President Donald Trump confirmed that additional tariffs will be levied on Chinese goods if Chinese President Xi Jinping does not attend this month’s G-20 meeting.
During a telephone interview, when asked if this means new tariffs would go into effect immediately, Trump responded, “Yes it would.”
Donald Trump previously threatened to put levies on another USD 300 Billion in Chinese goods if a trade agreement is not reached soon. The Trump administration already increased tariffs last month on USD 200 Billion worth of goods imported from China.
The G-20 Summit, scheduled for June 28-29th in Osaka, Japan, is expected to host the leaders of 19 nations and the European Union.
In another telephone interview on the “Squawk Box,” the President said he’d be surprised if Xi Jinping did not attend. Trump has said he has a “great relationship” with Xi, adding that “he’s actually an incredible guy.”
Trump has stated that he will continue to raise tariffs on Chinese goods as the trade war between the U.S. and China drags on. His administration is currently taxing 35% to 40% of Chinese goods imported by the United States. However, if an agreement isn’t reached, there is “another 60% and that’ll be taxed,” Trump said.
President Trump’s tariffs on Chinese imports have been in place since July 6, 2018. Further tariffs have also been imposed, and thus far, forays towards trade agreements between the U.S. and China have been unsuccessful.