Trump defends tariff threat against Mexico, calls it 'beautiful thing'

Daniel Fowler
June 11, 2019

President Donald Trump said additional tariffs on Chinese goods will go into effect, if Chinese leader Xi Jinping doesn't meet with him during the upcoming G20 Summit.

In an interview on CNBC on June 10, Trump said that proposed tariffs on $300 billion worth of Chinese goods would immediately be imposed in the event that the two leaders do not meet. China has not confirmed any such meeting.

Mr Trump said his administration is taking "35 percent to 40 percent" of Chinese goods coming into the US.

In comments to reporters on Monday, Trump said he still thought the meeting with Xi would happen. "And I think he will go and I think we're scheduled to have a meeting". "I think he's going, I haven't heard that he's not".

The United States has already imposed 25% tariffs on $250 billion worth of goods.

However, as the USA economy shows signs of slowing, more and more economists - and one voting member of the Fed's policy committee - now say the next move will be to cut rates to support growth, possibly this year.

U.S. Commerce Secretary Wilbur Ross on Tuesday downplayed this month's summit in Japan, saying it would not be "a place where anyone makes a definitive deal".

The United States is seeking sweeping changes, including an end to forced technology transfers and theft of USA trade secrets. It also wants curbs on subsidies for Chinese state-owned enterprises and better access for US firms in Chinese markets.

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In retaliation, China has slapped tariffs on $110 billion worth of USA goods.

"We're not the foolish country that does so badly".

"The head of the Fed in China is President Xi", Trump told CNBC television in a telephone interview Monday. He emphasized that as a self-professed "free trade guy" he doesn't like tariffs, but that he's with the president "totally" on China.

The US government has also angered China by putting Huawei Technologies Co Ltd on a blacklist that effectively bans US companies from doing business with the Chinese firm, the world's biggest telecoms equipment maker.

Investors worry China will retaliate by putting United States companies on a blacklist or banning exports to the United States of rare earth metals, which are used in products such as memory chips, rechargeable batteries and mobile phones.

Moore joined radio host Matt Boyle on Saturday, admitting that he was wrong when it came to the president's call to threaten Mexico with tariffs if they didn't take action against massive waves of migrants headed to the USA southern border.

Trump wants China to commit to curbing its longstanding, huge trade surplus with the U.S. The conflict also reflects deeper concerns over China's ambitions to help its own industries gain a lead in key technologies such as robotics and artificial intelligence.

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