US Relationship With China Good, but Testy

US Relationship With China Good, but Testy

A Chinese Foreign Ministry spokesman has refrained from saying if President Xi Jinping intends to meet with U.S. President Donald Trump during a summit in Osaka later this month. If applied, the additional tariffs would see virtually all of China's exports to the USA hit with duties.

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White House economic adviser Larry Kudlow told CNBC yesterday that Trump is hoping to "pick up where we left off" in the talks with Xi. "When you have all the money, everyone is trying to get our money", the president told CNBC's "Squawk Box" when he called into the show on Monday.

Last month, the US accused China of reneging on provisions of a tentative trade deal, bringing talks to a halt.

The United States kicked off a tariff battle with China in 2018, seeking sweeping structural changes from Beijing.

"He can do whatever he wants", Trump said in the interview.

By contrast, he said, China President Xi Jinping's effective control over the country's monetary policy gives it an advantage.

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Trump accused Beijing of reneging on promises to meet USA demands to extend protection of intellectual property, end state-sponsored cyber theft, open more markets to U.S. firms, and reduce industrial subsidies.

In retaliation, China has slapped tariffs on $110 billion worth of United States goods.

China's foreign ministry said on Monday that China is open to more trade talks with Washington but has nothing to announce about a possible meeting.

Last but not least, the US-China escalating trade war has already had an adverse impact on the rest of the world. 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.

While the president has said on multiple occasions that the two leaders are scheduled to meet during the summit, the Chinese regime has refused to confirm the engagement. "We have noted that the USA publicly stated many times that it looks forward to arranging a meeting between the Chinese and USA presidents on the sidelines of the G-20 summit". Manufacturers in Vietnam buy extrusions from China to make doors, walls and other parts of structures.

Almost a year after Trump began imposing the higher tariffs to ramp up pressure on Beijing, hopes are focused on a possible top-level compromise to break a stalemate in talks that were suspended last month. "But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance". "Let's see what happens", he said in response to a question.

"Tariffs are a great negotiating tool", Trump tweeted, one day after saying he was ready to impose another round of punitive tariffs on China.

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