The United States will likely impose new tariffs against Chinese imports if talks between US President Donald Trump and China President Xi Jinping fail to put an end to the ongoing trade dispute, Bloomberg News reported three sources familiar with the matter. The two Presidents are expected to meet next month at the G-20 summit in Buenos Aires, Argentina.
The new tariff rates on Chinese imports will likely be announced as early as December and target the rest of the imports from China that are not already subject to tariffs. As per the Bloomberg report, the total would amount to about $257 billion worth, adding onto the $250 billion worth of goods already subject to additional tariffs. If in case the two leaders fail to come to a trade agreement, the final round of tariffs could go into effect in February, right in time for the Chinese Lunar New Year celebration.
The Trump administration has been steadily imposing tariffs on Chinese exports to the country since June this year as part of its efforts to force Chinese leadership to the negotiation table over its unfair trade practices. China has also responded back by imposing tariffs on US imports.
Notably, nothing specific has yet been announced related to Trump and Jinping’s meeting agenda. White House Press Secretary Sarah Huckabee Sanders also declined to offer details when asked about the importance of the meeting. She only said that she hoped the meeting between Trump and Xi goes well.
“I’m not going to get ahead of the conversation,” Sanders said on Monday. “You have two of the most powerful leaders in the world. I think that’s consequential no matter how you look at it and we’ll see what happens when they sit down.”
Meanwhile, in an interview with Fox News on Monday, Trump said: “I think we will make a great deal with China, and it has to be great because they’ve drained our country.”