President Trump said Monday that his tariffs were crippling the Chinese economy and giving the U.S. leverage to reach a trade deal with Beijing as U.S. and Chinese officials prepare to meet later this month.
“We’re doing very well with China. They are having a very bad time with their economy because of the tariffs,” Trump told reporters Monday. “China wants to negotiate … I think that we are going to be able to do a deal with China.”
Chinese customs data released Sunday showed that its exports had their sharpest decline in two years in December, falling 4.4 percent, and that its imports also fell, dropping 7.6 percent. Officials in Beijing attributed the strains to the ongoing trade fight.
“In particular, unilateralist and protectionist measures initiated by certain countries will present challenges to the stable growth of global trade,” said Huang Songping, spokesman for China’s General Administration of Customs, said on Monday, according to China Daily.
The U.S. trade deficit with China nevertheless rose to $323 billion last year, the largest since 2006, according to Reuters. The level was $275.81 billion in 2017.
U.S. Trade Representative Robert Lighthizer is set to meet with Chinese Vice Premier Liu He in Washington on Jan. 30 to begin the latest round of talks. It would be the first direct talks between the nations’ top trade officials since Trump and Chinese President Xi Jinping agreed last month to restart negotiations.
Trump has imposed a March deadline to make progress before he raises tariffs on $200 billion worth of Chinese goods to 25 percent, up from 10 percent.
