Trump threatens higher tariffs if deal fizzles

Business | Bloomberg and Reuters 14 Nov 2019

US President Donald Trump said the United States will increase tariffs on China in case the first step of a broader agreement isn't reached.

"If we don't make a deal, we're going to substantially raise those tariffs," he said Tuesday in a speech to the Economic Club of New York. "They're going to be raised very substantially. And that's going to be true for other countries that mistreat us too."

China is "dying" to make a trade deal with the US, Trump said, adding that he'd only sign it if it's good for American companies and workers. Still, "we're close - a significant phase one deal could happen, could happen soon."

White House economic adviser Larry Kudlow meanwhile said there will be no tariff adjustments until trade deal with China is made.

Oil fell for a third day as Trump failed to provide any fresh details on trade negotiations with China. Futures dropped as much as 0.4 percent in New York after losing 0.8 percent over the previous two sessions.

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