WASHINGTON — President Donald Trump on Friday dismissed a Chinese official’s assertion that his administration has agreed to roll back some of the higher tariffs it has imposed on Chinese goods.
The Chinese official said Thursday that the two sides had agreed to a phased cancellation of their tariff increases as part of an emerging agreement.
Trump’s push-back suggested that negotiations haven’t progressed as far as hoped as the world’s two biggest economies struggle to negotiate an end to their trade war, which has hurt both economies.
“They’d like to have a rollback,” Trump told reporters at the White House, referring to the Chinese. “I haven’t agreed to anything.”
The two sides have been working on an initial ” phase one” deal that was announced Oct. 12 but that still isn’t final.
Financial markets in the U.S. and globally rallied Thursday at the prospect of an agreement to wind down the U.S.-China trade fight, but then fell Friday morning after Trump’s comments. The Dow Jones Industrial Average managed a slight recovery and rose 6.44 points, or less than 0.1%, to close Friday at 27,681.24.
Trump repeated his claims that China wants a deal more than the United States and that the United States benefits from extra tariff revenue. The president says the tariffs are paid by China, but studies conducted since the duties were imposed find that Americans businesses and consumers are paying them.
“Frankly, they want to make a deal a lot more than I do,” Trump said. “I’m very happy right now. We’re taking in billions of dollars.”
A private sector source with knowledge of the talks said Thursday that the United States has agreed to suspend the duties Trump threatened to impose Dec. 15