President Donald Trump said substantial additional U.S. tariffs would be placed on goods from China if there’s no progress on a trade deal after his planned meeting with Chinese counterpart Xi Jinping at the G-20 Summit in Japan.
“My Plan B with China is to take in billions and billions of dollars a month and we’ll do less and less business with them,” Trump said Wednesday during an interview with Fox Business Network’s Maria Bartiromo.
Trump has previously said he may decide to raise tariffs on the remaining $300 billion of Chinese imports if he doesn’t like what he hears from Xi at this weekend’s summit in Osaka. The two leaders are expected to meet Saturday — something financial markets worldwide will be watching carefully.
U.S. stock futures pared gains after the president’s comments. Shares rose earlier after Treasury Secretary Steven Mnuchin reiterated he was “hopeful” for an eventual trade deal as leaders of the two countries prepare to meet at the G-20 summit.
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