U.S. has benefited richly from trade with China, says Beijing

Trump to decide on next China tariffs after G20 summit

US President Donald Trump threatened to hit China with tariffs on "at least" another US$300 billion (RM1.2 trillion) worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States.

Relations between the United States and China have deteriorated since Trump in early May accused Beijing of reneging on commitments to change its ways of doing business with the rest of the world. The regime responded with a tariff hike on $60 billion of USA goods.

The G20 summit, in Japan on June 28-29, marks the first opportunity for Trump and Chinese President Xi Jinping to meet since the last G20 summit in Buenos Aires in late 2018. Since Trump fired the first shot, the two countries have implemented tit-for-tat tariffs on two-way trade worth hundreds of billions of dollars.

"We'll make that decision, I would say, over the two-weeks...one way or the another, I'll make that decision after the G20", he stated.

"I'll be meeting with President Xi and we'll see what happens, but probably planning it sometime after G20", he stressed.

There is speculation that such a meeting, which will take place in Japan at a gathering of Group of Twenty finance ministers, could break the ice for progress on restarting talks, even if the two don't get far in laying the groundwork for such a breakthrough.

But tensions have since spiraled, with the US targeting pressure points that have previously generated disagreements between the two nations.

The two countries have been at odds since July 2018 over a host of U.S. demands that the Asian powerhouse adopt policy changes that would better protect American intellectual property and make China's market more accessible to USA companies.

China has already cut banks' reserve requirements (RRR) six times since early 2018 and guided interest rates lower, while keeping ample liquidity in the banking system. "We'll see what happens", he said. "In the meantime, we're getting 25 percent on $250 billion, and I can go up another at least $300 billion", Trump told reporters in Ireland before heading to Normandy to attend a ceremony marking the 75th anniversary of D-Day.

"If the United States willfully decides to escalate tensions, we'll fight to the end", ministry spokesman Gao Feng told a regular news briefing.

'If the perpetrator wants to fight, we will beat him out of his wits, ' the lyrics of the privately produced song titled Trade War read.

The US Bureau of Economic Analysis and the US Census Bureau report showed that the overall United States trade deficit for April fell 2.1% to $50.8 billion, which is supposed to be a good sign for the economy, but it is not. However, China's Ministry of Commerce published a statement Thursday claiming that, when accounting for services and processing trade, the gap between the two countries is actually $153 billion.

The only glimmer of hope in recent days was the news that one of the top USA trade negotiators, Treasury Secretary Steven Mnuchin, will meet in person with People's Bank of China Governor Yi Gang this weekend.

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