US President Donald Trump announced the signing of a trade agreement with China and revealed the possibility of a "very large" deal with India.
This came in remarks made by Trump about the US economy during an event held Thursday at the White House.
Trump emphasized that his Treasury Secretary Scott Besant, Commerce Secretary Howard Lutnick, and Trade Representative Jameson Greer are working hard to conclude trade agreements with other countries, adding, "Everyone wants to make deals."
He added, "We signed an agreement with China yesterday," without elaborating on the details of the agreement.
He continued: "We will not conclude agreements with everyone. We will send a message to some of them and say: Thank you very much, you will pay customs duties of 25, 35, or 45 percent."
He pointed to the possibility of signing a "very large agreement" with India, and that Washington's relations with all countries are excellent.
On April 2, Trump announced the imposition of additional tariffs on a number of US trading partners, most notably China, which responded with similar tariffs. This led to a tit-for-tat escalation, with US tariffs on China rising to 145 percent and Chinese tariffs on the US rising to 125 percent.
On June 11, Trump announced an agreement with China under which Washington would impose a 55 percent tariff on Chinese goods, while Beijing would impose a 10 percent tariff on American goods.
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Trump announces signing of trade agreement with China