Trump delivers hard line on new China tariffs threat

Trump delivers hard line on new China tariffs threat

On Monday, June 10, Myron Brilliant, head of worldwide affairs at the U.S. Chamber of Commerce appeared on CNBC's "Squawk Box" to argue that President Trump is wrong to use tariffs in trade disputes with China and Mexico. Trump is scheduled to meet both Xi and Russian President Vladimir Putin at the G-20 leaders' summit in Osaka.

Asked if a failure by Xi to come to the summit would lead to tariffs kicking in on a further $300 billion in Chinese imports, Trump told CNBC television: "Yes it would".

Trump said if Chinese President Xi Jinping did not attend the G-20 meeting, tariffs would go into effect immediately.

"I would be surprised if he didn't go", Trump said.

"China is going to make a deal because they're going to have to make a deal", Trump said Monday.

The US president again criticised China for devaluing its currency to create an unfair advantage in trade that he said was exacerbated by policies of the US Federal Reserve.

The two sides seemed to be close to striking a bargain until talks stalled last month.

The president last month imposed tariffs of up to 25 percent on $200 billion worth of Chinese goods and has threatened to put duties on another $300 billion in Chinese imports. China has responded with punitive tariffs on $60 billion in United States goods. He said the only reason Mexican officials agreed to changes was because he threatened their goods with tariffs.

Last year, Chinese officials agreed to negotiate changes to the economic relationship with the USA, but White House officials said several weeks ago that Chinese officials had begun backtracking, leading Trump to ratchet up pressure and tariffs.

Trump has made tariffs a pillar of his foreign policy, arguing that United States economic power puts him in a win-win situation when he threatens rivals like China and even close allies, such as Canada, the European Union and Mexico.

But by consistently linking the company to trade talks, Trump has suggested his aim is to stunt China's growth as an economic rival to the U.S.

Trump told CNBC that by ratcheting up tariffs, he can ultimately force manufacturers to leave China. You know why? Because of tariffs. China has lost trillions of dollars since he was elected president, added Trump. "We have the big, big advantage", he said. China very much wants to make a deal.

Trump's tariff rattling has spooked global markets and also run into pushback from many in Congress.

Trump has said the Fed should not have raised interest rates last year and has pushed them to cut interest rates this year, among other things.

But even so "China is getting absolutely decimated" by U.S. actions, he said.

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