US President Donald Trump has taken a firm stance on the ongoing trade war with China, stating that no agreement will be made until the trade deficit with China is resolved.
Commenting on the volatility in global stock markets, Trump said, “Sometimes you have to take medicine.” He further stated that China’s trade surplus is unsustainable, and discussions have already taken place with European and Asian leaders regarding this matter.
A few days ago, Trump imposed retaliatory tariffs on China and several other countries, leading to a loss of $6 trillion in the US stock market in just two days.
On the other hand, IMF head Kristalina Georgieva has called US tariffs a threat to the global economy, while Federal Reserve Chairman Jerome Powell has refused to cut interest rates despite concerns about rising prices and the slowing economy.
It is noteworthy that Trump has imposed a 54% tariff on Chinese goods, to which China has responded with a 34% tariff, further escalating trade tensions between the two countries.
