President Trump on Monday threatened to immediately impose tariffs on $300 billion in Chinese goods if Chinese President Xi Jinping does not appear at this month’s Group of 20 (G-20) summit.
Asked during a CNBC interview if the new tariffs would take effect if Xi does not attend the gathering of world leaders in Osaka, Japan, Trump responded, “Yes, it would.” Trump said he would be “surprised” if Xi did not attend because the two leaders are expected to meet to discuss the U.S.-China trade dispute.
{mosads}“He’s actually an incredible guy. He’s a great man. He’s very strong and very smart, but he’s for China and I’m for the United States,” the president said during a phone interview with the cable business news channel.
Trump has threatened to slap tariffs on an additional $300 billion in Chinese imports if the two countries do not reach a deal soon to end their long-running trade dispute.
The president raised tariffs on roughly $200 billion in Chinese goods last month after trade talks collapsed, prompting Beijing to increase tariffs on around $60 billion in U.S. imports.
The tit-for-tat has rattled financial markets worried about the trade dispute between the world’s two largest economies spiraling out of control. The additional tariffs, if Trump imposes them, would cover nearly all Chinese imports and could dramatically raise consumer prices.
Trump expressed confidence China wants to make a deal but also said he would be fine leaving the tariffs in place, saying the “best deal we could have” is the revenue from the import duties.
Business groups have urged Trump to broker a deal to lift the tariffs, pointing out they are paid for by U.S. importers — not Chinese companies — and the cost is often passed on to the consumer.