China’s President Xi Jinping promised to open the economy and cut car tariffs on Tuesday.
This followed President Donald Trump’s hammering of the trade inequality with the Chinese. The U.S. trade deficit with China was $375 billion in 2017.
President Trump tweeted this out on Sunday.
President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!
— Donald J. Trump (@realDonaldTrump) April 8, 2018
On Monday President Trump followed with this tweet on the unfair trade practices by China.
When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!
— Donald J. Trump (@realDonaldTrump) April 9, 2018
On Tuesday President Xi Jinping announced China would open its economy and cut car tariffs from the US.
Reuters reported:
Chinese President Xi Jinping on Tuesday promised to open the country’s economy further and lower import tariffs on products including cars, in a speech seen as conciliatory amid rising trade tensions between China and the United States.
While most of the pledges were reiterations of previously announced measures, Xi’s comments sent U.S. stock futures, the dollar and Asian shares higher.
Xi said that China will sharply widen market access for foreign investors, a chief complaint of the country’s trading partners and a point of contention for U.S. President Donald Trump’s administration, which has threatened billions of dollars in tariffs on Chinese goods.
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