Published: Tue, June 11, 2019

Donald Trump ready to slap more tariffs on China after G20 meeting

Donald Trump ready to slap more tariffs on China after G20 meeting

In a telephone interview broadcast on CNBC Trump said that additional tariffs on Chinese goods will go into effect immediately if China's President Xi Jinping does not attend the upcoming G20 meeting. "But I am not sure that they think that, they just figure this is easy money; 'We will sue Apple for $7 billion and we will make a settlement or we will win the case.' So, I think it is a bad situation, but obviously there is something going on in terms of monopoly".

China reported on Monday its exports unexpectedly grew 1.1% in May from a year ago despite the higher USA tariffs, but imports fell the most in almost three years.

His overall aim, the Republican said, is to ensure that China never overtakes the United States as the world's top economy.

Tensions between Washington and Beijing flared in May after the Trump administration accused China of reneging on promises to make structural economic changes during months of trade talks.

China's foreign ministry said on Monday that China is open to more trade talks with Washington but has nothing to announce about a possible meeting.

However, as U.S. -Chinese tensions mount, a spokesman for Xi's government said last month that he had "no information at present" on Trump-Xi talks.

"If the United States only wants to escalate trade frictions, we will resolutely respond and fight to the end", Geng added.

"I do see it as a threat", he said Monday.

Trump has repeatedly claimed that tariffs are a key tool of negotiations, pointing to his most recent trade scuffle with Mexico. The two countries reached an agreement calling for tighter migration controls. "Right now, China is getting absolutely decimated by companies that are leaving China, going to other countries, including our own, because they don't want to pay the tariffs". You know why? Because of tariffs.

In a game of tit-for-tat, Trump added, China will lose simply because they have far fewer US imports they can target.

"There's nothing that Trump is asking China to do that is not completely reasonable", Moore went on.

But President Trump also used some of the airtime to respond to questions about the growing power of tech companies as well 5G, Huawei and the proposed T-Mobile-Sprint deal.

On Monday Trump told CNBC in a phone call he would add the tariffs if the two leaders can not come together despite there being no sign that the Chinese president is planning to dodge him at the event. They're not going to help improve exports to China.

"Perhaps a month, perhaps 45 days, we'll have a good sense of whether we're able to achieve these outcomes in the way we're hoping that we can", he said. You look at India, very good friend of mine, PM Modi, you take a look at what they've done, 100% tax on a motorcycle.

Fitch Ratings said on Monday any such move would be disruptive to the USA technology sector and could hurt some Chinese sectors as well, though it added that it was too early to assess potential credit implications.

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