Donald Trump warns China he won't back down on trade tariffs

New Tariffs Could Hit Laptops, iPhones, Trump Says

Trump may slap tariffs on iPhones: Report, Latest World News

Remember that the president's saber rattling against China has included a threat to impose tariffs on all US$500 billion worth of goods the USA imports from China, and "all" would seem to include cellphones and computers, which are the top two categories of USA imports from China based on value of goods.

Less than an hour before tweeting that the meeting was off, Trump told reporters gathered on the South Lawn of the White House that "we haven't terminated that meeting".

Donald Trump is scheduled to arrive in Buenos Aires on Thursday evening, where more than 20,000 law enforcement personnel are deployed in a country ravaged by the economic crisis, while anti-G20 protests are scheduled. Trump intends to raise existing tariffs from 10% to 25%, while also looking at other imports that don't now have tariffs imposed on them.

"Now I think it's really been stripped bare", he said, adding there was an opening for a leader like Macron or Canada's Justin Trudeau to make a splash in Argentina by standing up for liberal values.

For starters, US Trade Representative Robert Lighthizer on Wednesday slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies and threatened tariffs on Chinese autos.

New Tariffs Could Hit Laptops, iPhones, Trump Says

Trump thinks his tariffs are paid by exporters, but they are ultimately a tax on United States consumers and shareholders.

He will also highlight the risks posed by oil price volatility and raise the issue of combating terror financing and money laundering.

Of course, Apple is far from the only USA tech company to be potentially affected, though it's certainly among the most high-profile.

"I happen to be a tariff person because I'm a smart person, OK?" he told the Wall Street Journal. "So, on diverse issues, we need to focus on strengthening institutions such as the New Development Bank", Sachin Chaturvedi, Director General of Research and Information System for Developing Countries (RIS), a think tank under the Ministry of External Affairs said.

En route to Argentina, Xi said in Spain on Wednesday that his government would indeed boost protection of intellectual property, although foreign companies in China complain they have heard such promises before.

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Later he described what he said was the "bottom line" in the dealings with China. However again, to repeat, the president said there is a good possibility that we can make a deal and he is open to it.

"What I'd advise is for them to build factories in the United States and to make the product here", Trump said "And they have a lot of other alternatives".

At this juncture, Lam believes Trump has the advantage in their meeting because of the relative strength of the American economy as China tackles slowing growth for the first time since opening up in the late 1970s. "We have an opportunity to extend that optimism, break some new ground", Kudlow said.

Higher auto tariffs on China would have a limited impact.

Kudlow says the Trump administration has been "extremely disappointed" by China's engagement in trade talks but the meeting between Trump and Xi on the sidelines of the Group of 20 summit could be a game-changer.

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Donald Trump has raised the stakes in the escalating global trade dispute between the US, China and some of America's traditional allies ahead of a major gathering of world leaders this week.

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Stephen Bartholomeusz is an Australian business journalist.

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