An increase in stocks in US-China relations regarding the implementation of an agreement to roll back tariffs and trade restrictions.
President Donald Trump said his Chinese counterpart Xi Jinping Palliao was “very difficult to make a deal” days after accusing China of violating the agreement to overthrow tariffs and trade restrictions.
“I like President XI of China, and it’s always, and it’s always, but he’s very strict and it’s very difficult to make a deal,” Trump said in a post on Wednesday about the True Social Online Platform.
On Monday, White House spokesman Caroline Leavitt said Trump would speak to XI to rule out differences in tariff contracts last month amid a bigger trade issue.
In May, Americans and Chinese negotiators signed a contract in Geneva, lowering US tariffs on goods from China from 145% to 30%. In exchange, China has dropped tariffs on US goods from 125% to 10%.
Analysts described the agreement as unexpected, noting that the two sides were very separate in the tariff dispute. Still, the deal was seen as a welcome development to avoid a major showdown that stumbled across the global market.
However, on Monday, China’s Commerce Department said it added that the US would “strictly violate” the deal and take steps to protect its interests.
The US violations include suspending computer chip design software to Chinese companies, blocking the use of Chinese chips from high-tech giant Huaway, and cancellation of visas for Chinese students, the Commerce Department said.
The department also said the US actions are strictly violating the agreement reached in January during an earlier call between XI and Trump.
Trump also got furious on social media last week, accusing Beijing of violating its agreement with the US.
He did not specify which clauses in the May customs transaction were infringed. However, US trade representative Jamieson Greer was quoted in media reports for saying that Beijing failed to remove the non-tariff barrier imposed on the US, as agreed under the deal.
Last week, the US Trade Court determined that Trump had surpassed his power to impose most of the tariffs on imports from China and other countries under the Emergency Powers Act.
Less than 24 hours later, the federal court of appeals resurrected it and said it was considering a government appeal.