Trump ready to hit more tariffs on China after G20 meeting

United States President Donald Trump said on Monday that he stands ready to hit China with more tariffs on at least $300bn worth of goods if he and China's President Xi Jinping are unable to come to a trade deal later this month at the Group of 20 summit in Japan.

Last month, two days of talks between the two countries ended without a deal.

Trump continues to say he is expecting to meet with China's leader during the summit, scheduled for June 28-29 in Osaka, Japan. But China has yet to confirm any meeting with Trump, and the two nations' trade negotiating teams have not met since May 10.

In comments to reporters on Monday, Trump said he still thought the meeting with Xi would happen.

“We are scheduled to talk and to meet. I think interesting things will happen. Let’s see what happens,” Trump told reporters at the White House.

The United States has already imposed 25% tariffs on $250 billion worth of goods.

On Monday, China's foreign ministry said the country is open to more trade talks with Washington, but has nothing to announce about a possible meeting.

Trade tensions between the world's two biggest economies increased in May after the Trump administration accused China of going back on promises to make structural economic changes during months of trade talks.

The US is seeking significant changes, including an end to forced technology transfers and the theft of US trade secrets. It also wants curbs on subsidies for Chinese state-owned enterprises and better access for US firms in Chinese markets.

On May 10, Trump imposed higher tariffs of up to 25 percent on $200bn of Chinese goods and took steps to levy duties on an additional $300bn in Chinese imports. Beijing then retaliated with tariff hikes on a revised list of $60bn in US goods.

The escalating trade war between the world's two largest economies has rattled financial markets with worries that it could further disrupt global manufacturing and supply chains and push an already slowing global economy into recession

On Sunday, International Monetary Fund Managing Director Christine Lagarde said resolving the current trade tensions should be the top priority for G20 economies.