Amid fears a trade agreement with China is in jeopardy, President Trump says the Chinese Vice Premier is coming to the United States “to make a deal.”
Another round of negotiations is slated to begin in Washington on Thursday.
White House Press Secretary Sarah Sanders told reporters the administration has received “indication” that the Chinese delegation wants to make a deal, though she did not elaborate on what new information the administration may have received.
Despite the show of optimism from the president, tariffs are set to increase on Friday.
Shortly after Trump tweeted on Wednesday morning, the United States Trade Representative moved to make the tariff hike official. Ambassador Robert Lighthizer’s office filed a notice with the Federal Register indicating tariffs on Chinese goods would increase from 10% to 25%.
“In the most recent negotiations, China has chosen to retreat from specific commitments agreed to in earlier rounds. In light of the lack of progress in discussions with China, the President has directed the Trade Representative to increase the rate of additional duty to 25 percent,” the notice reads.
China has threatened to take “necessary countermeasures” if the United States follows through on its tariff threat.
Sen. John Thune (R-SD) told Yahoo Finance it’s a “high-stakes...poker match.”
“The president, I think, is trying to get China’s attention and get them back to the table,” said Thune. “He believes our economy is strong and he has leverage and he’s trying to make the most out of this opportunity to get a deal done with China.”
Many Republican senators have expressed concerns that trade tensions are hurting farmers in their states.
While they may commend the president’s desire to crack down on China’s unfair trade practices, they worry American farmers will pay the price as trade disputes drag on. Thune said farmers need to hear some good news.
“The ag economy is in the tank right now and every bit of bad news just piles on,” said Thune.
China not ‘a fair player’
But Sen. Rick Scott (R-FL) brushed off concerns that higher tariffs will cost American consumers and businesses.
“If you look at the cost of what’s happening to our companies when all the technology is being stolen — add that cost in.”