Published: Thu, June 13, 2019

Trump says he's holding up trade deal with China, ahead of G20

Trump says he's holding up trade deal with China, ahead of G20

Trump's comments came a day after he threatened to raise tariffs on China if President Xi Jinping doesn't meet with him at the upcoming Group of 20 summit in Japan. "My deadline is what's up here?" Tell me about that.

There has been no public indication that the Chinese president intends to avoid Trump at the summit of world leaders in Osaka on June 28 and 29, where the pair are expected to discuss the raging trade war between their nations. Speaking to reporters at the White House on Wednesday, Trump said the two countries have a good relationshipalthough it has become a "little bit testy" recently over tariffs.

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. "Unless they go back to that deal I have no interest". "China will reiterate that the US side must have sincerity if they want the talks to continue". "But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance".

Trump accused Beijing of reneging on promises to meet U.S. demands to extend protection of intellectual property, end state-sponsored cyber theft, open more markets to USA firms, and reduce industrial subsidies. One Chinese trade official said discussions with the US had reached a point where no further progress could be made without the intervention of the two presidents.

Prodded by hawks in Washington to take a "whole of government" approach toward China, Trump may make it harder for Xi to compromise at the negotiating table.

"You can hardly blame anyone else for the conflict between China and the United States - he is the ultimate decision-maker", said Zhang from Peking University.

"It's me right now that's holding up the deal", he said.

Last week, Trump said he would decide after the G-20 meeting of the leaders of the world's largest economies whether to carry out a threat to impose tariffs on an additional $300 billion (33 trillion yen) in Chinese goods. Furthermore, referring to Trump's remarks regarding tariff hike, spokesperson of the Chinese foreign ministry Geng Shuang said, "China does not want to fight a trade war".

"We'd get virtually 100% of the companies" that would relocate, Trump told CNBC.

Trump made clear in an interview with CNBC his frustration with a system that provides political independence for America's central bank - something most economists see as vital to its credibility.

Investors worry China will retaliate by putting United States companies on a blacklist or banning exports to the USA of rare earth metals, which are used in products such as memory chips, rechargeable batteries and mobile phones.

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