Fresh tar­iffs ready if no deal reached with Beijing at G20 sum­mit: Trump

The US Pres­i­dent will de­cide after the meet­ing whether to im­pose fur­ther tar­iffs on Chi­nese goods worth at least $300 b

The Hindu Business Line - - NEWS -

China will re­spond firmly if the US in­sists on es­ca­lat­ing trade ten­sions, the For­eign Min­istry said on Tues­day after US Pres­i­dent Don­ald Trump said fur­ther tar­iffs were ready to kick in if no deal was reached at June’s G20 sum­mit.

Trump has re­peat­edly said he is get­ting ready to meet Chi­nese Pres­i­dent Xi Jin­ping at the Osaka sum­mit at the end of June, but China has not con­firmed it.

Trump said last week he would de­cide after the meet­ing of the lead­ers of the world’s largest economies whether to carry out a threat to im­pose tar­iffs on at least $300 bil­lion in Chi­nese goods.

On Mon­day, Trump said he was ready to im­pose another round of puni­tive tar­iffs on Chi­nese im­ports if he can­not make progress in trade talks with Xi in Osaka. Chi­nese For­eign Min­istry spokesman Geng Shuang again, would not be drawn on con­firm­ing a XiTrump meet­ing at G20, say­ing in­for­ma­tion would be re­leased once it was avail­able to the Min­istry.

“China does not want to fight a trade war, but we are not afraid of it,” he said, adding China’s door was open to talks based on equal­ity.

“If the US only wants to es­ca­late trade fric­tions, we will res­o­lutely re­spond and fight to the end.”

Pend­ing prom­ises

Ten­sions be­tween Washington and Beijing rose sharply in May after the Trump ad­min­is­tra­tion ac­cused China of hav­ing re­neged on prom­ises to make struc­tural eco­nomic changes dur­ing months of trade talks.

The US is seeking sweeping Trump has said he is get­ting ready to meet Chi­nese Pres­i­dent Xi Jin­ping at the Osaka sum­mit

De­ci­sion time

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

On May 10, Trump raised tar­iffs on $200 bil­lion of Chi­nese goods up to 25 per cent and took steps to levy du­ties on an ad­di­tional $300 bil­lion in Chi­nese im­ports. Beijing re­tal­i­ated with tar­iff hikes on a re­vised list of $60 bil­lion in US goods. 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 US 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 cell phones.

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