President Donald Trump of the United States said on Tuesday that he was waiting to hear from China before duties of more than 100% take effect in a sign that he might be open to last-minute negotiations with the world’s No. 2 economic power.
Arogidigba Global Journal reports that global markets steadied after days of carnage triggered by Trump’s sweeping levies, which have raised fears of recession and upended a global trading order that has been in place for decades.
US stock indexes reportedly opened sharply higher after a bruising selloff that has wiped out trillions of dollars since last week.
The president has already implemented a 10% tariff on almost all imports to the world’s largest consumer market, and targeted tariffs of up to 50% on many trading partners are due to take effect on Wednesday.
Meanwhile, China has refused to bow to what it called “blackmail” and vowed to “fight to the end” after Trump threatened to ratchet up tariffs to 104% in response to China’s decision to match “reciprocal” duties Trump announced last week.
The Republican, in a post on social media, indicated that a resolution might be possible.
“China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen!” he said.