Tarref backflip China respond to Donald Trump's follow and share
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00:00In developing news tonight, Beijing has responded to Donald Trump's apparent U-turn in their escalating trade war.
00:07The US president has declared he's no longer going to play hardball on tariffs on Chinese goods.
00:13But Beijing isn't buying it.
00:16He once called his tariffs the medicine for a sick economy.
00:21Now Donald Trump is getting a taste of his own.
00:23As the US economy struggles, the president announced plans to cut the unprecedented 145% tariff on Chinese imports.
00:33I'm not going to say, oh, I'm going to play hardball with China.
00:36I'm going to play hardball with you, President Xi.
00:38No, no. We're going to be very nice. They're going to be very nice.
00:42But China's response to the United States wasn't quite as nice.
00:46Saying they want to reach an agreement with China while continuing to apply maximum pressure is not the right way to deal with China, and it will not work.
00:56With the not-so-pleasantries exchanged, negotiations between the two countries have begun.
01:02The president and the administration are setting the stage for a deal with China.
01:05The volatile rollercoaster of trade tariffs has left the global economy feeling unwell,
01:11with the International Monetary Fund forced to lower its projections for economic growth this year.
01:17Global growth will reach 2.8% this year and 3% next year.
01:23A cumulative downgrade of about 0.8 percentage point.
01:26The IMF also predicts Australia's economic output could be hit harder than first thought, forecasting a $13 billion shortfall.
01:35I think there's an element of unpredictability about the trajectory of these tariffs and these negotiations.
01:42As the president heads to the negotiation table, his 10% tariff on other countries, including Australia, remains.
01:49Taylor Ryan for 10 News First.
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