The White House has insisted that there was no going back on its actions against China unless Beijing changes its practices of “unfair trade practices and theft of intellectual property”.
This, despite the fact that the Dow plummeted 550 points on Friday amid reports of a growing tension between the two largest economies of the world.
US President Donald Trump ramped up his trade war rhetoric with China, seeking USD 100 billion in additional tariffs on Chinese products. This is in addition to the proposed 25 per cent import tariffs worth $50 billion on some 1,300 Chinese products being imported into the US.
China has vowed to take “comprehensive countermeasures” and fight “at any cost” Trump’s directive.
“The President has said enough is enough. China has to change this illegal and unfair practice that they’ve been in. Previous administrations should have stepped up and tried to stop these actions long before today,” White House Press Secretary Sarah Sanders told reporters at her daily news conference.
“But thankfully, we have a president that’s willing to actually stand up, be tough, and take some really courageous and bold action, like President Trump has done,” she said.
Responding to a question on the Dow in New York dropping by over 500 points, Sanders said, “We know that there could be some fluctuation”. Sanders said the Trump administration would like to negotiate.
“(But) we want them to stop participating in unfair and illegal trade practices and intellectual property theft, being a huge detriment to US companies and businesses,” she said.