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'China will be hurt very badly if you don't make a deal', Trump tells Xi

Tuesday, May 14, 2019

Washington: Amidst reports that some 200 American firms are in talks of moving their units from China to India, US President Donald Trump on yesterday warned his Chinese counterpart Xi Jinping that China "will be hurt very badly if you don't make a deal."

"I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don't make a deal because companies will be forced to leave China for other countries," Trump tweeted.

"Too expensive to buy in China. You had a great deal, almost completed, & you backed out!" Trump said ramping up his remarks against Beijing after the collapse of trade negotiations with China.

Officials of the Trump Administration say that China backed out of a trade deal that they had negotiated over past several months involving top officials from the two countries. Last November, Trump and Xi had agreed to negotiate a trade deal in 100 days. As a result, Trump paused his decision to increase import tariffs of Chinese products. The negotiation period was extended after March.

According to US officials, the two countries were ready with the draft of the final deal that they had negotiated. But early this month China came out with proposals for major changes.

US now accuses China of going back on its commitment. In retaliation, Trump increased import tariff (from 10 per cent to 25 per cent) on nearly USD 200 billion of Chinese products. He has also ordered for similar import tariffs on the rest of the Chinese imports of about USD 300 billion.

According to US-India Strategic and Partnership Forum (USISPF), more than 200 American companies are currently in talks with it for moving their business from China to India.

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