The United States President Donald Trump would be willing to put in another bout of trade tariffs on Chinese goods imported into the US if he did not manage to arrive achieve a trade deal during his meeting with the Chinese President Xi Jinping during a scheduled meeting of the two leaders later this month at the G20 summit, Trump said on Monday.
Trump has said a number of times of his expectation of meeting President Xi Jinping at the summit in Japan at the end of June ever since the trade related talks between the US and China ended in a failure in Washington m last month. And even though Trump is talking about his meeting with his Chinese counterpart, China has not confirmed the occurrence of the meeting. The G20 summit is set to be held on June 28 and 29.
The decision of whether to implement or not his threat of imposing tariffs on at Chinese goods imported into the US worth least $300 billion after the meeting of the top leaders of the two largest economies of the world, Trump said last week.
He still thought the meeting with Xi would happen, said Trump while talking to reporters on Monday. “We are scheduled to talk and to meet. I think interesting things will happen. Let’s see what happens,” Trump told reporters at the White House.
The Trump administration has already imposed tariffs of 25 per cent on imported Chinese goods worth $250 billion.
While claiming that China is always open to hold more trade related meetings, the foreign ministry of China said on Monday that it was not in a position to make any announcement about a possible meeting between the leaders of the two countries.
The trade war and whatever little bilateral relations remaining between China and the United States was again put to test in may after Trump said that China had gone back on promised steps for economic changes that it had made during the earlier trade negotiations that had gone on for months.
The US has demanded wide ranging changes in the Chinese economic practices and policies which include China bringing an end to forced transfer of technology from American companies to local Chinese firms and the alleged stealing of American trade secrets. The US also demanded stalling the practice of subsidizing Chinese state-owned companies and a greater access to the Chinese markets for American companies.
On May 10, Trump raised tariffs on $200 billion of Chinese goods up to 25 per cent and declared measures to impose tariffs on an additional $300 billion of Chinese goods imported into the US. these tariffs were retaliated by China with an increase in tariff rates on $60 billion of US goods imported into the country.
Relations between the US and China had also been further soured after the US Commerce Department put the Chinese tech giant Huawei Technologies Co Ltd on its so called ‘entity list’ list which effectively prevent all American companies from doing any business with the Chinese firm in terms of both products or goods and technology. The US fears that the telecom products and smartphones that are made and sold by Huawei could be used as backdoors for spying by Chinese agencies on Western Countries including the US. Huawei is the largest telecom equipment manufacturer and the second largest maker of smartphones in the world.
(Adapted from Business-Standard.com)