China mum on plan for Japan meeting with Trump

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"China does not want to fight a trade war, but we are not afraid of fighting a trade war", he said, adding China's door was open to talks based on equality.

China, badly hurt by increased American import tariffs, is desperate to have a trade deal with the US, President Donald Trump has asserted, as the trade war between the two economic giants appeared set to escalate in the coming weeks.

While Trump has repeatedly suggested that he will meet Chinese President Xi Jinping at the Group of Twenty summit in Japan later this month, China's Foreign Ministry declined to confirm such a meeting.

Donald Trump has approved tariffs as high as 25% on $200 billion worth of Chinese exports to the United States citing that the balance to trade is tilted in favor of China.

Though neither side has confirmed that a meeting will take place, investors worldwide who have seen over a trillion USA dollars wiped from global markets in the past month by the trade fight will be closely watching any interaction between the two men.

Trump again claimed that Chinese exporters bear the burden of the tariffs, refuting the consensus of economists that the costs are largely born by United States citizens in the form of higher prices.

Wall Street ended its six-day winning streak as investors chose to take a breather - with no fresh catalyst to spur the market, but plenty of risks from the US-China trade war still ahead.

Earlier, Ross told CNBC that it was unlikely the dispute will be resolved at the upcoming summit, saying it would not be "a place where anyone makes a definitive deal".

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"We'd like to go back to where we were a month ago, where we have a very good basis", Kudlow said.

"China will subsidise their product because they want to keep people working. They ate us alive", Trump said. "If the U.S. insists on escalating trade frictions, we will respond firmly and keep it company to the end".

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Last month, Joe Biden thought China was "not competition for us".

President Trump vowed Tuesday that, during his presidency, he will prevent China from ripping off the United States.

In the past, Russia's relative economic impotence made it a relatively unattractive partner for Beijing - but today, the hard-pressed Chinese government simply has no other choice but to reach out for any lifeline it can find. And China ate our country alive during Obama and Biden.

Trump maintained that he had a "great relationship" with Xi despite the rise in trade tensions between their two countries. In early May, President Trump increased tariffs on Chinese imports worth $200 billion, and China retaliated by increasing tariffs on the USA imports beginning June 1. We need to get tough with China.

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