US President to meet his Chinese counterpart amid escalating trade war
14, May 2019
Prelims level : Aim and Goals of G20 Summit. Mains level :
- US President Donald Trump will meet Chinese President Xi Jinping at the G20 summit at Osaka in Japan next month amid latest escalation in trade tensions between the two countries.
- Trump expressed hope that his meeting with Xi will be very fruitful.
- China increased tariffs on 60 billion dollars worth of American goods in a tit-for-tat to US move to raise tariffs on 200 billion dollars worth of Chinese imports.
- After the near collapse of trade talks with China, US on Friday imposed punitive duties on 200 billion dollars worth of Chinese imports, raising them to 25 per cent from 10 per cent.
- China’s retaliation came hours after the US President warned China not to impose retaliatory tariffs on American products.