The G-20 gathering of major world economies is meeting in Osaka, Japan, on June 28 to 29. A major focus is whether President Donald Trump will meet with China’s leader Xi Jinping and whether they will be able to resolve the ongoing trade dispute between the two countries.
China has not confirmed that a meeting will occur between President Trump and Xi and questions have been raised as to whether Xi may even attend the summit.
President Trump addressed this and other issues about China trade in an interview with CNBC’s “Squawk Box” on Monday.
The president was asked that if Xi does not attend the summit would it mean the United States would impose tariffs on an additional $300 billion of Chinese goods.
“Yes, it would. And I think he will go and I think we are scheduled to have a meeting. I think he’ll go,” said the president, adding, “He’s for China, I am for the U.S., so we are going to have our differences. But I think the differences can be worked out very easily. I would be surprised if he didn’t go. I think he is going, I haven’t heard that he’s not.”
In July 2018, President Trump began imposing tariffs on Chinese goods. The tariffs have gradually increased over time as the Chinese communist regime has been reluctant to make changes to issues of U.S. and international concern, which have benefitted China economically as well as advancing the country’s technological and military capabilities.
The tariffs currently stand at 25 percent on $250 billion worth of Chinese goods with tariffs to be added to an additional $300 billion if a trade deal is not agreed upon.
The president stated a position of strength whether or not he meets with Xi. “We’re expected to meet. If we do, that’s fine and if we don’t, that’s fine. Look, from our standpoint, the best deal we can have is 25 percent on $600 billion, OK? And then those companies are going to move into other locations and they are going to send—and there won’t be a tariff.”
The president expressed confidence in the American business people to adapt and benefit from any changes, which may take place.
“You know, our business people in this country are very sophisticated. They are very good. If a product goes up in price, they go to Vietnam or they go to one of many other countries or they make the product in the United States, which is my favorite. But that’s what will happen. No, if we don’t have a deal—if we don’t make a deal, then we will be raising the tariffs, meaning putting the tariffs on more than—you know, we’ve only taxed 35% to 40% of what they send in. They have another 60% and that’ll be taxed absolutely.”
Other issues of concern involving China may also be discussed by President Trump in a potential meeting with Xi at the G-20. In pursuing their stated goal of global domination the Chinese regime has been using multiple tactics which have been deemed unacceptable by the Trump administration.
Those tactics include forced transfer of sensitive technology from foreign companies as a pre-condition for doing business in China; intellectual property theft; hacking the computer systems of American companies to steal valuable research, development and technology; and excessive subsidizing of Chinese companies, giving them unfair global trading advantages.
In the interview President Trump expressed confidence in the position of the United States in their negotiations with China.
“Tariffs are a beautiful thing when you’re the piggy bank, when you have all the money. Everyone is trying to get our money. China. And the China deal is going to work out. You know why? Because of tariffs. Because right now China is getting absolutely decimated by companies that are leaving China, going to other countries including our own, because they don’t want to pay the tariffs. And China will, in my opinion, based on a lot of facts and a lot of knowledge, China is going to make a deal because they are going to have to make a deal.”