Not satisfied with trade agreement with China: Trump

Washington: US President Donald Trump on Tuesday said he is not “satisfied” with the trade talks held with China, despite the fact that earlier this week officials announced a framework agreement to reduce trade tensions with the Asian giant.

“China has made a fortune,” Trump told reporters at the White House upon welcoming South Korean President Moon Jae-in. “I’m not satisfied but we have a long way to go.”

The US leader said, however, that the talks with China were a start, after the visit to Washington by a Chinese delegation headed by Liu He, the top economic adviser to Chinese President Xin Jinping, Efe reported

Trump said he wanted the US and China to reach a deal that is very beneficial for both, although he acknowledged that it might not be possible, insisting that because, he said, Washington’s trade deficit with Beijing is $500 billion per year, this is evidence that China holds an unfair trade advantage over the US.

On the weekend, Treasury Secretary Steven Mnuchin announced that the US was putting the threatened trade war with China “on hold” after meeting several times with Liu.

China, meanwhile, agreed to significantly increase its purchases of US goods and services, although it did not specify by how much, and on Tuesday Beijing announced the reduction of tariffs it imposes on US automobiles and auto parts.

In Senate testimony on Tuesday, Mnuchin said that the tariffs on some $150 billion in Chinese products that Trump had threatened to impose were being put on hold.

He emphasized, however, that tariffs on Chinese steel and aluminum imports would remain in place.

In April, Trump imposed a 25 per cent tariff on steel imports and a 10 per cent tariff on aluminum imports, although he temporarily exempted Canada, Mexico and the European Union from them.