(Bloomberg) -- President Donald Trump vowed that China will relax its trade restrictions in response to U.S. pressure “because it’s the right thing to do,” as the world’s two largest economies teeter on the brink of a trade war that’s unsettled global financial markets and sent the U.S. stock market reeling.
“China will take down its Trade Barriers because it is the right thing to do,” Trump said on Twitter early Sunday. “Taxes will become reciprocal & a deal will be made on Intellectual Property.”
The president commented ahead of several appearances by top members of his economic team, who are expected to defend the U.S. threats to impose tariffs on Chinese imports and frame the moves as part of a longer-term strategy for growth.
Trump on Friday acknowledged there could be “a little pain” ahead for the U.S., while emphasizing his goal is to ensure the U.S. emerges a much stronger country in the end.
On Friday, Trump’s top economic adviser, Larry Kudlow, said that the U.S. and China are holding “back-channel discussions” to resolve the escalating trade dispute.
