Trump threatens to hike tariffs on China if deal not reached

President Donald Trump said the U.S. will "substantially raise" tariffs on Chinese imports if talks aimed at ending a trade war fail to produce an interim agreement, Bloomberg reports. 

"If we don’t make a deal, we're going to substantially raise those tariffs," he said in a Nov. 12  speech, according to Bloomberg. "They're going to be raised very substantially. And that’s going to be true for other countries that mistreat us too."

President Trump and Chinese President Xi Junping had planned to sign what has been called a "phase one" deal in Chile this month, but that was canceled due to social unrest in the country.  A new site hasn't been announced.

News of the potential tariff hikes comes as medical device companies struggle to find relief from the tariffs already imposed on Chinese imports by the Trump administration. 

President Trump has imposed tariffs on about $2 billion worth of medical devices, equipment and supplies made in China, including MRIs, X-ray equipment and gloves. China has levied retaliatory duties on almost $5 billion worth of U.S. med tech exports.

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