President Trump says a trade deal with China might have to wait until after the 2020 election, according to a Fox Business report.
“In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we’ll see whether the deal’s gonna be right — it’s gotta be right,” Trump told reporters in London where he was attending a NATO summit, adding that he has “no deadline” to complete an agreement.
The president’s comments come less than two weeks before the U.S. is scheduled to place tariffs on about $156 billion of Chinese goods. The duties would mark the latest escalation in a 17-month trade war that has seen the two countries — the largest economies on the planet — slap levies on hundreds of billions of dollars of each other’s goods.
The trade battle has slowed the growth of both economies, forcing policymakers to take action. China has called on the U.S. to roll back tariffs as part of an initial trade agreement, something Trump has said he doesn’t want to do.
China’s gross domestic product growth slowed to 6% in the third quarter, the weakest since record-keeping began in 1993. It is expected to slow to 5.8% next year as the trade war continues and debt levels grow, according to the International Monetary Fund’s October 2019 World Economic Outlook.
For the full report click here.