Trump Denies Trade Talks with China Have Collapsed

President Donald Trump

Trump predicted tariffs will make manufacturers leave China, and said the United States will use some of its tariff revenue to subsidize American farmers whose exports might suffer in the dispute.

Facing criticism for the new round of tariffs on Chinese goods, the President defended his administration's handling of the trade standoff with an economic superpower.

"When the time is right we will make a deal with China", Trump tweeted.

The Dow Jones Industrial Average and major indexes were up Tuesday after a heavy sell-off Monday, as jitters over the escalating trade war intensified. "I think it's working out very well".

"When the time is right we will make a deal with China".

He urged US companies to "make your product at home in the United States of America and there is no Tariff".

The retaliation measure came three days after the U.S. moved to increase tariffs on US$200 billion worth of Chinese goods from 10% to 25% as of May 10.

More news: Terry Rozier Has Blunt Reaction To Celtics’ Season Ending Loss To Bucks

The Trump administration previous year offered $12 billion in compensation to American farmers and has vowed to do more, using the revenues from the new tariffs - which he incorrectly claims is paid by China rather than U.S. importers.

Mr. Trump said the two countries are trying to smooth out their differences, after negotiations collapsed last week, but insisted the USA will "always win". "That's not acceptable. I said that's good, that's fine, put on the tariffs".

Trump is slated to meet with Chinese President Xi Xinping in Japan next month. "It will always continue", the US President said, describing the negotiations as "very good" while touting his "extraordinary" relationship with Xi. The list includes a wide range of consumer goods, from cellphones and computers to clothing and footwear, but it excludes pharmaceuticals, some specialty compounds and rare-earth minerals.

Trump launched the trade war previous year to extract profound economic reforms from Beijing and reduce the U.S. trade deficit.

At the same time, China is vowing not to succumb to such pressure.

Sources have said the trade talks hit an impasse after China tried to delete commitments from a draft agreement that said its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.

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