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US to hold 'trade deficit' talks with China soon

The United States is soon going to hold talks with China on the trade deficit in line with the recent trade tariffs imposed by the Donald Trump administration.

President Trump recently took to his Twitter account to inform the country that .... "Delegation heading to China to begin talks on the Massive Trade Deficit that has been created with our Country. Very much like North Korea, this should have been fixed years ago, not now. Same with other countries and NAFTA...but it will all get done. Great Potential for (the) USA!" 

Trump on April 8 called upon China to "end unfair trade take down barriers and charge only Reciprocal Tariffs." He further asked to only charge the reciprocal tariffs while claiming that the US is losing billions of dollars due to unfair trade regime.

He further mentioned the constant trade deficit with North Korea due to the on-going sanctions by the US to curb the trade activities.

Trump re-emphasised his dislike for North America Free Trade Agreement (NAFTA) as part of which Canada, Mexico and the United States eliminated tariffs, duties and quantitative restrictions on their trilateral trade.

He had earlier blamed NAFTA for illegal immigration to the US via the US-Mexico border.

Trump had also called for a revised NAFTA deal as he offered to drop the 25 percent tariffs on Steel and aluminum in return for the stricter NAFTA.

Canadian Prime Minister, Justin Trudeau, on April 6 supported President Trump's call for revised NAFTA as he praised the United States, Canada and Mexico for handling the National Alliance Free Trade Agreement in a significant manner.

On March 23, Trump had imposed massive trade tariffs amounting to USD 60 billion on China, in an effort to stop the latter from stealing "intellectual property" from American companies.

In retaliation to that China threatened to impose a 25% Tariff on $50 billion worth of US exports.

None of the said tariffs came into effect.

Source: www.business-standard.com

Publication date: 5/2/2018


 


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