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Trump warns China against dragging its feet in trade talks

EconomySep 03, 2019 12:54PM ET
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© Reuters. U.S. President Donald Trump speaks during a Federal Emergency Management Agency (FEMA) briefing on hurricane Dorian in Washington

By Andrea Shalal and Makini Brice

WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday warned he would be "tougher" on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.

The world's two largest economies imposed fresh tariffs on each other on Sunday, ratcheting up a tit-for-tat tariff war that has unsettled financial markets and raised the specter of a global recession. U.S. and Chinese negotiators are due to meet in person in Washington this month, but no date has yet been set.

U.S. stocks fell on Tuesday as data showed factory activity contracted for the first time since 2016 in August, while the benchmark 10-year U.S. Treasury yield (US10YT=RR) fell to its lowest since July 2016.

Trump, ignoring recent negative U.S. economic data, said in a posting on Twitter that the United States was "doing very well in our negotiations with China," and played up the damage U.S. tariffs were doing to the Chinese economy.

He warned that Beijing faced even tougher terms if the two sides did not resolve their trade dispute and he won re-election in November 2020, writing, "Deal would get MUCH TOUGHER! In the meantime, China's Supply Chain will crumble and businesses, jobs and money will be gone!"

He did not provide details about the negotiations or how they could become tougher.

Thomas Donohue, chief executive of the U.S. Chamber of Commerce, told CNBC that U.S. companies and workers were bearing the brunt of the U.S. tariffs but China's economy was also hurting.

He urged Trump to postpone the new tariffs that went into effect to give both sides time to reach an agreement.

Congressional passage of the U.S-Mexico-Canada (USCMA) trade agreement was possible, and would help boost the U.S. economy while reassuring financial markets, he said. "It would rub off on what we're doing in China."

Trump, a Republican, has often publicly repeated his belief that Beijing is trying to slow-walk trade negotiations in the hopes a victory by a Democratic presidential candidate in 2020 may lead to better terms in an agreement.

Washington began imposing 15% tariffs on an array of Chinese imports on Sunday, while China began placing new duties on U.S. crude oil.

China has since lodged a complaint against the United States at the World Trade Organization over U.S. import duties, its third lawsuit challenging Trump's China-specific tariffs.

Chinese Vice Premier Liu He said earlier on Tuesday that China vehemently opposes a trade war.

Trump warns China against dragging its feet in trade talks
 

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Comments (32)
Peter Cetera
Peter Cetera Sep 03, 2019 4:23PM ET
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trump is jealous that chinese have bigger banana boat
David David
David9 Sep 03, 2019 4:17PM ET
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I told you guys ... looks like all of you today heard the China Roar again. China roars, worldwide markets tumbles. Trump better becareful, cause if he keeps poking the Lion, she will give him a much bigger roar coming soon.
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 2:49PM ET
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people wake up! all fake news . markets are too high. must crash. this is an order ! elite will win. they position short. Will see in 12 months
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 2:43PM ET
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the stock market is too high and must crash. this is the idea. the elit position is short now. they will double their wealth
Randy Render
Randy Render Sep 03, 2019 2:09PM ET
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Trump need end this trade war with China. It's hurting too many America
Daniel Lee
Daniel Lee Sep 03, 2019 1:54PM ET
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i hate all these trade wars affecting the stock market; but i think trump is doing the right things. the trade war started by china since they were stealing our intellectual property, not by trump. trump is just retaliating against those acts. i think he is doing the right thing if we look at the US economy in a long term.
David David
David9 Sep 03, 2019 1:54PM ET
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Without any proofs of stealing, it will only be he said she said thing. So far there are no actual proofs of any stealing.
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 1:54PM ET
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no proof? are you sure? and who is buying rolex samples from Switzerland ? and all the brands in the world who copy them?
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 1:54PM ET
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and yes trump is doing the right crash ! haha
Michael Angelo
Michael Angelo Sep 03, 2019 1:10PM ET
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He's proposing a revolution not thinking in the consequences will have worldwide. Anyone can push a change of this dimension plus revenge on such a short time. Hopefully he will think twice otherwise we're really bad. Nobody will win.
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 1:10PM ET
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elite class wins already
Jack Zhang
Jack_A Sep 03, 2019 12:27PM ET
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"This MUST  be a fake news, or China's fault, or the Fed's fault, ..., not my fault. We have the best economy ever!! Hooray!!"
Hayrettin Cetinturk
Hayrettin Cetinturk Sep 03, 2019 12:27PM ET
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these are selling tactics
Peter Dikeakos
Peter Dikeakos Sep 03, 2019 11:47AM ET
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His Advisors....Wouldn't Leave Him Alone. - HE HAD TO SAY IT.-
Chris Vu
Chris Vu Sep 03, 2019 11:40AM ET
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China will lose in the end. 1.42 billion mouths to feed are too many, especially when they are going to be out of work. The US can replace most goods from China with goods from Vietnam, Thailand, and India.
rob finch
rob finch Sep 03, 2019 11:31AM ET
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thank you for standing up to the chi coms Mr President.
fox mulder
fox mulder Sep 03, 2019 11:28AM ET
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YOU are the problem.
Manguu Infante
Manguu Infante Sep 03, 2019 11:28AM ET
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More like your the problem, clearly you love getting ranned over, but trump is standing up for the united states, we aint taking no garbage from these chinese mfs
Linda Liao
Linda Sep 03, 2019 11:21AM ET
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Senator Steve Daines and Senator David Perdue are in Beijing now, talking about exporting wheat, beef exc. to China to save economy of Montana State.
Mary Kinney
Mary Kinney Sep 03, 2019 11:21AM ET
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late to the party good luck
TIM PHANEUF
TIM PHANEUF Sep 03, 2019 11:17AM ET
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Trump can't stop lying about the stalled China negations and China has his number!
Richard So
Richard So Sep 03, 2019 11:12AM ET
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China stopped all US food imports already on its own.
CE CE
CE CE Sep 03, 2019 11:05AM ET
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One of them wants to be the "Last man standing" in the ring and none like being intimidated....this is all it is ...Why did USA move their manufacturing & Jobs to China in the first place. The reason is simple: China can produce more and faster because they work 18 hours a day including weekends. Can USA or UK or EU match that. Will they sacrifice their weekends and BEER ! ...No chance ! Dream on President
Ng Zen ng
Ng Zen ng Sep 03, 2019 10:53AM ET
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Is good to do a worldMarket moderation since 2 yrs ago till now before suddenly burst. All big boys are working hard . Good for the world market .
David David
David9 Sep 03, 2019 10:48AM ET
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I told you guys ... my bet is that when President Xi heard Trump warns China, he probably laugh so hard with tears coming out if his eyes.
Laura Blumberg
Laura Blumberg Sep 03, 2019 10:48AM ET
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starve the Chinese stop all food to that country.
Richard So
Richard So Sep 03, 2019 10:48AM ET
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China stopped all US food imports already on its own.
Pwr Strk
Pwr Strk Sep 03, 2019 10:48AM ET
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it goes to show they don't care about their people
David David
David9 Sep 03, 2019 10:48AM ET
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Pwr Strk If thry don't care, then hiw do you explain that 90% has been lefted out of poverty?
Dick Hertz
Dick Hertz Sep 03, 2019 10:28AM ET
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I think US business is learning a lesson here. Bring manufacturing back home.
Amir Mursyidi
Amir Mursyidi Sep 03, 2019 10:28AM ET
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I agree. Big companies are too greedy. POTUS tries his best to protect American economy in long run. Recession is normall cos it is cyclical. Ppl of America should be proud of your president !
Jonathan Snell
Jonathan Snell Sep 03, 2019 10:28AM ET
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nope. cheap labor is king.
Erski Gumby
SB20 Sep 03, 2019 10:28AM ET
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David David Sounds like you’re describing the Democrats.
Al Vlaj
alvlaj Sep 03, 2019 10:28AM ET
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So, they can pay 15% more on finished product or 1500% more in labor costs. I am not sure your math works...
Alex Lee
Alex Lee Sep 03, 2019 10:26AM ET
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A man has been lying daily now making another story?!
David David
David9 Sep 03, 2019 10:25AM ET
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I told you guys ... Trump is desperate for a deal. President Xi will take it slow and wait him out. The only way he can get a deal is, if the deal will benefit both. US will need to meet halfway or there is no deal. I think that message has been crystal clear from China. If economy goes south, Trump is done.
Brady Murray
Brady Murray Sep 03, 2019 10:23AM ET
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Turning up the heat now. China used to dealing with weak Presidents. As the China agressive behavior continues the whole world will soon turn against them. And quit stealing our s!?$!
Jack Zhang
Jack_A Sep 03, 2019 10:23AM ET
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Do you really hear what the world are saying? EU, Asia, Southern America, ... US started trade wars with all of them. It is pity that the US is losing the reputation.
Daniel Lee
Daniel Lee Sep 03, 2019 10:23AM ET
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i hate all these trade wars affecting the stock market; but i think trump is doing the right things. the trade war started by china since they were stealing our intellectual property, not by trump. trump is just retaliating against those acts. i think he is doing the right thing if we look at the US economy in a long term.
mansoor ali
mansoor ali Sep 03, 2019 10:19AM ET
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We r making lot of money from trading gold nd silver, thks Trump
Yoseph Ernin
Yoseph Ernin Sep 03, 2019 10:18AM ET
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Hoping no second term
Jeff Chevalier
Jeff Chevalier Sep 03, 2019 10:13AM ET
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American indicators are starting to tank. Well done Donald....
 
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