Economy

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

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

"I think he will go, and I think we are scheduled to have a meeting", Trump said.

"If we don't make a deal, you'll see a tariff increase", Trump said.

In an interview with CNBC Monday, the president was asked about reports of China's alleged currency manipulation and how Beijing uses the practice to offset US tariffs.

Earlier on June 10, China's Foreign Ministry, in a regular news briefing, would not confirm whether a meeting was scheduled between the two leaders at G20. "We have the big, big advantage", he said. Beijing retaliated with tariff hikes on a revised list of $60 billion in U.S. goods. "So everything that we do is to define our direction in the new round of competition".

Trump wants China to commit to curbing its longstanding, huge trade surplus with the U.S. The conflict also reflects deeper concerns over China's ambitions to help its own industries gain a lead in key technologies such as robotics and artificial intelligence. Part of that anxiety was sparked by Trump's threat to impose tariffs on Mexico unless it stemmed the flow of migrants to the USA, which he rescinded on Friday evening. Skeptics in the mainstream media relentlessly warned that tariffs would only hurt the USA economy by stifling GDP growth and job creation, and the European Central Bank even predicted that China would emerge from the "trade war" unscathed.

"China does not want to fight a trade war, but we are not afraid of fighting a trade war", he said in a press briefing Tuesday.

-China trade war in that he controls China's central bank while Trump must deal with a Federal Reserve that is "very destructive to us".

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Trump's tariff rattling has spooked global markets and also run into pushback from many in Congress.

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

Washington last month put Huawei on a blacklist that effectively bars US firms from selling to the company without government approval.

Trump said Brilliant is not protecting "our country" but companies who are members of the Chamber.

Unfortunately for Beijing, many of its domestic industries are beginning to crumble under the pressure of President Trump's aggressive trade strategy, raising doubts about the country's ability to endure a protracted stalemate in its ongoing trade negotiations with the U.S. Last month, for instance, the South China Morning Post reported that China's dying Northeastern rust belt, once a main industrial hub, is "struggling to retain population as economic slowdown speeds up exodus".

"But he's for China and I'm for the United States - it's a very simple stat". Now "they'll never catch us".



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