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Trump Announces 'Extended Meeting' With Chinese President At G20

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President Donald Trump announced on Tuesday that he is going to have an "extended meeting" with his Chinese counterpart at the G20 summit later this month.

Trump revealed the news in a post on Twitter, reviving hopes of a long-pending trade deal between the two economic powerhouses.

Trump said both sides agreed on talks after he had a "very good" telephone conversation with Chinese President Xi Jinping.

"We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting," he added.

In a news conference last week, Trump said that he he will make a decision on tariffs after meeting Xi at the G20 summit in the Japanese city of Osaka.

He also said that he has not yet set a deadline for imposing a 25 percent import duty on Chinese goods that are not yet subject to levies and that he had "a feeling" a deal could be reached.

The Trump administration has already imposed 25 percent tariffs on $250 billion worth of Chinese goods, ranging from semi-conductors to furniture.

Earlier this month, he issued a fresh threat of imposing tariffs on nearly all of the remaining Chinese goods exported to the U.S., including products such as cell phones, computers and clothing.

In a letter addressed to U.S. Trade Representative Robert Lighthizer on Monday, top Democratic Senator Dianne Feinstein, D-Calif., called on the Trump administration to not escalate the trade war with China by placing a 25 percent tariff on additional items.

"Tariffs are a tax on Americans that are paid by American importers and typically passed along to American consumers," Feinstein wrote.

She added, "The primary impact of the proposed tariffs will be to damage our own citizens, businesses, and economy."

Quoting estimates by the Federal Reserve Bank of New York and the Tax Foundation, Feinstein said that existing tariffs on China already cost the average America family of four more than $800 per year. The Tax Foundation estimates the proposed new tariffs would increase that cost to nearly $2,000 per year.

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