US President, Donald Trump says no trade deal with China yet
“China wants to do something on trade, but I’m not ready to do anything yet,” President Trump said, adding that the American taxpayer is “not paying for” the tariffs currently imposed on trade with the country.
Trump also noted that for now, “the U.S. is not going to do business with Huawei,” the Chinese telecommunications firm, but said that could change in the event a deal is reached.
Washington and Beijing have been embroiled in a trade war in recent months, with American tariffs now applied to $250 billion worth of Chinese goods, while the president has threatened additional penalties on another $325 billion in trade.
Beijing has responded with its own tariffs on American goods to the tune of $110 billion, and has also vowed to step up the measures.
The Trump administration is currently withholding trade licenses for U.S. firms that wish to do business with Huawei.
The Dow Jones Industrial Average opened over 200 points lower. The S&P500 and the Nasdaq Composite were both losing over 1 percent during early trading on Wall Street.