China will return to negotiations with the U.S. on tariffs, President Donald Trump said Monday.
“China called last night our top trade people and said, ‘Let’s get back to the table,’ so we’ll be getting back to the table, and I think they want to do something,” Trump said at the G-7 summit in France.
At a news conference later in the day with French President Emmanuel Macron, Trump said, “I believe they want to do a deal,” adding, “I’m not sure they have a choice.”
Stocks rose after his remarks, pushing the Dow Jones up by almost 270 points at the close of trading.
China’s Vice Premier Liu also told reporters Monday, “We firmly oppose the escalation of the trade war,” adding it “is not conducive to China, the U.S. and the interests of people all over the world.”
China initially planned to impose retaliatory tariffs on $75 billion worth of U.S. imports. Trump announced before the summit that U.S. tariffs on the remaining $300 billion worth of Chinese imports would increase from 10 to 15 percent on Sept. 1. Tariffs on $250 billion worth of Chinese goods would increase from 25 to 30 percent on Oct. 1.
Trump tweeted his plan for American companies to bring their operations back to the U.S.
“Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing … your companies HOME and making your products in the USA,” he said on Twitter.
Such an order isn’t enforceable and critics were quick to attack.
Trump also addressed the illegal drug trade of fentanyl produced in China at a time when one of the largest confiscations of the drug was announced.
“I am ordering all carriers, including Fed Ex, Amazon, UPS and the Post Office, to SEARCH FOR & REFUSE… all deliveries of Fentanyl from China (or anywhere else!),” the president tweeted. “Fentanyl kills 100,000 Americans a year. President Xi said this would stop – it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!”
The Mexican government announced this weekend its seizure of more than 50,000 pounds of powdered fentanyl originating from Shanghai, China, headed for Culiacán, Sinaloa, where the Sinaloa Cartel is based.
Fentanyl, a synthetic opioid, is 80 to 100 times stronger than morphine, and up to 50 times more deadly than heroin. Derived from a liquid from the poppy plant, analgesic alkaloid morphine (opium) is chemically processed to create heroin and other synthetic opioids sold in the illegal drug trade.
About 42,000 Americans died from an opioid overdose in 2016 alone, more than any previous year on record. In October 2017, Trump declared the opioid crisis a public health emergency.
This article was first published by The Center Square.