Gold Silver Reports (GSR ) – Trump, in an interview with the Wall Street Journal published Monday, said he’s prepared to impose tariffs on a final batch of $267 billion of Chinese shipments if he can’t make a deal with Xi when they meet at the Group of 20 meeting in Argentina, which starts Nov. 30. The rate could be either 10 percent or 25 percent, Trump said.
The only deal the U.S. will accept is for China to open up its economy to allow American companies to compete fairly, Trump said.
Trump said that Apple Inc.’s iPhones and laptops imported from China could be hit by new tariffs. Americans could “very easily” handle a 10 percent duty, he said.
“The only deal would be China has to open up their country to competition from the United States,” the president said, according to the newspaper. “As far as other countries are concerned, that’s up to them.”
In September, the Trump administration plunged deeper into a trade war with China by imposing a 10 percent tariff on $200 billion of Chinese goods, and said the rate will rise to 25 percent on Jan. 1.
The U.S. is unlikely to accede to demands from Beijing to refrain from increasing the tariff, Trump said.
The Trump administration has demanded that China address its trade imbalance with the U.S. as well as its intellectual property infringement and review its “Made in China 2025” Initiative.
All eyes will be on whether the two leaders can come to an agreement that will stop the trade war from intensifying.
The U.S. already imposed tariffs on $50 billion on Chinese products earlier this year, which Beijing retaliated against on a dollar-for-dollar basis.
China has since added retaliatory duties on an additional $60 billion of American products.
