‘We’re going to make a very good deal with China’: Trump after imposing 245% tariffs 

US President Donald Trump sounded confident in reaching a "very good" trade deal with China, despite the US imposing steep tariffs of up to 245 per cent on Chinese imports in response to Beijing's retaliatory actions. 

"We're going to make a deal. I think we're going to make a very good deal with China," Trump said, as reported by The Hill. He also mentioned that the US would have "very little problem making a deal with Europe or anybody else."

Trump's remarks were made during the visit of Italian Prime Minister Giorgia Meloni to the White House, where he also expressed optimism about a trade deal with the European Union (EU) before the 90-day pause on reciprocal tariffs ends. 

According to a White House fact sheet, China's retaliatory actions have led to tariffs as high as 245 per cent on imports to the United States. China has imposed 125 per cent tariffs on US. Reacting to the White House's statement, Chinese Foreign Ministry spokesperson Lin Jian stated that the US should provide specific tax rate figures. Lin reiterated China's position on the tariff issue, emphasising that the tariff war was initiated by the US. He described China's countermeasures as necessary to protect its legitimate rights and interests, terming them "reasonable and legal." Lin noted that tariffs and trade wars have no winner but expressed China's willingness to join hands and remove barriers.

Trump justified the tariffs as necessary to address trade imbalances and unfair practices. However, China's commerce ministry criticised the tariffs as irrational and accused the US of engaging in a "meaningless" numbers game. Beijing warned that it would "fight to the end" if the US continued imposing what it described as damaging and unjustified economic pressure.

Earlier, China's commerce ministry urged the US to stop applying "extreme pressure" and show mutual respect for talks to resume. 

During the meeting, Meloni, who has closely aligned with Trump, expressed confidence in reaching a deal and offered assistance in the process. "I am sure we can make a deal, and I am here to help with that," she said. 

Trump recently introduced a baseline 10 per cent tariff on all imports, with steeper "reciprocal" tariffs for countries with large trade deficits with the US. While most nations received a 90-day pause on higher rates to allow for negotiations, China was not granted the same relief.

Economists have warned that ongoing uncertainty could affect markets and push inflation higher. However, Trump remained firm, stating that the US is in a strong negotiating position. "We have something that everybody wants," he said. 

(With agency inputs)