Ahead of G20 meeting with Xi, Trump says billions of dollars pouring into US due to tariffs on China

US President Donald Trump. Photograph:( Reuters )

WION Web Team Washington, DC, USA Nov 29, 2018, 07.23 PM (IST)

Ahead of the crucial G20 meeting with President Xi on Saturday, President tweeted today asserting that billons were pouring into US coffers because of tariffs being charged to China.

"If companies don’t want to pay tariffs, build in the USA, otherwise, let's just make our country richer than ever before!", the president said in his tweet.

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Experts around the globe are expecting a breakthrough in talks between Xi and Trump in an escalating trade war which has upset market sentiments across the world.

China's commerce ministry said today that it hoped for "positive results" in resolving a trade dispute with the United States at a G20 summit in Argentina.

The United States has levied additional duties of between 10 per cent and 25 per cent on $250 billion of Chinese goods with 10 per cent tariffs set to climb to 25 per cent next year.

"The Chinese side has repeatedly stressed that the essence of Sino-US economic and trade cooperation is about mutual benefit and win-win," the commerce ministry spokesman said.

The White House had said this week that it was open to a trade deal with China during Trump-Xi talks.

Meanwhile, US trade representative Robert Lighthizer said that the US administration officials were examining all available tools to raise US tariffs on Chinese vehicles to the 40 per cent duties that China is now charging on US-produced vehicles.

China had raised tariffs as a result of a tit-for-tat response after the US imposed  25 per cent tariff on Chinese vehicles on top of the 2.5 per cent it normally charges.

China had lowered tariffs for all other countries to 15 per cent, but imposed an additional 25 per cent retaliatory tariff on US vehicles.

As the President has repeatedly noted, China's aggressive, State-directed industrial policies are causing severe harm to US workers and manufacturers," Lighthizer said, adding,"we are continuing to raise these issues with China. As of yet, China has not come to the table with proposals for meaningful reform."

Story highlights

The White House had said this week that it was open to a trade deal with China during Trump-Xi talks.