President Donald Trump said “it doesnt matter” if Chinese President Xi Jinping agrees to meet with him later this month to restart negotiations over trade because the US is collecting billions of dollars in tariffs on goods from the country.
“If he shows up, good,” Trump told Fox News on Friday. “If he doesnt — in the meantime, were taking in billions of dollars a month.” He added: “Eventually, theyre going to make a deal, because theyre going to have to. Look, theyre paying hundreds of billions of dollars.”
Trump has repeatedly threatened to raise tariffs if Xi doesnt meet with him at the G-20 leaders meeting June 28-29 in Osaka, Japan. Trump is committed to attending the G-20 regardless of whether he meets with Xi, US officials said. Trump said on Wednesday that he had no deadline for China to return to trade talks.
Talks with Beijing broke off last month after the US accused Chinas leaders of reneging on provisions of a tentative agreement. Trump raised tariffs on about $200 billion of Chinese imports to 25%, and said he would expand the tariffs to cover another $325 billion in goods — substantially everything the country exports to the US — unless Chinese leaders reverse course.
Trump is “optimistic” he can find common ground with China if hes able to meet with Xi, Kevin Hassett, the departing chairman of Trumps Council of Economic Advisers, told reporters at the White House. "Communication is certain" between Trump and Xi regardless of whether it turns into a full meeting at the G-20, he said.
Trump repeated his claim that Chinese exporters bear the burden of the tariffs, disputing the consensus of economists that the costs are largely borne by US consumers in the form of higher prices.
“They subsidize their industry, so our people are not paying,” Trump said on Fox. “Theres this big thing about tariffs, Oh, our people pay. Its a lot of nonsense. You know what happens, really? Companies move back.”
Trump also again accused China of manipulating the value of its currency, the renminbi, to cushion the impact of US tariffs.
“Look, theyre paying hundreds of billions of dollars, I have 25% on $250 billion, and they subsidize it,” Trump said. “TRead More – Source