Businesses showing discontent with Donald Trump's trade policies

Larry Hoffman
June 13, 2019

U.S. Commerce Secretary Wilbur Ross said the Group of 20 leaders summit in Japan later this month might be a forum where President Donald Trump and his Chinese counterpart Xi Jinping are able to meet and restart trade talks.

Mr Trump has repeatedly said he was getting ready to meet Mr Xi at the G20 summit in Osaka, Japan, but China has not confirmed it.

On Tuesday, Chinese Foreign Ministry Spokesman Geng Shuang said that Beijing had noted recent U.S. remarks on its expectations of a meeting between the two leaders. "We have nothing to announce at this time regarding specific bilateral meetings", White House National Security Council spokesman Garrett Marquis. If applied, the additional tariffs would see virtually all of China's exports to the United States hit with duties.

Trump told CNBC on Monday that he would be "surprised" if Xi did not attend the meeting. "And if there's no meeting between the two leaders, Trump will put the blame on China", said Zhou Xiaoming, a former Mofcom official and diplomat. The U.S. administration's efforts to sell arms to Taiwan and criticize China's mass-detention of ethnic Uighurs in the remote far west of the country are fueling nationalist fears in Beijing that the U.S. wants to weaken and contain its biggest rival.

Beijing, meanwhile, has said that while it is willing to negotiate, it will not be bullied into compromising on its core principles. However, instead of backing off, Donald Trump wished to escalate the battle as the numbers suggest that it is China, because of its sheer size of exports, who will be at a loss if the trade war continues. "If the United States is willing to negotiate on an equal footing, our doors are always open".

"Some of our clients' products are headed for the U.S., so for us, the volume of orders related to the USA market has shrunk by more than half", Wang said. The Communist Party's flagship People's Daily newspaper ran a commentary last month saying China will never make decisions that "give up power and humiliate the country", a phrase used in school textbooks to describe the treaties China signed mostly in the 19th century.

On Monday, Trump told business news channel CNBC that he is ready to impose another round of punitive tariffs on Chinese imports if he can not make progress in trade talks with Xi in Osaka. "And we're going to either do a great deal with China or we're not doing a deal at all", he said.

"Tariffs are a great negotiating tool, a great revenue producers and, most importantly, a powerful way to get..." -China trade war in that he controls China's central bank while Trump must deal with a Federal Reserve that is "very destructive to us".

Earlier this morning, Trump told CNBC during a telephonic conversation that "People haven't used tariffs, but tariffs are a handsome thing when you are the piggy bank, when you have all the money". "And China will respond and they will punish the several ways".

The International Monetary Fund warned last week that a continuing U.S. "China is going to make a deal because they have to make a deal".

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