US President Donald Trump said that it was “highly unlikely” that he would agree to a trade war ceasefire with his Chinese counterpart when they meet in Buenos Aires next week at the G20, instead doubling down on plans to raise tariffs on $200 billion of Chinese imports to 25%.
In an interview with the Wall Street Journal, Trump also reiterated willingness to expand the duties to all Chinese goods shipped to the US.
“If we don’t make a deal, then I’m going to put the $267 billion additional on,” Trump said. The level could be either 10% or 25%, he added.
Whilst few have expressed optimism that the two sides would strike a trade agreement at the leaders’ summit, officials in Beijing have said their goal is to stopper any further tariff increases. Trump said that this is unlikely if China does not offer the required concessions.
“The only deal would be China has to open up their country to competition from the United States,” the president said. “As far as other countries are concerned, that’s up to them.”
Trump also mentioned that US-branded goods made in China and imported back, such as Apple iPhones and other consumer tech products, could be subject to duties.