China Demands Lower Tariffs Before Talks

This week, the Trump administration stated they were negotiating with China to find a solution to the tariff conflict President Trump amplified three weeks ago. 

President Donald Trump: “They had a meeting this morning…it doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China.” 

The Chinese Foreign Ministry denies that talks  are occurring, and demanded the removal of all unilateral tariffs.

Guo Jiakun, Chinese Foreign Ministry spokesperson: “This is all false information. As far as I know, China and the U.S. have not conducted consultations or negotiations on tariff issues, let alone reached an agreement. This tariff war was initiated by the U.S., and China's stance is consistent and clear. We will fight, if we must, and our doors are open if the U.S. wants to talk. Dialogue and negotiation must be equal, respectful and mutually beneficial.”

While higher tariff rates have been paused for most nations, tariffs on the import of Chinese goods remain at 145% percent.

Tariffs are paid by the companies that are importing goods, and the costs are usually passed on to consumers.

For Market to Market, I’m Peter Tubbs.