Last month, President Donald Trump's administration raised tariffs to 25% on $200 billion of Chinese imports and ordered US Trade Representative Robert Lighthizer to prepare tariffs on another $300 billion of goods, effectively encompassing nearly all Chinese exports to the US.
"Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan", Trump said on Twitter. He added, members of both respective teams will also hold talks prior to the meeting.
In addition to targeting China and Mexico, Trump has also threatened to tariffs on vehicles and parts from Japan and the European Union.
USA business and industry representatives on Monday voiced their frustration over and opposition to a proposed new round of tariffs on Chinese imports, sharing stories on how Washington's trade protectionism would backfire.
The two leaders spoke on the phone Tuesday morning to discuss ongoing trade negotiations between Washington D.C. and Beijing - a topic they will pick up on in Osaka at the end of the month.
"The key is to take care of each other's legitimate concerns". If he proceeds, virtually all Chinese merchandise entering the United States would be taxed, a move that would disrupt industrial supply chains and eventually lead to higher prices for consumers.
Prince Harry, Meghan Markle share new photo of Archie for Father's Day
Meanwhile, Prince William posted a picture of Prince Louis playing on a rope swing in a garden designed by his mum , the Duchess of Cambridge.
"I don't agree that tariffs should be the tool we use in every instance to achieve our trade policy goals", said Senate Finance Committee Chairman Charles E. Grassley of Iowa. Talks between the two sides to reach a broad deal broke down last month and interaction since then has been limited. "It will be essential to managing the current political dynamic and getting the talks back on track once again".
Chinese state media said Xi agreed to the meeting and emphasized in the call that economic and trade disputes should be solved through dialogue. "Our position will continue to be (that) we want structural changes. The fact that they're meeting is a good thing".
Standard Chartered analysts point out that their clients see the G20 summit on 28-29 June as a pivotal event that may determine the intensity of US-China trade tensions and the ensuing policy responses. "We've got to have something that's enforceable".
Since March 2018, the United States has collected $22 billion in tariffs levied by Trump, Grassley said. The Chinese retaliated with a counter tariff on $110 billion worth of USA goods.
U.S. Trade Representative Robert Lighthizer told senators at a hearing in Washington on Tuesday that the Trump administration will stay tough. "I think you don't have any other option", Lighthizer told a congressional hearing.
Comments