Trump tariffs live updates: Trump calls China’s Xi “Extremely hard to make a deal with”
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Trump tariffs live updates: Trump says China’s Xi is ‘extremely hard to make a deal with’
President Donald Trump says it’s “extremely hard” to reach a deal with his Chinese counterpart Xi Jinping. The US-China detente has been looking more fragile amid both trade-related and other tensions. The OECD cut its forecasts for most G20 economies and warned that easing trade tensions is key to boosting investment and keeping prices stable. US trade talks with the EU have come back into focus as an early-July deadline looms for Trump’s 50% tariffs on imports from the bloc. The EU on Monday said it “strongly” regrets Trump’s hike on steel and aluminum imports, saying it undermines trade talks.
“I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Trump posted on Truth Social in the early hours of Wednesday.
China responded to Trump’s claim on Friday that it has “totally violated its agreement” with the US, in turn accusing the US of breaching the agreement and vowing to protect its interests. The US-China detente — reached earlier this month, when each country eased sky-high tariffs on the other — has been looking more fragile amid both trade-related and other tensions.
Trump’s trade war is causing the global economy to slow, with growth now heading for its weakest pace since the COVID-19 pandemic, the OECD has warned.
The OECD cut its forecasts for most G20 economies and warned that easing trade tensions is key to boosting investment and keeping prices stable. Álvaro Pereira, the OECD’s chief economist, said countries need to lower trade barriers. “Otherwise, the growth impact is going to be quite significant,” he said. “This has massive repercussions for everyone.”
The warning comes as the US is pushing countries to speed up trade talks. The White House has confirmed that the US had sent a letter to partners as a “friendly reminder” that Trump’s self-imposed 90-day pause on sweeping “reciprocal” tariffs is set to expire in early July.
White House advisers have for weeks promised trade deals in the “not-too-distant future,” with the only announced agreement so far coming with the United Kingdom.
But US tensions with China and the EU — two key trade partners — amped up after Trump promised last weekend to double tariffs on steel and aluminum from 25% to 50%. He signed an order on Tuesday to bring in the hike as of Wednesday, 12.01 a.m. ET. The UK is the only partner spared the increase.
US trade talks with the EU have come back into focus as an early-July deadline looms for Trump’s 50% tariffs on imports from the bloc. The EU on Monday said it “strongly” regrets Trump’s hike on steel and aluminum imports, saying it undermines planned trade talks.
Meanwhile, Trump’s most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them “unlawful.”
Trump tariffs live updates: Trump says China’s Xi is ‘extremely hard to make a deal with’
President Donald Trump says it’s “extremely hard” to reach a deal with his Chinese counterpart Xi Jinping. The US-China detente has been looking more fragile amid both trade-related and other tensions. The OECD cut its forecasts for most G20 economies and warned that easing trade tensions is key to boosting investment and keeping prices stable. US trade talks with the EU have come back into focus as an early-July deadline looms for Trump’s 50% tariffs on imports from the bloc. The EU on Monday said it “strongly” regrets Trump’s hike on steel and aluminum imports, saying it undermines trade talks.
“I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Trump posted on Truth Social in the early hours of Wednesday.
China responded to Trump’s claim on Friday that it has “totally violated its agreement” with the US, in turn accusing the US of breaching the agreement and vowing to protect its interests. The US-China detente — reached earlier this month, when each country eased sky-high tariffs on the other — has been looking more fragile amid both trade-related and other tensions.
Trump’s trade war is causing the global economy to slow, with growth now heading for its weakest pace since the COVID-19 pandemic, the OECD has warned.
The OECD cut its forecasts for most G20 economies and warned that easing trade tensions is key to boosting investment and keeping prices stable. Álvaro Pereira, the OECD’s chief economist, said countries need to lower trade barriers. “Otherwise, the growth impact is going to be quite significant,” he said. “This has massive repercussions for everyone.”
The warning comes as the US is pushing countries to speed up trade talks. The White House has confirmed that the US had sent a letter to partners as a “friendly reminder” that Trump’s self-imposed 90-day pause on sweeping “reciprocal” tariffs is set to expire in early July.
White House advisers have for weeks promised trade deals in the “not-too-distant future,” with the only announced agreement so far coming with the United Kingdom.
But US tensions with China and the EU — two key trade partners — amped up after Trump promised last weekend to double tariffs on steel and aluminum from 25% to 50%. He signed an order on Tuesday to bring in the hike as of Wednesday, 12.01 a.m. ET. The UK is the only partner spared the increase.
US trade talks with the EU have come back into focus as an early-July deadline looms for Trump’s 50% tariffs on imports from the bloc. The EU on Monday said it “strongly” regrets Trump’s hike on steel and aluminum imports, saying it undermines planned trade talks.
Meanwhile, Trump’s most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them “unlawful.”