Trump awaits China's call on tariffs as deadline approaches for 104% levy
U.S. President Donald Trump stated that he is awaiting a response from China before a 104 percent tariff is implemented, while other administration officials mentioned that they would not prioritize negotiations with Beijing.
Global markets steadied after days of carnage prompted by President Trump's sweeping levies, which have raised fears of recession and up-ended a global trading order that has been in place for decades, News.Az reports citing foreign media.
US stocks posted gains after a bruising sell-off that has wiped out trillions of dollars since last week.
The US president has already implemented a 10 per cent tariff on almost all imports to the world's largest consumer market.
Targeted tariffs of up to 50 per cent on many trading partners are due to take effect on Wednesday.
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 per cent in response to China's decision to match "reciprocal" US duties announced last week.
"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!" the president said on his social media platform, Truth Social.
However administration officials said China would take a back seat to other countries in trade talks.
"The Chinese want to make a deal. They just don't know how to do it," White House press secretary Karoline Leavitt said on Tuesday.
"He [Donald Trump] believes China has to make a deal with the United States."
She added that if China reaches out, the US president would be "incredibly gracious, but he's going to do what's best for the American people."
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