Donald Trump warns China he won't back down on trade tariffs

Donald Trump warns China he won't back down on trade tariffs

Trump is due to meet Chinese leader Xi Jinping in Buenos Aires for a working dinner at the Group of 20 summit that runs Friday and Saturday.

Oil prices remained weak, while the USA dollar, which has benefited from safe-haven flows this year amid increased uncertainty over global trade, rose against its peers.

With investors speculating that all these signs point to weakness in new iPhone sales, the Wall Street Journal reported last week that Apple, in October, cut its production plan for its cheaper iPhone XR model by up to a third. "I mean, I can make it 10 per cent, and people could stand that very easily". Washington and Beijing remain at odds on key issues such as USA accusations of intellectual property theft and forced technology transfer, he said.

White House economic guru Larry Kudlow told reporters Tuesday that new tariffs are definitely coming 'if we can't get something done.

Kudlow added that if the US doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed.

Beijing was hoping Washington would call off the planned increase as a result of this week's meeting between Trump and Xi. Beijing responded by slapping $50 billion of US products with additional levies before Trump escalated the trade dispute further by adding taxes to another $200 billion in Chinese products.

"As far as other countries are concerned, that's up to them".

'The only deal would be China has to open up their country to competition from the United States, ' Trump said.

Additionally, Trump said that he expects to boost tariffs on $200 billion of Chinese products to 25 percent in January. 'I am conservatively optimistic that can be done, ' he added. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

This was due to a sharp fall in Britain's currency - after US President Donald Trump appeared to suggest it might be hard for Britain to negotiate a free-trade deal with the US after it withdraws from the European Union.

'We can buy from Japan and South Korea or develop our own.

Trump's advice to all businesses that manufacture is to "build factories in the United States and to make the product here".

China has retaliated but has less room to manoeuvre as the USA buys much more from China than it exports there.

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