Trump defends tariff threat against Mexico, calls it 'beautiful thing'

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The impasse has raised hopes that, on the sidelines of the G20 leaders' summit, Xi and Trump might jumpstart efforts at resolving the impasse. While the stimulus appears to have succeeded in temporarily arresting the freefall, China's authoritarian government has a habit of manipulating official economic data, and experts say there are signs that recent figures have been artificially inflated as companies "front-load" exports in anticipation of new tariffs.

If Trump decides to put tariffs on Mexican imports, he said the USA would benefit. Trump is supposed to meet Xi during 28-29 June G-20 Summit which is going to held in Osaka, Japan.

"I don't want to put their companies out of business, I want China to do well, I don't want them to do as well as us", Mr. Trump said.

The president then criticized Germany for not paying it's fair share in North Atlantic Treaty Organisation, and for buying its energy from Russian Federation.

Chinese Foreign Ministry spokesman Geng Shuang continued to refrain from confirming whether there would be a Xi-Trump meeting at the G20, saying information would be released once it was available to the ministry.

The dual fights have pitted the Trump administration against its top two trading partners. "And we're going to either do a great deal with China or we're not doing a deal at all".

US President Donald Trump said on Monday that he is ready to impose another round of punitive tariffs on Chinese imports if he can not make progress in trade talks with China's top leader at a Group of 20 summit later this month, Reuters reports.

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China has said United States demands are so extensive that they violate its sovereignty.

Vietnam had emerged as one of the top beneficiaries previous year of the Sino-U.S. trade dispute because tariff-weary shippers based in China were tapping the country as an alternative, low-tariff place to manufacture exports headed to the United States. Now we're getting a lot of money from China. Global equities rose on Monday and the U.S. dollar gained against a basket of currencies.

"To the extent that we're attempting to get China to negotiate on some of these big structural issues, like the role of state-owned enterprise, like its focus on providing industrial policy support for leading technology industries, they're not going to back down on that", Yale University economist and former Morgan Stanley Asia chairman Stephen Roach said last month.

A pact Trump reached over immigration with Mexico last week encouraged him to take a harder line with China, said White House Acting Chief of Staff Mick Mulvaney. Manufacturers in Vietnam buy extrusions from China to make doors, walls and other parts of structures.

The countries have hit each other with steep tariffs on more than $360 billion in bilateral trade, rattling financial markets and business confidence.

He also has complained that President Xi enjoys a major advantage in the U.S.

A senior Chinese official previously told USA businessmen visiting China preparations had yet to begin for either a Xi-Trump meeting or to resume trade negotiations. But he said there eventually will be a deal. In response, Mexico promised to take care of the United States' immigration problem by taking additional steps to counter the wave of asylum seekers who make their way to U.S-Mexican border following the unrest and chaos in South American countries such as Venezuela, Honduras, and Guatemala. "Because China ate the United States alive economically, and it's a shame", he said.