President Donald Trump pressured China on Tuesday to make a trade deal with the U.S. in the near future, warning talks will get much tougher if he is reelected in 2020.
Trump said in a series of tweets: “We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of “ripoff USA”($600 B/year),16 months PLUS is a long time to be hemorrhaging jobs and companies on a long-shot…And then, think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China’s Supply Chain will crumble and businesses, jobs and money will be gone!”
Trump’s tweets came after new tariffs on both countries’ goods came into effect over the weekend. The U.S. imposed 15% tariffs on a variety of Chinese goods on Sunday, while China imposed new charges on U.S. products.
The current trade war began last year and has rattled investor sentiment across the world. The conflict has also dampened the outlook for global economic growth.
U.S. stocks fell sharply in early trading after Trump’s tweets were sent. The Dow Jones Industrial Average was more than 250 points lower while the S&P 500 slid 0.7%.
Trump later tweeted that the European Union and other countries treat the U.S. “VERY unfairly on Trade also. Will change!”