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Trump threatens higher tariffs if China does not make a trade agreement

President Donald Trump attends a Cabinet meeting in the locker room of the White House in Washington, DC on November 19, 2019.

Mandel Ngan | AFP | Getty Images

President Donald Trump threatened higher tariffs on Chinese goods if the country does not trade.

The comments came during a meeting with the President's Cabinet on Tuesday. The US and China, the world's two largest economies, have been locked in an obvious deadlock in trade negotiations that have been going on for almost two years.

The financial markets, which have proven to be reactive to developments in the ongoing trade war, have largely moved away from the president's latest warning.

The United States and China agreed on a "phase one" trade agreement in October, but Beijing and Washington have since sent mixed signals on how the countries will move forward.

Read more: Trump needs more than a "phase one" US-China trade agreement to increase odds 2020, says GOPers

A spokesman for the China Commerce Department said earlier this month that both the countries had agreed to cancel certain existing duties at the same time. Trump later said he had not agreed to scrap tariffs and lower hopes for a deal.

"They would like a call back. I haven't agreed to anything," Trump said.

White House economic economics adviser Larry Kudlow said on Friday that countries are "approaching" to reach a trade agreement.

On Saturday, Chinese Deputy Prime Minister Liu Han spoke with Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer. According to the Ministry of Commerce of China, the officials had "constructive discussions" and agreed to remain in close contact.

The United States has imposed duties of about $ 500 billion on Chinese goods. China has repaid tariffs of about $ 1

10 billion in US products.

This is news. Check back for updates.

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