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Trump Threatens More Tariffs On China If President Xi Skips G20

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Just days after claiming the threat of tariffs forced Mexico to take steps to address the migrant crisis, President Donald Trump indicated he intends to double-down on the tactic to advance American interests in trade talks with China.

Trump argued during an interview on CNBC's "Squawk Box" on Monday that existing tariffs on Chinese imports will force China to make a deal and threatened to impose more tariffs if Chinese President Xi Jinping does not attend a planned meeting at the G-20 summit later this month.

"People haven't used tariffs, but tariffs are a beautiful thing when you're the piggy bank, when you have all the money," Trump said. "The China deal is going to work out. You know why? Because of tariffs."

"Right now China is getting absolutely decimated by companies that are leaving China, going to other countries, including our own, because they don't want to pay the tariffs," he added. "China's going to make a deal because they're going to have to make a deal."

Trump also indicated he would immediately follow through on a threat to impose new tariffs on another $300 billion worth of Chinese goods if he does not meet with Xi at the G20 in Japan.

The U.S. and Chinese presidents are currently still expected to meet at the summit scheduled for June 28th and 29th, with Trump saying he'd be surprised if Xi did not attend.

Trump was asked about the summit after a CNBC correspondent in Beijing said China wouldn't confirm a meeting between the two leaders.

Trade talks between the U.S. and China collapsed last month, leading Trump to raise tariffs on $200 billion worth of Chinese goods.

The president seemingly decided to call in to CNBC after U.S. Chamber of Commerce Executive Vice President Myron Brilliant told the business news network that Trump's "weaponization of tariffs" is going to hurt the country.

Trump argued the Chamber of Commerce is "probably more for the companies and the people that are members" than for the American people.

The comments from Trump come after the U.S. and Mexico reached an agreement to avert threatened tariffs on all Mexican imports.

Trump revealed in a post on Twitter late Friday that the 5 percent tariff he threatened to impose on Mexican imports beginning Monday has been "indefinitely suspended."

The suspension of the tariff threat comes as the two countries signed a deal Trump claims will help stop the flow of migrants through Mexico and into the U.S.

However, some analysts have questioned the impact of the steps being taken by Mexico, arguing Trump threatened to derail a key economic partnership for a deal that ultimately maintains the status quo.

Trump also warned on Twitter that the tariffs will be reinstated if Mexico's legislative body does not approve an unrevealed but "very important" part of the deal.

House Speaker Nancy Pelosi, D-Calif., has accused Trump of using "threats and temper tantrums" as a tool to negotiate foreign policy."

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