U.S rules out complete rollback of tariffs on Chinese imports

U.S, China

The United States President, Donald Trump has said that he has not agreed to a complete rollback of tariffs on Chinese imports.

Officials from both countries on Thursday said China and the United States had agreed to roll back tariffs on each others’ goods in a “phase one” trade deal.

However, the idea of tariff rollbacks met with stiff opposition within the Trump administration, Reuters reported later on Thursday.

President Trump told reporters at the White House that he had not agreed to reduce tariffs already put in place.

“China would like to get somewhat of a rollback, not a complete rollback, cause they know I won’t do it. I haven’t agreed to anything,” President Trump said.

He explained that China wanted to make a deal more than he did, adding that the U.S. tariffs were generating billions for U.S. coffers. “I’m very happy right now. We’re taking in billions of dollars,” he said.

U.S. stocks dipped after Trump’s comments, and the dollar fell against the yen, stalling a rally fueled by trade deal optimism that took major indexes to record levels.

Peace PIAK