US, China tariff truce holds for now, but Trump says he has final say

The Star

US and Chinese officials agreed to seek an extension of their 90-day tariff truce on July 29, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00.

00:30In the past few weeks, the U.S. team, according to the two members of the 6th of the 5th of the U.S.

00:44The U.S. team will continue to work with the U.S. team of the U.S. team.

00:51The U.S. team will go in an advocate for the U.S. team.

00:58The U.S. team has focused on both the U.S. team for the U.S. team, according to the U.S. team of U.S. team.

01:12And of course, we were here in the first purpose to confirm the implementation of what was

01:33agreed in London in terms of accelerating the flow of rare earth magnets from China to

01:38U.S. companies. And then we were able to discuss further how to make sure that the entire U.S.

01:43supply chain, including those that go through third countries, could be accelerated.

01:49I think it was the level of momentum and the entire reordering that President Trump has done

01:56of the global trading system. So now here you have the two largest economies in negotiation.

02:04And as I've said before, and we reiterated to them, we don't want to decouple. We just need

02:10to de-risk with certain strategic industries. Right now, if you look at the numbers,

02:17we're still tracking an annual trade deficit with China. But if you extrapolate it out from

02:23the numbers we have so far, so far it looks like it's going to be at least $50 billion smaller this

02:28year. So that's some progress already. And just to be clear, Gavin, the president has discretion to

02:33change the rate depending on the circumstances that we have, et cetera. So while the snapback rate

02:38would be 34 percent, he of course has discretion under the law to modify that.

02:42We expressed our concern for their purchases of Iranian, sanctioned Iranian oil, which they buy about

02:5090 percent. We also expressed our regret that we believe that they had sold Russia about 15 billion

02:58of dual use technologies. But the overall tone of the meetings was very constructive.

03:06What was your message to the Chinese about Russian oil? Did you tell them they're on notice? They need

03:12to start to pull back? Well, we described it's not just the president. What is making its way through

03:19the U.S. Senate and hard to imagine anything could get 80 or 90 bipartisan votes in the U.S. Senate

03:27is a bill that will give the president discretion to apply secondary tariffs on sanctioned Russian

03:34oil from I believe it's from zero to 500 percent. I believe he's used 100 percent. And we've all we've heard

03:43from several of our European counterparts, NATO allies, even Canada, Canada is in NATO, that they

03:52will be following on that. So we would expect most of the Western alliance that has been supporting

04:00Ukraine to follow on that. So I think anyone who buys sanctioned Russian oil should be ready for this.

04:08What was their response to that warning? The Chinese take their sovereignty very seriously. We don't

04:15want to impede on their sovereignty. So they'd like to pay 100 percent tariff.

Category

Transcript

Recommended