Amid rising geopolitical tensions and concerns over a budding trade war, President Donald Trump stated his belief that they will make a deal with China. Speaking on Thursday, the President reassured the media of his confidence that a renegotiated trade deal regarding ongoing tariff disputes would come to fruition.
The two sides have been embroiled in an ongoing conflict since the arrival of the Trump administration’s Liberation Day tariff plan in early April. Although the original policy received a 90-day pause, they doubled down on an increase in import duties for China. Now, those taxes could reach heights of 245%, according to the White House.
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Trump Says He Is Confident New China Trade Deal Will Be Reached Amid Tariff War
In recent weeks, tension between the US and China has continued to grow. The latter has expressed its displeasure with the arrival of America-first economic policy that targets balanced trade. Moreover, they referred to actions by the Trump administration as “extremely shameless.”
Still, those ongoing concerns have not deterred faith in a new trade agreement between both sides. Indeed, US President Trump said Thursday that he believed a deal with China would be reached. Hosting Italian Prime Minister Giorgia Meloni on Thursday, he discussed his optimism with reporters.
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“We’re going to make a deal. I think we’re going to make a very good deal with China,” Trump said. “I think you’ll see we’ll make a very good deal with China.” Moreover, the President added that he was “very confident” they would also reach a new trade deal with the European Union (EU).
The White House has said that its increased import tax on China was a result of “its retaliatory actions.” Conversely, JPMorgan CEO Jamie Dimon had previously urged the president to engage with China. Specifically, he warned that the actualization of a trade war could prove to be a great threat to the United States.
