 30 per cent from the current rate of 25 percent starting October 1. In addition, the tariffs would be raised to 15 per cent from 10 percent on $300 billion worth of Chinese goods starting from September 1. (UNI)