Trump to meet Xi next month after China hits US with new tariffs

US president Donald Trump said on Monday he would meet with Chinese president Xi Jingping, after China announced it would impose higher tariffs on a rage of US goods.

Trump said he would talk to Xi at a G20 summit in late June. 'Maybe something will happen,' Trump said in remarks at the White House. 'We're going to be meeting, as you know, at the G20 in Japan and that'll be, I think, probably a very fruitful meeting.'

China’s tariffs on US goods include frozen vegetables and liquefied natural gas. The tariffs are in response to Washington’s hike on $200 billion in Chinese imports, which was announced last week.

China plans to set import tariffs ranging from 5% to 25% on 5,140 US products on a $60 billion target list, from June 1.

US trade representative’s office announced it planned to hold a public hearing in June, discussing the possibility of raising duties of up to 25% on $300 billion worth of Chinese imports.

Financial markets rattled

As the Trade war between the two countries escalates, global markets are affected.

Concerns that the US and China trade wars could derail the global economy has investors anxious, leading to sharp selloffs on equities markets in the past week.

Global stocks shed a further 1.9% on Monday, marking its biggest one-day drop in more than five months.

Farmers and US businesses hit hardest

Economists say US farmers are among those most hurt by the trade war, with soybean sales to China plummeting.

Trump said on Monday he’s planning to provide US farmers about $15 billion to help those who’s products may be targeted.

Beijing said on Monday it would never surrender to external pressure. However, economists and industry consultants, say that it's US businesses that will pay the costs.

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