Trump Warns Massive Deficits and US Job Losses

US President Donald Trump announced that his scheduled meeting with Chinese leader Xi Jinping will be difficult. The president said that the U.S could no longer afford massive trade deficits and job losses. The meeting is scheduled on Friday, next week at Trump’s Mar-a-Lago resort in Florida.

As per the White House announcement on Thursday, first lady Melania Trump would also join along with Xi’s wife, Peng Liyuan. Reports say that the meeting agenda is to have a strong economic and commercial nature. The President has blamed China for the US trade deficit and job losses during his campaign. Now, Trump is following the trend that he promised to change.

Earlier, Chinese Foreign Ministry spokesperson Lu Kang said that “40 per cent of China’s trade surplus with the United States came from US companies in China.” Also, he argued that the bilateral trade has created 2.6 million jobs in the US.

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The left-leaning Economic Policy Institute has estimated the loss of 3.4 million jobs due to the trade deficit with China from 2001 to 2015. Electronics and high tech, textiles, apparels and a range of heavier durable goods industries will be hard hit with this move.

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