Trump talks up China deal and EU motor sector tariffs

US President Donald Trump has said trade negotiations with China are progressing and a final agreement “will probably happen”, adding that his call for tariffs to remain on Chinese imported goods for some time did not mean talks were in trouble.

Trump talks up China deal and EU motor sector tariffs

US President Donald Trump has said trade negotiations with China are progressing and a final agreement “will probably happen”, adding that his call for tariffs to remain on Chinese imported goods for some time did not mean talks were in trouble. Mr Trump also said he expected to keep a 25% tariff on the European car sector amid separate ongoing trade talks with the EU.

“Our deal is coming along very well. We’ll see what happens. I think the deal will probably happen. I think they need it very badly,” said Mr Trump.

Asked about his remarks earlier this week regarding US tariffs on Chinese goods staying in place for a period of time and whether that meant there was a snag in the negotiations, he said “No, not at all.”

Mr Trump then segued to the European motor industry. “We get a 25% tariff on that segment — that’s our best segment by far. And yes, we will absolutely be able to keep it — not only keep it going, I really think we have tremendous potential,” he said.

The US office in charge of financial sanctions, however, risks being hobbled by staff departures due to management turmoil and growing private-sector demand for its expertise. Mr Trump has nearly doubled the number of people and companies under US sanctions. But in the last two years, about 20 staff have left the office in charge of implementing and enforcing sanctions, the Office of Foreign Assets Control — about 10% of its workforce.

Mr Trump also expressed hope the Federal Reserve had finished raising interest rates, two days after policymakers scaled back their projected hikes this year to zero and one in 2020. “Hopefully now we won’t do the tightening,” he said.

Mr Trump has regularly used speeches and tweets to lobby Federal Reserve chairman Jerome Powell and colleagues not to tighten monetary policy, arguing that doing so would jeopardise US economic expansion. The Fed on Wednesday reversed its stance by signalling it may not increase its benchmark again this year and saying it would end the drawdown of its bond holdings in September. Mr Trump said his earlier warnings had proven “right” although he doubted he had “influenced” the central bank.

He said the economic expansion should still have been faster than it has been. “We have tremendous potential as a country. Our companies are doing phenomenally well. The earnings are great. We have the greatest companies in the world. We’re not being treated properly by other countries.”

Reuters and Bloomberg

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