Trump tweets US and China will reach deal on IP

US President Donald Trump has said in a tweet on Sunday that China would take down its trade barriers and that the two countries would reach a deal on intellectual property.

On Thursday, Trump directed US trade officials to identify tariffs on another $100bn of Chinese imports, upping the ante in an already high-stakes trade confrontation between the world’s two largest economies.

President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!

— Donald J. Trump (@realDonaldTrump) April 8, 2018

Tariff tension 

China on Thursday questioned at the World Trade Organization (WTO) the legality of US tariffs, while the United States alleged that China was involved in the theft of US intellectual property.

The further tariffs were being considered “in light of China’s unfair retaliation” against earlier US trade actions, which included a proposed $50bn of tariffs on Chinese goods, Trump said in a White House statement on Thursday.

In his tweet on Sunday, Trump said he and Chinese President Xi Jinping would always be friends despite the dispute, adding: “China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal and a deal will be made on Intellectual Property. Great future for both countries!”

On Tuesday, the United States Trade Representative (USTR) had proposed 25 percent tariffs on more than 1,300 Chinese industrial and other products from flat-panel televisions to electronic components. China shot back 11 hours later with a list of proposed duties on $50bn of American imports, including soybeans, aircraft, cars, beef and chemicals.

The president did not provide a reason for the statement or say whether China had indicated it planned to drop its tariffs.