As the President of the US informed, US representatives returned from China 'where they had constructive talks having to do with a future Trade Deal.' However, China decided to re-negotiate the deal prior to signing, Trump claimed.
He explained that China had agreed to buy agricultural product from the US in large quantities, but did not do so. Additionally, President Xi said that he would stop the sale of Fentanyl to the USm, which also did not happen.
Trade talks are now continuing, but the US has imposed additional tariffs of 10% on the remaining 300 billion dollars of goods and products coming from China. This does not include the 250 billion dollars already tariffed at 25%.
We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one
Donald Trump said.
Due to the trade war, WTO’s 21st Monitoring Report on G20 trade measures shows that the trade coverage of new import-restrictive measures introduced during the period October 2018 - May 2019 was more than 3.5 times the average since May 2012 when the report began including trade coverage figures.
In addition, economic growth around the world is decreasing, and various governments, including Germany, China and South Korea, have announced stimulus packages to boost their economies. In fact, the International Monetary Fund (IMF) expects global GDP growth to slow from 3.6% in 2018 to 3.3% in 2019, before returning to 3.6% in 2020.
