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Trump to slap more tariffs on China if Xi skips G20 summit

IANS  |  Washington 

US said that he will move forward with proposed tariffs on $300 billion worth of Chinese imports if China's does not meet with him at the summit later this month in

"very much wants to make a deal. They want to make a deal much more than I do, but we'll see what happens," news quoted Trump as saying to CNBC television during a telephonic interview, wherein he announced that if Xi doesn't show up at the summit, the new round of tariffs will take effect immediately.

"is going to make a deal because they are going to have to make a deal," the US said.

Regarding plans to talk with Xi in Japan, Trump said: "We're expected to meet and if we do that's fine, and if we don't - look, from our standpoint the best deal we can have is 25 per cent on $600 billion."

"If we don't have a deal and don't make a deal, we'll be raising the tariffs," he said.

He once again hailed the power of tariffs to place the at "a tremendous competitive advantage," and cited the agreement reached this weekend with for the southern neighbor to either strengthen migration control or have new tariffs imposed on it.

"The deal is going to work out. You know why? Because of tariffs," Trump said. "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."

In May, Trump raised the tariffs on Chinese imports worth $200 billion from 10 per cent to 25 per cent and threatened with similar duties the rest of Chinese imports if no accord is reached with Xi at the

China retaliated for the levies by imposing tariffs on $11 billion worth of goods from the US and has signaled that it is prepared to take further steps if Trump acts on his threat.

Chinese exports recovered notably in May and increased 7.7 per cent year-on-year in yuan terms even amid the bitter trade war between the world's two largest economies, though analysts warned that the upward trend was likely to reverse in the third quarter.

The data shared by the on Monday also showed that imports to China declined by 2.5 per cent last month following a 10.3-per cent rise in April.

The volume of international trade increased some 2.9 per cent year-on-year in May to stand at 2.59 billion yuan ($374 billion).

from warned that despite the strong May figures, exports were poised to fall in the third quarter due to decline in global demand and the implementation of the latest tariff rates by China and the US.

Thielant said that Chinese exports to the US would suffer.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 04:20 IST