US-China Trade War: Trump Warns China He Has Billions Of dollars In New Tariffs Ready

And Mr Trump said: “I have $267 billion waiting to go if we can’t make a deal.”

He has long threatened to impose tariffs on all remaining Chinese imports into the US if Beijing fails to meet his demands for sweeping changes to trade, technology transfer and industrial subsidy policies.

Mr Trump and Mr Xi could meet if, as expected, they both attend next month’s G20 summit in Buenos Aires.

Chinese Foreign Ministry spokesman Lu Kang said China and the US have all along been in communication about exchanges at all levels, including a possible Xi-Trump meeting in Argentina.

Mr Lu said if the US was not willing to promote win-win cooperation then China is fully confident in being able to continue with its reforms and develop itself.

White House Press Secretary Sarah Sanders declined to elaborate on further tariffs and only said that she hoped the meeting between Trump and Xi goes well.

The final list of goods would largely hit consumer products and capital goods, which the Trump administration has so far spared, and likely would push up prices for many US businesses and consumers.

Economists and US companies have warned that the increased costs from the tariffs could hurt the American economy.

China saw its currency reach its lowest point in a decade on Tuesday while the threat of new tariffs remains.

The Yuan’s value remains a major concern as there are worries that it will lead to slow growth in China with the potential for it to fall even further in the coming months.

On Tuesday, the currency’s midpoint was set at 6.9574 per dollar.

This was weaker than the previous 6.9377 per dollar in May 2008.

Credit: Express