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Tit-for-tat: China ready to respond if United States escalates trade war

Tit-for-tat: China ready to respond if United States escalates trade war

On Monday, Trump told business news channel CNBC that he is ready to impose another round of punitive tariffs on Chinese imports if he can not make progress in trade talks with Xi in Osaka.

On China, Trump was confident that a deal could be reached but played down the risks to the US economy if there is no deal.

While both Donald Trump and his commerce secretary, Wilbur Ross, said this week that they ultimately expect a trade deal with China will materialize, the United States president was combative in comments Tuesday.

A day earlier, he threatened to raise tariffs if President Xi Jinping doesn't meet with him at the upcoming Group of 20 (G-20) summit in Japan.

The president then criticized Germany for not paying it's fair share in North Atlantic Treaty Organisation, and for buying its energy from Russian Federation. "Because now they respect us, they didn't even respect us", the president said in a surprise interview with CNBC's "The Squawk Box". If they want to come back to the table and complete the deal on the terms that we were continuing to negotiate, that will be great. Manufacturers in Vietnam buy extrusions from China to make doors, walls and other parts of structures.

The note calls the tariffs "a very bold move for Vietnam to enact" as "a country that has emerged as the region's largest beneficiary nation of the (Sino-U.S.) trade war". Besides tit-for-tat tariff increases, the US has blacklisted Huawei Technologies Co. and threatened other major Chinese tech companies, while Beijing is drawing up a list of "unreliable entities" that could face restrictions.

Trump has previously said his administration is now taxing "35 percent to 40 percent" of Chinese goods the USA imports.

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The spike in imports from China had hurt Vietnam's own aluminum industry and put it at risk of more scrutiny by the government of U.S. President Donald Trump, economists believe. "They're going to other countries", Trump said.

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.

The U.S. State Department and Office of the United States Trade Representative did not immediately respond to Newsweek when asked about the comments from Shi.

"Whether they meet or not, none of the possible scenarios are good for President Xi or the economy in the long run", said Zhang Jian, an associate professor at Peking University. So far, this hasn't happened but he is anxious that the USA lost its opportunity to take China on multilaterally. Who is going to pay the cost this time?

Sources familiar with the matter, including officials and diplomats in Washington and Beijing, say there has been a lack of preparatory work for the meeting, due largely to the increasing acrimony.

Trump maintained that he had a "great relationship" with Xi despite the rise in trade tensions between their two countries. In the process, the U.S President has not only aimed at China but also targeted the long-term trade allies of the United States Canada, Mexico, and European partners.