On Wednesday, the 8th of May 2019, US President Donald Trump said that he would be happy to heighten tariffs on Chinese imports, given Chinese backtracking on all of the major understandings reached over the past few months of tentative talk.
Following Trump’s Sunday’s (May 5th) tariff hike announcement, it remained a talk of the town among analysts across all over the world, raising questions on what actually had been changed after last week’s trade talk on Washington, however, on Wednesday (May 8th), a Reuters report had revealed that China had backtracked almost all of the critical issues on a 150-page edited proposal, on which US had begun its trade war about ten months earlier including IP protection rights, currency manipulation, independence of US firms conducting business over China etc., jeopardizing the entire development achieved so far.
Besides, fueling further worries of a long-term Sino-US trade war, Trump had tweeted on Wednesday (May 8th) saying that the Chinese would be making a mistake, if they had been aiming to delay tariff hike until a democrat took office later on 2020.
Nevertheless, addressing to China’s lackluster effort to reach a solution to the trade war that had roiled billions of dollars and disrupted supply chains all over the world, Trump had also added on his Tweet, “The reason for the China pullback & attempted renegotiation of the Trade Deal is the sincere HOPE that they will be able to ‘negotiate’ with Joe Biden or one of the very weak Democrats.
Guess what, that’s not going to happen! China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers”.