Friday , May 24 2019

US readies new tariffs as Trump likely to meet Xi at G-20 summit

Bloomberg

The US prepared to hit China with new tariffs even as President Donald Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade.
The US Trade Representative’s office released a list of about $300 billion worth of Chinese goods including children’s clothing, toys, mobile phones and laptops that Trump has threatened to hit with a 25% tariff.
If Trump proceeds with the tariffs, it would see almost all imports from China covered by punitive import duties. It also would turn the president’s trade wars into a tangible reality for many Americans as he seeks re-election.
At the same time, Trump is sounding optimistic about the chances of a deal. “When the time is right we will make a deal with China. My respect and friendship with President Xi is unlimited but, as I have told him many times before, this must be a great deal for the United States or it just doesn’t make any sense,” he tweeted on Tuesday.
Under a process outlined by US officials, the new tariffs would not take effect until late June at the earliest.

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