Trump says China's vice premier is coming to the US 'to make a deal'

Key Points
  • President Trump announces in a tweet that China's top trade representative is "coming to the U.S. to make a deal."
  • Dow futures cut losses following the president's tweet.
  • Trump declared on Sunday that he would hike tariffs on China to 25% if an agreement was not met before Friday.
White House: Indications China wants to make a deal

President Donald Trump said Wednesday that China "just informed" the White House that its vice premier will lead a delegation "coming to the U.S. to make a deal" on trade.

Dow futures cut losses but major indexes still opened lower following the president's tweet, which added that "we'll see" what comes of the negotiations because "I am very happy with over $100 billion a year in Tariffs filling U.S. coffers," Trump said.

@realDonaldTrump ....Guess what, that's not going to happen! China has just informed us that they (Vice-Premier) are now coming to the U.S. to make a deal. We'll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers...great for U.S., not good for China!

The president's declaration followed a tweet a few minutes earlier, which proclaimed why Trump believes China backed away from the negotiating table. He said China's "attempted renegotiation" is on the "sincere" hope that, if a Democrat is elected president in the 2020 election, the Chinese will "continue to ripoff the United States ... for years to come."

Press Secretary Sarah Sanders affirmed Trump's statement a couple hours later, telling reporters that the White House has received "indications" from the coming delegation that China wants to reach an agreement. The Dow Jones industrial average climbed after Sanders spoke, with major indexes hitting highs of the day.

Trump's tweet said Chinese Vice Premier Liu He will be a part of the delegation coming to Washington. There was speculation that, if China sent a delegation at all, the group would consist of low-ranking officials.

U.S. stock markets dropped this week after Trump on Sunday shattered hope that the U.S. was nearing a trade deal with China. The president threatened to impose 25% tariffs on an additional $325 billion of Chinese goods this Friday. Robert Lighthizer, the top U.S. official on trade, confirmed on Monday the increase will come if an agreement is not made before Friday.