More China Tariffs Levied Immediately If President Xi Doesn't Attend G20

More China Tariffs Levied Immediately If President Xi Doesn't Attend G20

President Donald Trump says if Chinese President Xi Jinping (shee jihn-peeng) doesn't meet with him at the upcoming Group of 20 summit in Osaka, Japan, this month, additional tariffs will go into effect.

President Donald Trump appeared this morning on CNBC's Squawk Box, talking about tariffs and trade. "Because right now China is getting absolutely decimated by countries that are leaving China, going to other countries, including our own", Trump told the business show.

Both Mexico and the US say they have perhaps 45 days to prove their deal is working or else they will revisit matters and look for more options to stop the 5,000 people a day coming from Central America through Mexico.

The U.S. government has also angered China by putting Huawei Technologies Co Ltd on a blacklist that effectively bans U.S. companies from doing business with the Chinese firm, the world's biggest telecoms equipment maker. In fact, Trump brushed aside the criticism and said his approach is the only one that gets results.

Trump's broadside comes a week before the Fed meets in Washington, when it's expected to discuss whether an interest-rate cut is needed to help offset an economic slowdown caused by his trade war. On May 30, the Chinese government accused the U.S. of "economic terrorism". "They haven't listened to me". "When you have the money, when you have the product, you have the thing that everybody wants, you're in a position to do very well with tariffs and that's where we are".

Last week, China produced a White Paper in which it noted that the unnecessary trade war provoked by the United States' Trump administration will damage the whole world. Some analysts suspect Chinese exporters may have rushed out shipments to the U.S. to avoid potential new tariffs.

Trump's threat about Chinese tariffs came amid growing concern by some business leaders questioning whether he is misusing tariffs - or the threat of imposing them - in ways that could hurt the US economy. Most observers believe the US resort to unilateral tariffs will fail to achieve its intended objectives and will harm the USA economy as much as China's.

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He noted that the meeting would have two parts - one focused on general macroeconomic issues, such as currencies, and a separate discussion about trade.

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Trump again suggested that an eventual trade deal could involve Huawei Technologies.

Many US business groups oppose the tariffs, with companies anxious about slowing demand as they pass higher prices along to consumers and manufacturers across a range of products.

Trump is scheduled to meet both Xi and Russian President Vladimir Putin at the G-20 leaders' summit in Osaka.

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. "Trump wants to use maximum pressure to force China to come back to the negotiation table".

He tweeted earlier on Monday that "we have fully signed and documented another very important part of the Immigration and Security deal with Mexico, one that the U.S. has been asking about getting for many years".

He has claimed that the country agreed to purchase large amounts of United States agricultural products as part of the agreement, but Mexican officials say there is no such provision.

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