Wall Street rallies for second day on hopes of a de-escalation in trade tensions between world’s two largest economies.United States President Donald Trump has reiterated his intention to lower his crippling tariffs on China, but insisted the timeline for any relief will depend on Beijing.
Speaking to reporters at the White House on Wednesday, Trump said he could announce new tariff rates on US trading partners, including China, over the next few weeks, depending on the outcome of his administration’s negotiations with other countries.
“That depends on them. We have a situation where we have a very, very great place. It’s called the United States of America, and it’s been ripped off for years and years,” Trump said when asked how soon he could lower the 145 percent tariff he has imposed on most Chinese goods.
“In the end, what I think is going to happen is we’re going to have great deals, and by the way, if we don’t have a deal with a company or a country, we’re going to set the tariff.”
Trump said he got on “very well” with Chinese President Xi Jinping, and he hoped to see the sides reach a deal.
“Otherwise, we will set a price,” Trump said. Advertisement
Asked earlier on Wednesday if his administration was “actively” talking to China, Trump said: “Actively. Everything is active. Everybody wants to be a part of what we’re doing.”
Trump’s comments came as Wall Street rallied for a second straight day on hopes th …