The U.S. government is planning to impose additional tariffs on Chinese imports into the country if the upcoming Donald trump-Xi Jinping meet does not yield desired results. These tariffs would come on top of the additional $250 billion worth of existing tariffs that were imposed this year.
The leaders of the two countries are scheduled to meet on the sidelines of a Group of 20 Summit in Buenos Aires in November.
According to a Bloomberg report, the Trump Administration is looking at making public the list of goods that would be taxed in early December. However, a final decision has not been made yet but this report indicates that the U.S. government is unwilling to back down and does not mind escalating the trade war.
The U.S. this year has already imposed tariffs on US$250 billion in trade with China. Ten per cent tariffs on US$200 billion in imports that took effect in September are due to increase to 25 per cent on January 1 of 2019.
If Donald Trump goes through with the final round of tariffs then the U.S. would have imposed import tariffs on all products originating from China which was worth US$505 billion in 2017.
The U.S. President thinks that the trade war is going well and he indicated that he will emerge the winner from the trade war with China. “We are in the middle of a pretty nasty dispute. We’re in a trade dispute – I want to use that word because it’s a nice, soft word – but we’re going to win,” Trump said on Saturday at an election event in Indiana. “You know why? ’Cause we always win,” the president said.
But, the Chinese government has not confirmed if they want to talk trade during the meet as multiple Chinese officials have expressed their displeasure over the lack of coherence of the messages that come out of the Trump Administration.
White House Press Secretary Sarah Huckabee Sanders on Thursday said a meeting between Trump and Xi at the November 30-December 1 summit was still in the planning stages.