US President to meet his Chinese counterpart amid escalating trade war

US President Donald Trump has said that he will meet Chinese President Xi Jinping at the G20 summit at Osaka in Japan next month amid latest escalation in trade tensions between the two countries. Trump expressed hope that his meeting with Xi will be very fruitful. 

China yesterday increased tariffs on 60 billion dollars worth of American goods in a tit-for-tat to US move to raise tariffs on 200 billion



dollars worth of Chinese imports.

After the near collapse of trade talks with China, US on Friday imposed punitive duties on 200 billion dollars worth of Chinese imports, raising them to 25 per cent from 10 per cent.

China's retaliation came hours after the US President warned China not to impose retaliatory tariffs on American products.