Trump again threatens PRC with further $300 bn in tariffs

07 Jun '19

2 min read

Donald J. Trump/Pic: White House

US President Donald Trump yet again threatened China with tariffs on 'at least' another $300 billion worth of Chinese imports. "Our talks with China, a lot of interesting things are happening. We'll see what happens... I could go up another at least $300 billion and I'll do that at the right time," he said on June 6 in Ireland’s Shannon on his way to France.

Trump said he thought both China and Mexico want to make deals in their trade disputes with the United States, according to a global newswire.

The two sides have not face to face since May 10, on which the US President increased tariffs on a $200 billion list of Chinese imports to 25 per cent, followed by Beijing’s retaliation.

The Chinese commerce ministry also said on June 6 that Beijing would have to adopt necessary countermeasures if Washington unilaterally escalates trade tensions and that the US pressure has caused serious setbacks to the trade talks.

The International Monetary Fund warned on June 5 that escalating tariff threats were sapping business and market confidence, and could slow global growth that is currently expected to improve next year. US treasury secretary Steven Mnuchin is expected to meet People's Bank of China governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan.

After saying that "not enough" progress on ways to curb migration was made when the two sides met on June 5, Trump said Mexico had made progress in the talks but needed to do more.

He reiterated that the 5 per cent tariffs on all Mexican imports due to start on June 9 will go ahead if progress is not made. The tariffs can rise to as much as 25 per cent later. (DS)

Fibre2Fashion News Desk – India

More Textiles News - Ireland...