Trump Says He Is Not Ready to Abolish Duties on Chinese Products
OREANDA-NEWS. The President of the United States of America Donald Trump declared that he does not consider a possibility of complete abolition of duties on imported Chinese products.
Being asked by journalist about China’s statements that the condition for concluding the first stage of a trade deal is the abolition of US duties imposed earlier, the head of state answered that he would not do it. According to the American president, Beijing is eager to abolish all duties, but he will not satisfy this desire.
The President also insists that the signing of the agreement will occur in the United States, not in Europe, as it previously was reported by representatives of the American administration. According to Trump, this will happen somewhere in American farmlands, perhaps in the state of Iowa.
US stock indices instantly reacted to this comment. As of 10.34 in New York, the Dow Jones Industrial Average (DJIA) index lost 0.20 %, to 27619.60 points; the stock market index S & P 500 fell by 0.13 %, to 3081.22 points.A day earlier, these indices grew steadily. Investors focused on the comments of the official representative of the Ministry of Commerce of China, Gao Feng, regarding the trade conflict between Washington and Beijing. The diplomat said that the simultaneous abolition of increased duties should be an important condition for achieving the first part of the trade deal between China and the United States. Later, USA officials confirmed that they were ready to make some concessions and reduce duties on Chinese goods.