The US will not change its position in trade negotiations with China due to instability in stock markets. This was stated today by US Treasury Secretary Scott Besant during the "Invest in America" forum, organized by CNBC, BTA reported.
"We will not negotiate because the stock market is falling" or refrain from taking decisive measures against Beijing for this reason, Besant said, quoted by CNBC.
"We will negotiate because we are doing what is best for the US economy", he added.
Besant rejected a report in the "Wall Street Journal" published last night, according to which China "expects that the prospect of another market crash will eventually force (US President Donald Trump) to negotiate".
According to sources in the American daily, Chinese President Xi Jinping "is betting that the US economy cannot withstand a prolonged trade conflict" with China.
According to Besant, while Trump "likes the growth of the stock market", he "believes that high stock indexes are the result of good policies".
"Today we are talking about the policies associated with this capital spending boom", Besant added, highlighting increased investment in artificial intelligence.
President Trump announced last week that starting November 1, Washington would increase the amount of tariffs on China to 100 percent and introduce export controls on technology products.
Beijing earlier announced that it was tightening controls on the export of rare earth elements, expanding the scope of restrictions on processing technologies and stating its intention to limit exports to foreign users in the defense and semiconductor industries.