U.S. likely to impose more tariffs on China if new trade deal isn't reached.
U.S. trade representative Robert Lighthizer said before the Senate Finance Committee on Tuesday that the U.S. is ready to place more tariffs on China if it can't agree to a new trade deal.
Talks between the two nations are expected to resume when Trump and Chinese President Xi Jinping meet at the G-20 Summit in Japan next week. Markets immediately surged at that news. Earlier this year, President Trump announced tariffs on $250 billion dollars of Chinese goods. The Chinese retaliated with a counter tariff on $110 billion worth of U.S. goods.
But committee Democrats presented a united front arguing that the USMCA needs to have a more clear enforcement mechanism between all the signing countries.
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