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Trump says he expects to raise tariffs on US$200b of Chinese imports to 25%

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to United States competition.

Those products are part of a $267 billion list of goods that Trump has spared, so far, from his tariffs.

All three major USA indexes finished positive after spending much of the session in negative territory, as Kudlow said there is an opportunity to "turn the page" on a trade war with China.

Hugo Erken, senior economist at the bank, said: "An ongoing trade war between the world's two largest economies has much broader ramifications that transcend their own borders ... in a globalised economy, there are no real winners from such policies".

He also said it was "highly unlikely" that he would delay raising rates for the $200bn of goods already subjected to tariffs.

Kudlow said the administration has been "extremely disappointed" by China's engagement in trade talks but the meeting between Trump and Xi on the sidelines of the Group of 20 summit could be a game-changer.

US President Donald Trump said on Tuesday he may cancel his scheduled meeting with Russian President Vladimir Putin at the G20 summit in Argentina because of Russia's maritime clash with Ukraine. Trump's threat comes as the tech giant weathers concerns about slowing demand for the iPhone that have pushed company shares into a bear market in recent days.

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If the two sides fail to reach a deal, Trump said he will also impose tariffs of either 10 per cent or 25 per cent on the remaining US$267 billion in annual USA trade with China.

"If we don't make a deal, then I'm going to put the $267bn additional on", he told the newspaper, referring to the remainder of Chinese imports which so far have not been hit with tariffs.

"I am conservatively optimistic that can be done", he added.

Trump is also set meet with Chinese President Xi Jinping over dinner this weekend, in what may be a pivotal session to determining if and how the ongoing trade dispute between their two countries could be resolved. Asian markets were little changed, showing resilience despite US President Donald Trump's comments that seemed to dim hopes of a trade truce with China. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

Twelve of the Ukrainians were brought to a court in Simferopol, Crimea's capital, for a pre-trial hearing in which a judge ordered them held until January 25, pending trial, Russian state news agencies reported.

'In the manufacturing chain, China occupies the low end and middle section, while the United States is on the middle to high end.

China has retaliated but has less room to manoeuvre as the U.S. buys much more from China than it exports there.

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