U.S. President Donald Trump gave a boost to the American equity markets today when he said the self-imposed March 1 deadline to resolve trade issues with Beijing was ‘not a magical date.’ This comment signifies the Trump administration’s willingness to let the deadline slip if trade talks look promising to find a resolution to the myriad of unfair trade practices by the Chinese.
Reports have stated The White House is open to a possible 60 day delay in the date when Trump has demanded a resolution; POTUS has declared tariffs could be massively increased if no solution is found.
The U.S. Chamber of Commerce, the American business association who has not been supportive of Trump trade policy, also entered the debate on trade policy today.
“Without enforcement, this deal fails,” Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce, reported CNBC. “Implementation and enforcement are going to be two key elements — so you need to have implementation, you need to have follow-through, but you need to have enforcement mechanisms that will ensure that both sides have trust that this deal is sustaining and verifiable.”