US President Donald Trump threatened to hit China with tariffs on “at least” another $300 billion worth of Chinese goods but said he thought both China and Mexico wanted to make deals in their trade disputes with the United States.
Tensions between the world’s two largest economies have risen sharply since talks aimed at ending a festering trade war broke down in early May. While Trump said on 05 June 2019 that talks with China are ongoing, no face-to-face meetings have been held since May 10, the day he sharply increased tariffs on a $200 billion list of Chinese goods to 25%, prompting Beijing to retaliate.
U.S. Treasury Secretary Steven Mnuchin is scheduled to meet with People’s Bank of China Governor Yi Gang this weekend at a gathering of G20 finance leaders in Japan, the first face-to-face discussion between key negotiators in nearly a month. He reiterated that 5% tariffs on all Mexico’s exports to the United States due to start on 10 June 2019 will go ahead if progress is not made. The tariffs can rise to as much as 25% later in the year.