Tit-for-tat: China ready to respond if U.S. escalates trade war

MT PLEASANT WI- JUNE 28 President Donald Trump speaks to guest during a groundbreaking ceremony for the $10 billion Foxconn factory complex

"I think he'll go, and I have a great relationship with him, he's actually an incredible guy, he's a great man, he's very strong, very smart, but he's for China and I'm for the United States". I think interesting things will happen.

But fears over a slowing US economy are beginning to set in as investors sit on cash because they are not sure how the trade war will turn out.

White House Council of Economic Advisers Chairman Kevin Hassett on trade tensions with China, the state of the USA economy, the outlook for Federal Reserve policy and his upcoming departure from the White House.

Negotiations to resolve the dispute stalled last month after Washington increased tariffs on $200 billion worth of Chinese imports, sparking retaliation from Beijing.

In reality, China's recent outreach to Russian Federation is nothing but a desperate cry for help - the communist regime is incapable of keeping up with the booming US economy or maintaining the sky-high GDP growth necessary to mollify its oppressed population while it struggles under American tariffs.

The U.S. Trade Representative office has launched the process to impose the huge new duties, with a hearing scheduled for June 17 - but Trump has said he has yet to decide whether he will ultimately impose the levies.

Washington has put Huawei on a blacklist that effectively bars US firms from selling to the company without government approval.

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Earlier on June 10, China's Foreign Ministry, in a regular news briefing, would not confirm whether a meeting was scheduled between the two leaders at G20.

Tellingly, Xi refuses to acknowledge his country's economic weakness, insisting that "China's economy bears the supporting conditions for stable, healthy, and sustainable growth". They don't want to exactly say that, so they go out and try to buy the companies.

US Commerce Secretary Wilbur Ross on Tuesday downplayed this month's summit in Japan, saying it would not be "a place where anyone makes a definitive deal".

The International Monetary Fund (IMF) also recently concluded that USA tariffs have had a "significant" impact on China, causing the IMF to lower its forecast for China's future growth.

CNBC returned to the question of regulation of big tech a few minutes later, asking President Trump to put his personal feelings aside to comment on whether the tech titans need regulation.

Later in the interview, President Trump was asked about 5G, Huawei and the Sprint-T-Mobile merger, and he complimented the geniuses in Silicon Valley.

"But he's for China and I'm for the United States - it's a very simple stat".

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