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Tuesday 20th March 2018

China Needs Trade Deal as Economy 'Going Down the Tubes': Trump

Business

7Dnews London - AFP

Thu, 27 Jun 2019 00:08 GMT

President Donald Trump warned China of a deeper trade war on Wednesday 26 June ahead of a G20 summit where he will meet President Xi Jinping, indicating that China's remaining imports are "ripe" for tariffs.

Markets are anticipating the results of the Trump-Xi meeting due Saturday, anxious for a development in the dispute currently pitting the world's two largest economies against each other.

Trump did not especially seek to calm those nerves, insisting that a strong negotiating hand means he has no need to compromise.

In an interview with Fox Business News just hours before taking off for the summit in Osaka, Japan, Trump said, "China's economy is going down the tubes —they want to make a deal." 

Trump has already hit $200 billion worth of Chinese imports with levies in an effort to force Beijing into complying with intellectual property protections and other reforms of a trading system that Washington says gives China huge unfair advantages.

On Wednesday, President Trump strongly indicated he was ready to slap tariffs on all remaining Chinese imports—more than $300 billion worth.

"You have another $325 billion that I haven't taxed yet —it's ripe for taxing, for putting tariffs on," he told Fox.

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