Trump says US to move ahead with New China Tariffs if talks with Xi fail

US President Donald Trump in an interview said that he would slap tariffs on an additional $267 billion worth of Chinese imports if he fails to make a deal with President Xi Jinping in Argentina later this week.

Earlier in the day Trump told reporters that if China treats the United States fairly he could negotiate a trade agreement with Xi on the sidelines of the upcoming G20 Summit, which is being held in Buenos Aires on November 30-December 1.

"The only deal would be China has to open up their country to competition from the United States," Trump said in an interview with the Wall Street Journal published on Monday. "If we don't make a deal, then I'm going to put the $267 billion additional on."

Trump said the new tariffs would be at a rate of 10 to 25 percent and could include duties on products like iPhones and laptops imported from China.

He also said it was "highly unlikely" that the United States will hold off on the imposition of 25 percent tariffs on an initial $200 billion in targeted Chinese exports.

China and the United States became embroiled in a trade dispute after Trump unveiled new steel and aluminum import duties in March.

Tensions escalated in May when the Trump administration announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, prompting a retaliation from Beijing.

Since then, the Trump administration has imposed tariffs on $250 billion worth of Chinese goods, prompting China to respond by imposing reciprocal tariffs.