President Donald Trump attends a Cabinet meeting at the White House Cabinet in Washington, November 19, 2019.
Mandel Ngan | AFP | Getty Images
President Donald Trump threatens higher tariffs on Chinese goods if the country does not enter into a trade deal.
The comments came during a meeting with the president's cabinet on Tuesday. The United States and China, the two largest economies in the world, have been imprisoned in an apparent stalemate in trade negotiations that lasted for nearly two years.
The financial markets that have been reactive to the development of the ongoing trade war have largely abandoned the President's last warning.
The US and China agreed on a first-phase trade deal in October, but Beijing and Washington have since sent mixed signals about how countries will move forward.
Read more: Trump needs GOPers to say that a spokesman for China's Commerce Ministry said
earlier this month that the two sides agreed to cancel some existing tariffs at the same time. Trump later said he did not agree to abolish tariffs, reducing hopes of a deal.
"They would like to have a retreat. I didn't agree to anything," Trump said.
White House economic adviser Larry Kudlow said on Friday that the countries were "approaching" a trade deal.
On Saturday, Chinese Deputy Prime Minister Liu He talks with Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthouse. According to China's official trade ministry, officials held "constructive discussions" and agreed to stay in close contact.
The US imposed tariffs on about $ 500 billion for Chinese goods. China has avenged tariffs on about $ 1
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