‘I think that we will make a great deal with China and it has to be great, because they’ve drained our country.’
President Donald Trump said he’s ready to strike a deal with China on trade, potentially ending a protracted, tit-for-tat tariff battle that has rattled global markets and threatens to harm the global economy.
Trump warned during a late-Monday interview with commentator Laura Ingraham of Fox News that he has billions more in import duties at the ready if an agreement cannot be achieved with the world’s second-largest economy.
See the complete interview:
The 45th president’s latest trade update was said to be giving the stock markets some buoyancy early Tuesday after the Dow Jones Industrial Average DJIA, -0.99% on Monday shed 245.39 points, or 1%, to close at 24,442.92. At its session low, it was down by about 566 points, and was up as much as 352 points at its intraday peak, a more than 900-point, stomach-churning swing.
That move intensified after a Bloomberg report Monday said Trump’s administration is prepared to announce tariffs on remaining Chinese imports if talks next month between Trump and Xi Jinping do not yield results.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.