Trump downplays trade war impact despite ongoing tensions

Trump commented on Wednesday that, due to the trade war with China, Americans "will have to adjust their spending and consumption habits."

The US President attempted to downplay the disruptions in trade with China following the introduction of mutual tariffs.

He insisted that "Americans do not need cheap Chinese knock-offs." He went on to say, "Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally."

Trump argued that "the end result is worth the current disruptions."

Last week, Chinese Foreign Ministry spokesman Guo Jiakun denied media reports at a press conference that China and the United States were negotiating tariffs and nearing an agreement.

"As far as I know, China and the United States are not engaged in any consultation or negotiation on tariffs," he stated.

He also emphasized that the "tariff war initiated by the United States" is still ongoing, and Beijing's position remains "clear and unchanged." He added, "We will fight, if fight we must. Our doors are open, if the U.S. wants to talk," but insisted that the dialogue must be based on equality, mutual respect, and benefits for both parties.

A few days ago, the Wall Street Journal reported that the US President's administration is considering a significant reduction of tariffs on goods imported from China as part of efforts to ease trade tensions. According to the newspaper's sources, tariff rates could drop from 145 percent to a level of 50-65 percent.

On the same day, US Treasury Secretary Scott Bessent expressed hope for reaching a "major agreement" with China, which would lead to the Chinese economy shifting towards greater internal consumption and the American economy toward increasing the share of industry.