The United States will impose higher tariffs on Chinese goods and services if both countries fail to reach a trade agreement, US President Donald Trump warned on TuesdayWASHINGTON (Pakistan Point News / Sputnik - 19th November, 2019) The United States will impose higher tariffs on Chinese goods and services if both countries fail to reach a trade agreement, US President Donald Trump warned on Tuesday.
Trump added that "China is going to have to make a deal that I like. If they don't, that's it."
The Phase One deal is expected to cover key trade issues that have been subject of disagreement, including intellectual property, financial services and US agricultural exports. Trump said earlier that China had also agreed to purchase $40 to $50 billion of US agricultural goods under the trade deal.
China's Vice Premier Liu He said the negotiations must be conducted on the basis of equal and mutual respect to address the two countries' core concerns.
The trade row between the world's two largest economies erupted in June 2018 when the United States imposed the first round of tariffs on Chinese imports, prompting Beijing to respond in kind. Since then, the two countries have been engaged in a full-blown trade war.