US and China When the G20 economic summit is held next month in Japan, all eyes will be on President Trump and Chinese President Xi Jinping. There's more than a good chance the two will meet in person during the summit to discuss the ongoing trade battle between the two countries, White House economic advisor Larry Kudlow said. Last week the Trump administration raised tariffs on $200 billion of Chinese goods to 25%. Kudlow said the Chinese will retaliate. Talks between the countries ended without a deal on Friday, and no new talks have been scheduled. President Trump feels he can wait out the economic damage because he says the Chinese will pay the tariffs. But even Kudlow admits that's not really true: US companies pay the tariffs, and those extra costs are often passed on to consumers. |
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