https://www.cnbc.com/2019/05/09/tru...iff-threat-china-broke-the-deal-in-talks.html
Trump: China 'broke the deal' in trade talks
Everett Rosenfeld |
@Ev_Rosenfeld
Published 13 Mins Ago Updated Moments AgoCNBC.com
U.S. President
Donald Trump said Wednesday that
China "broke the deal" in the ongoing U.S.-China trade talks.
Speaking at a rally in Florida, the president attributed his recent threat of increased tariffs to Beijing's negotiating position.
"By the way, you see the tariffs we're doing? Because they broke the deal. They broke the deal," Trump said. "So they're flying in, the vice premier tomorrow is flying in — good man — but they broke the deal. They can't do that, so they'll be paying."
Over the weekend, Trump
surprised markets by threatening in a Twitter post that he
would significantly raise American levies on Chinese goods — with a first increase this coming Friday, and another "shortly."
The president said trade talks with China had been moving "too slowly" as Beijing tried to re-negotiate. That came as a shock to many observers since recent reports had indicated the world's two largest economies could be set to sign an agreement as early as this week.
China, for its part, said earlier Wednesday that
Beijing will retaliateif U.S. tariffs on $200 billion of Chinese goods are hiked to 25% from 10% as Trump had threatened.
"The escalation of trade friction is not in the interests of the people of the two countries and the people of the world," the ministry said. "The Chinese side deeply regrets that if the US tariff measures are implemented, China will have to take necessary countermeasures."
This is a breaking news story. Check back for updates.