Trump says Federal Reserve policies are "very destructive" to US economy

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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. Despite China vowing retaliation in response, Trump believes tariffs are a key negotiating tool.

Speaking at a White House press conference after meeting with the president of Poland, Trump said that he predicts a deal will be reached, but warned that, failing this, the levies would be applied.

The comments from Geng came before both Chinese President Xi Jinping and President DonaldTrump travel to Osaka, Japan, for the G-20 summit later this month. "Unless they go back to that deal I have no interest".

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. Trump noted that China's president, by contrast, is essentially also head of the Chinese central bank. He said yesterday that China would "fight to the end" if Washington escalates trade fictions.

China will not make concessions on matters of principle, ministry spokesman Gao Feng told reporters at a regular briefing.

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Trump also criticized the Federal Reserve, big tech companies, General Motors, the U.S. Chamber of Commerce, and the European Union.

Many US business groups oppose the tariffs, with companies anxious about slowing demand as they pass higher prices along to consumers and manufacturers across a range of products.

"Right now, we're getting 25 per cent on USD250 billion worth of goods".

Later addressing a renewable energy meeting in Iowa, Trump said that the "colossal trade deficits" financed the build up of China's infrastructure, military and technology at the expense of the American taxpayer.

"The markets, I think, are getting exhausted of the constant threats". He added, "But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance".

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Sources familiar with the matter, including officials and diplomats in Washington and Beijing, say there has been a lack of preparatory work for the meeting, due largely to the increasing acrimony. Who is going to pay the cost this time?

The arguments for Xi to meet Trump mostly revolve around the need to prevent greater economic damage. "And China will respond and they will punish the several ways".

Trump accused Beijing of reneging on promises to meet USA demands to extend protection of intellectual property, end state-sponsored cyber theft, open more markets to U.S. firms, and reduce industrial subsidies. The president has pushed for greater protection of intellectual property, and although China fast-tracked a new law to protect foreign investors in March, the changes have not placated Trump.

That was despite the U.S. warning it could still impose tariffs in the future if Mexico failed to satisfy its border control demands.

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