US Treasury Chief to Plan for Trade Meeting in China Soon

"My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn't make any sense".

Facing criticism for the new round of tariffs on Chinese goods, the President defended his administration's handling of the trade standoff with an economic superpower.

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don " t make a deal because companies will be forced to leave China for other countries.

The Dow Jones Industrial Average and major indexes were up Tuesday after a heavy sell-off Monday, as jitters over the escalating trade war intensified. "I think that's got investors buying the dip". "You had a great deal, nearly completed, & you backed out!" he tweeted on Monday.

"Make your product at home in the US and there is no tariff", Trump countered on Tuesday.

Trump said he was confident that China would come back to the table for a deal after he raised tariffs to 25 percent on $200 billion of Chinese products.

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China earlier imposed additional tariffs on US$60 billion worth of U.S. imports.

"We do anticipate, as the secretary indicated yesterday, that we will plan for a meeting in China at some point soon", he said. The farmers have been "forgotten" for many years.

Senate Majority Leader Mitch McConnell said on Tuesday that "nobody wins a trade war" but he hoped Trump's tactics in negotiations China would put the United States in a better position to move talks forward with Beijing. The newest tariffs he's imposed on Chinese goods are not a drag on USA consumers, but rather in the service of a better bargaining position for a trade deal, which he'll deliver at some point, he hopes.

"China will never succumb to foreign pressure", the foreign ministry said. A further escalation of the trade war could disrupt global supply lines and damage an already slowing world economy, sending financial markets into a tailspin.

Sources have said the trade talks hit an impasse after China tried to delete commitments from a draft agreement that said its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

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