Trump calls French wine tariffs unfair, vows to ‘do something' about it

President Donald Trump said if Chinese President Xi Jinping did not attend the G20 meeting tariffs would go into effect immediately

President Donald Trump said if Chinese President Xi Jinping did not attend the G20 meeting tariffs would go into effect immediately

Trump often boasts of "a great relationship" with Xi, noting the Chinese leader is "actually an incredible guy".

Asked whether Facebook, Google and Amazon are too big and need broken up, President Trump responded by saying "they discriminate against me", claiming that the "real collusion is between the Democrats and these companies".

The EU has approved two areas for negotiation - one to cut tariffs on industrial goods, the other to make it easier for companies to show products meet EU or U.S. standards.

Trump said last week he would decide after the meeting of the leaders of the world's largest economies whether to carry out a threat to impose tariffs on at least $300 billion in Chinese goods.

The two sides seemed to be close to striking a bargain until talks stalled last month.

Chinese authorities say the United States is exaggerating security concerns to block a potential competitor. If the U.S.is ready to have equal consultations, our door is wide open.

Many US business groups oppose the tariffs, with companies anxious about slowing demand as they pass higher prices along to consumers and manufacturers across a range of products.

Last month he threatened to slap tariffs on a further $300 billion of goods - virtually everything American companies import from China - if no breakthrough is achieved. Putin, who has encountered his own difficulties trying to stabilize the struggling Russian economy, boasted in turn that relations between the two countries had "reached an unprecedented level".

President Trump called tariffs a "beautiful thing" and credited his use of them with forcing Mexico to reach a deal with the USA on immigration and predicted the duties will also pressure China to give in on trade.

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"The China deal is going to work out". And you know what, it's not fair.

In a game of tit-for-tat, Trump added, China will lose simply because they have far fewer US imports they can target. They don't want to exactly say that, so they go out and try to buy the companies.

Washington and Brussels are preparing to begin negotiations on a trade deal to resolve a battle Mr Trump began previous year by putting tariffs on steel and aluminum.

"We made enormous progress, I think we had a deal that was nearly 90% done", Mnuchin told CNBC.

"I believe if China is willing to move forward on the terms that we were discussing, we'll have an agreement", Mnuchin said.

Twitter reactions to the possible hint at a new USA trade war target were not long in coming, with some noting the tariffs would have to be applied to the European Union bloc, while others mocked the very idea.

Geng said that if the USA was ready to hold "equal consultations" the door was wide open.

"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique. Many economists have criticized Trump for an overly simplistic if not erroneous fixation on the trade balance as the key issue in bilateral economic relations.

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