Tuesday July 14th, 2020 8:49AM

Trump says China deal could wait until after 2020 election

By The Associated Press
Related Articles
  Contact Editor

LONDON (AP) — President Donald Trump on Tuesday downplayed the likelihood of reaching a U.S.-China trade deal before next year’s elections — and then shrugged off the tailspin that his remarks caused in the stock market.

Speaking in London, where he is attending a NATO summit, Trump said he had “no deadline’’ to end the 16-month trade war between the world’s two largest economies, which has caused economic damage for both sides.

“In some ways I like the idea of waiting until after the election," Trump added.

The president has previously suggested that China wanted to wait until after the election to negotiate a deal.

Stocks began sinking right after Trump’s latest rhetoric shot at the Chinese leadership. His brash remarks could amount to either a short-term negotiating gambit or a sign of his willingness to run for re-election without a breakthrough in the trade war. At midday, the Dow Jones Industrial Average was down nearly 400 points.

Later Trump dismissed the tumult on Wall Street, choosing instead to highlight how much stock prices have risen since the start of the year.

“We have picked up record numbers in our stock markets, so that’s OK. That’s the way I feel.” Trump replied to questions from reporters. “I have to make the right deal. I’m not going to make a deal that’s not going to be great for our country. It can’t be an even deal. If it’s an even deal, it’s no good.”

The trade negotiations with China, the president declared, are at a “critical stage.”

“But if the stock market goes up and down, I don’t watch the stock market, I watch jobs,” Trump said, contradicting the numerous tweets he has sent out when stock markets have set new highs.

Tensions between the two nations flared anew last week after Trump signed legislation expressing U.S. support for pro-democracy demonstrators in Hong Kong.

On Dec. 15, additional U.S. tariffs are set to kick in on many Chinese-made items, including smartphones and toys. The Trump administration is already taxing more than $360 billion worth of Chinese imports. China has counterpunched by taxing $120 billion in U.S. imports.

Pressure is building on both sides to complete what Trump has called a limited "Phase 1" deal before the deadline. Still, Trump could end up postponing the tariffs, as he did in October, to allow more time for negotiations.


Kevin Freking and Paul Wiseman in Washington contributed to this report.

  • Associated Categories: Associated Press (AP), AP Online Headlines - Washington, AP World News, AP Business, AP Business - Economy
© Copyright 2020
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Planned France strikes promise bleak commute for travelers
France’s rail operator and the Paris Metro say nationwide strikes will wipe out most services Thursday, impacting millions
12:46PM ( 3 minutes ago )
Trump says China deal could wait until after 2020 election
President Donald Trump appears to be downplaying the chances for a US-China trade deal
12:39PM ( 10 minutes ago )
Top Georgetown players Akinjo, LeBlanc off basketball team
Georgetown coach Patrick Ewing says two top players are off basketball team for rest of season
12:32PM ( 17 minutes ago )
Associated Press (AP)
NATO chief seeks to shore up unity as rows roil allies
With NATO’s credibility at risk, the head of the alliance backed by the leaders of Canada and the Netherlands struggled Tuesday to shore up unity as member countries with the biggest armies traded barbs over their visions for the military organization
12:10PM ( 39 minutes ago )
France to retaliate if US doubles Champagne, cheese prices
France is bristling at a U.S. threat to slap steep tariffs on French cheeses, Champagne and other products
11:55AM ( 54 minutes ago )
Iran says it killed ‘rioters’ in deadliest unrest in decades
Iran acknowledges it shot and killed ‘rioters’ in deadliest unrest to strike country since 1979 Islamic Revolution
11:52AM ( 57 minutes ago )
AP World News
Cleveland-Cliffs buying AK Steel in $1.1B stock deal
Cleveland-Cliffs, North America’s biggest producer of iron ore pellets, is buying AK Steel in a stock deal valued at about $1.1 billion
12:12PM ( 38 minutes ago )
‘Baby Shark’ creators plan Navajo version of popular video
Creators of the popular video “Baby Shark,” whose “doo doo doo” song was played at the World Series in October, are developing a version in Navajo
12:01PM ( 48 minutes ago )
UN agency: Europe leads in readiness for online shopping
The U.N.’s trade and development agency estimates that Europe, led by the Netherlands, leads the world in readiness for online shopping UNCTAD’s annual business-to-consumer e-commerce index ranked the United States again in the teens, at 13th.
11:27AM ( 1 hour ago )
AP Business
The Latest: Trump acknowledges ‘minor dispute’ with French
President Donald Trump is acknowledging a "minor dispute" over a French digital service tax and U.S. threats to slap new tariffs on French cheese, wine and other products
9:47AM ( 3 hours ago )
Belarus invites EU-hopeful Serbia to turn to Russia-led bloc
Belarus’s president has called on Serbia to establish closer ties with a Russian-led economic group despite the Balkan country’s efforts to become a member of the European Union
9:02AM ( 3 hours ago )
UN says half of Zimbabwe’s people face severe hunger
UN says half of Zimbabwe’s people face severe hunger amid drought, economic collapse
8:44AM ( 4 hours ago )
AP Business - Economy
Top Georgetown players Akinjo, LeBlanc off basketball team
Georgetown coach Patrick Ewing says two top players are off basketball team for rest of season
12:32PM ( 17 minutes ago )
Stocks slump as Trump says trade deal with China can wait
U.S. stocks fell sharply Tuesday after President Donald Trump cast doubt over the potential for a trade deal with China this year and threatened to impost tariffs on French goods
12:20PM ( 30 minutes ago )
Trump barrels into NATO summit, clashes with France's Macron
President Donald Trump has barreled into a NATO summit aiming insults at French President Emmanuel Macron, slamming Democrats at home as “unpatriotic" for holding an impeachment hearing while he is abroad and playing down the impact his troubles at home are having on his standing on the global stage
12:19PM ( 31 minutes ago )
City says no to Dutch New Year’s Eve beach towering infernos
The two giant fires that have for years lit up beaches in The Hague on New Year’s Eve will not be ignited this year after the city’s municipality refused to grant permits for the towering infernos
12:14PM ( 35 minutes ago )
AP Interview: New IAEA head seeking answers from Iran
The new head of the U.N.’s atomic watchdog agency says it still has not received the information it needs from Iran on the discovery of uranium particles of manmade origin at a site near Tehran that wasn’t declared to the agency
12:13PM ( 36 minutes ago )