US President Donald Trump said on Sunday he has no plans to declare a national emergency to force businesses to leave China over the latter’s trade practices, saying Washington is getting along very well with Beijing “right now”.
In response to a question by a reporter at the G7 summit on whether he would use the International Emergency Economic Powers Act of 1977, Trump said, “Well, I have the right to. If I want, I could declare a national emergency.”
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But he added, “Actually we’re getting along very well with China right now. We’re talking. I think they want to make a deal much more than I do,” The New York Times reported.
On Friday, Trump had asked American companies to “immediately start looking for an alternative to China,” including shifting manufacturing of their products to the US after Beijing imposed additional tariffs on USD 75 billion worth of US goods.
Asked whether he was having second thoughts on escalating the trade war with China, he said, “Yeah, sure, why not? Might as well.”, but added, “I have second thoughts about everything.”
China had two days ago announced its plans to impose an additional tariff on USD 75 billion worth of US products, in retaliation to Trump’s threats to impose new duties on Chinese imports next month. The new duties would be implemented in two batches – the first from September 1 and the second from December 15, reported South China Morning Post.
(With Agency Inputs)