‘They are dying to make a deal’: Trump says the U.S. is close to signing a ‘phase one’ trade deal with China
NEW YORK - President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China “soon,” but offered no new details on negotiations in a campaign-style speech touting his administration’s economic record.
“They are dying to make a deal. We’re the ones that are deciding whether or not we want to make a deal,” Trump said, echoing remarks he made on Saturday. White House economic adviser Larry Kudlow later told CNBC that the phase one agreement could include some adjustments to tariffs already in place, but neither side would agree to such steps “until the entire deal is put together.”was up about 0.3% in afternoon trade, close to a record high. The response in bond and foreign exchange markets was equally subdued.
The Fed has cut interest rates three times since July, following a string of nine increases since late 2015. Trump has repeatedly railed against the Fed for not lowering rates even more. But Kudlow told CNBC that he did not believe negative rates were needed given the strong U.S. economic performance. “I don’t think the United states needs negatives rates ... because our economy is in very good shape,” Kudlow said.
The S&P is up more than 36% since Trump took office, though two-thirds of that gain occurred in his first year in office before he began imposing tariffs on imports from China. Stocks have found the going far more choppy since the first wave of tariffs were imposed in 2018, though all three major indexes hit record highs last week.
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