U.S. Treasury chief Steven Mnuchin said Sunday President Donald Trump would be "perfectly happy" to tax more imports from China if he cannot reach a trade deal with Chinese President Xi Jinping.
Both presidents are scheduled to meet later this month at the Group of 20 meeting in Japan.
“We made enormous progress, I think we had a deal that was almost 90% done," Mnuchin told CNBC. "China wanted to go backwards on certain things” -- a charge Beijing denies.
"We've stopped negotiating," Mnuchin said, with the next steps depending on Trump's meeting with Xi in Osaka at the G-20 summit of leaders of major economies June 28-29.
Trump has already imposed tariffs on $200 billion worth of Chinese goods, but now is thinking about taxing an additional $325 billion worth of Chinese products. That would include nearly everything China exports to the U.S. The world's two biggest economies have sparred for months over a trade deal, but have not been able to reach an agreement.
Trump's threatened tariff hike came as G-20 finance ministers meeting in Fukuoka, Japan, said trade and geopolitical conflicts are risking global economic growth, but at the U.S. insistence, dropped a call to "recognize the pressing need to resolve trade tensions."
Source : VOA