On Friday, the 10th of May 2019, US President Donald Trump said that he had been in no rush to hammer out a trade deal with China, after Washington had inclined a new set of tariffs on some 5,700 type of Chinese imports worth of $200 billion amid a failed negotiation between the delegates of the two countries to patch up a rational deal.
Earlier on Friday (May 10th), by GMT 04.01, United States had hiked tariffs on $200 billion worth of Chinese goods as beforementioned to 25 percent from previous 10 percent, a calamitous decision which would likely to rattle the financial market across the world and contribute sharply to an ongoing slowing global economy.
While months of trade talk between US Treasury’s Mnuchin and US Tread Representative Robert Lighthizer with a Chinese team of negotiations led by Vice Premiere Liu He had botched to reach a resolution, the ten-month-long trade war seemed to be getting viral following the latest leg of trade talk that had labelled China as a betrayer, backtracker and many more, while China was expected to retaliate with further tariffs on US goods, in particular agriculture.
After a pre-matured conclusion of a two-day-long trade talk, Mnuchin had been quoted saying to the reporters while leaving Lighthizer’s office near midday that the talks were constructive, however, the comment seemed to be an instant reaction of the US official to calm down the market, as it had been reacting rancorously with all three key indexes of Wall St.
posting losses of more than 1 percent during the mid-day session followed by the reveal of a breakdown of trade deal. After Mnuchin’s comment, Wall St. had managed to recover some of its earlier losses, however, the rebound would likely to be shortlived, as fanning the flames further, Trump said in his recent Tweet, “Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind”.