Trump denies agreeing to roll back China tariff
China exports perform better in October
Donald Trump has denied agreeing to roll back China tariffs, which is phase one of US-China trade deal.
Speaking to reporters this afternoon, the US president said China wants to make a deal “much more than I do”.
“China would like to get somewhat of a roll back, not a complete roll back because they know I won’t do it,” he said.
“We’re getting along very well with China. They want to make a deal. Frankly they want to make a deal a lot more than I do. I’m very happy right now, we’re taking in billions of dollars.”
Amid prospects of a phase one trade deal with the US, China exports performed better in October than expected. They fell by 0.9 per cent, which was considerably less than the 3.9 per cent fall predicted by economists and also an improvement on September’s 3.2 per cent drop.
The news from Washington, doesn't bode well for the remaining year. However, even if a trade deal had been signed, economists say it is unlikely to help boost exports for some time.
“Even if the phase one US-China trade deal crosses the finish line, it is unlikely to alleviate the main headwinds facing exporters and outbound shipments look set to remain weak in the coming months,” said Martin Rasmussen, China economist at Capital Economics.
To date Trump has only cancelled a tariff increase on $250 billion goods, which was scheduled for 15 October.
FURTHER READING: Markets flat amid China confusion