It's been one of the most erratic economic weeks in recent memory and the White House is patting itself on the back.
FILE - President Donald Trump shakes hands with China 's President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, June 29, 2019. “Trust in President Trump. He knows what he’s doing.
This is a proven economic formula," White House Press Secretary Karoline Leavitt said Friday afternoon.on Chinese products coming into the United States now stand at 145%, the White House confirmed this week. Overnight, China increased its tariffs on American products to 125%.on their products would "no longer make economic sense and ultimately go down as a joke in world economic history." "Given that it's already impossible for the Chinese market to accept #US imports at the current tariff level, if the United States imposes further #tariffs on Chinese products, #China will ignore it," the post said. They added if the U.S. continues "substantially undermining" Chinese interests, they will take other countermeasures and "fight to the end." It's unclear how long the stand-off between the U.S. and China will last and who will ultimately pick up the phone first. On Friday morning, U.S. Trade Representative Jamieson Greer was asked by a reporter if the U.S. is engaged in negotiations with China. He replied, "Not at this point."from Foreign Ministry Spokesperson Lian Jian saying "Give the bully an inch, he will take a mile," the White House projected optimism about reaching a deal with China.. Earlier this week, Treasury Secretary Scott Bessent warned the European Union against aligning with China, which he said "would be cutting your own throat." Chinese President Xi Jinping and Spanish Prime Minister Pedro Sánchez met in Beijing Friday, where they discussed deepening their ties. During a press conference, Sánchez added, "The world needs both China and the United States to talk." Earlier in the week, China's minister of commerce spoke with the European commissioner for trade and economic security. China said the conversation included how to address the Trump administration's "so-called 'reciprocal tariffs.'" The call followed a recent conversation between Chinese Premier Li Qiang and European Commission President Ursula von der Leyen.
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