Dow Gloom Darkens after ‘Very Happy’ Trump Brags China Tariffs in Billions
US President Donald Trump is in no hurry to conclude a trade deal with China. | Source: | MANDEL NGAN / AFP
By CCN: U.S. President Donald Trump firmly stated his administration will not allow China to emerge as the global superpower and overtake the U.S., indicating that his administration will not compromise to reach a partial trade deal which may have an adverse effect on the Dow and the equities market.
Speaking to Steve Hilton on The Next Revolution hosted by Fox News, President Trump said:
Yes, I do. I think that is their intention [to overtake the U.S.], why wouldn’t it be; they’re very ambitious people, they’re very smart, they’re great people, it’s a great culture, an amazing culture. You know when I had President Xi, I was showing him the Lincon bedroom, the White House, and I said this was built in 1799, you know I think of that as being really old. But, to him, that’s like a modern house.
President emphasized that China was catching the U.S. and was en route to becoming a much bigger economy. As such, the President said he is happy with the tariffs and is willing to remain patient for the right deal.
Is the dow set for gloom after trump’s interview?
Some strategists have suggested that Chinese negotiators may be planning to wait until the end of the presidency of President Trump in 2020 to secure a trade deal with the U.S.
But, President Trump said during the interview that he is satisfied with the tariffs in place, which have allowed the U.S. to take billions of dollars from $325 billion worth of Chinese goods.