Published: Fri, June 07, 2019
Finance | By Loren Pratt

Trump to decide on $300 billion China tariffs after G20 meeting

Trump to decide on $300 billion China tariffs after G20 meeting

Under Trump's direction, the U.S. Trade Representative's (USTR) office has already begun the process for enacting 25 percent tariffs on $300 billion of Chinese imports by drafting a list of items. We'll see what happens...

"I will say, I want to get a deal but what they did was very bad", he told host Laura Ingraham.

China's Commerce Ministry also said today that Beijing would have to adopt necessary countermeasures if Washington unilaterally escalates trade tensions, and that U.S. pressure have caused serious setbacks to the trade talks.

United States President Donald Trump said on Thursday that he would decide whether to hit Beijing with tariffs on at least $300bn in Chinese goods after a meeting of leaders of the world's largest economies that is slated for later this month.

China has blamed the USA for the breakdown in talks and vowed to reciprocate for the increased tariffs in various ways.

Trump also said he would make a decision on the tariffs until he speaks to Chinese President Xi Jinping this month in Osaka.

"I will make that decision over the next two weeks, after the G-20 meeting", he said later during a news conference with French President Emmanuel Macron.

Ministry spokesman Gao Feng said at a regular news briefing yesterday that the current USA administration has "repeatedly publicised the argument that the U.S. is losing out to China over trade", but there is no basis for the claim. "I could go up another at least $300bn and I'll do that at the right time", Trump told reporters in Ireland before leaving for France for the 75th anniversary of commemorations for World War II's D-Day.

State media has increasingly alluded to or directly referenced the 1950-53 Korean War - when China and North Korea battled United Nations forces led by the United States - to rally public opinion behind the government during China's ongoing trade conflict with the United States.

China has said its door is open to more trade talks with the United States on trade, but there have been no high-level, face-to-face meetings since last month.

Trade negotiations have been indefinitely suspended since President Donald Trump escalated tariffs on all Chinese imports over Beijing's failure to keep previously held commitments as part of a trade deal.

The International Monetary Fund warned yesterday that escalating tariff threats were sapping business and market confidence, and could slow global growth that is now expected to improve next year.

"The Chinese People's Volunteers, in the face of the world's top military and economic power and diplomatic blackmail, made full use of the Communist Party's spirit of not being afraid of pressure, daring to fight and being good at fighting", it said. "I think a lot of progress was made yesterday, but we need to make a lot of progress", Trump said. The tariffs are slated to take effect on Monday if a deal is not reached.

The tariffs, ranging from five percent to 25 per cent, impact various common items including condoms, perfume, wine, pianos, cordless phones, industrial robots, coffee and ovens.

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