Investment guru doesn’t hold out much hope that any sort of U.S. trade cease-fire will be forged with China anytime soon.
"I think we are at war against the Chinese, and it's not over. And the war is not just trade," Cramer explained on CNBC.
President Donald Trump has slapped tariffs on $250 billion in Chinese products, in a push to narrow the U.S. trade deficit and push back against what the U.S. views as predatory Chinese tactics on the high technology industry, the Associated Press reported. Beijing has retaliated with tariffs on $110 million worth of U.S. goods.
"The G-20 is going to be so important," Cramer predicts. President Trump and Chinese President Xi plan to meet around the summit later this month, CNBC.com explained.
For its part, China will further open its economy in the face of rising protectionism, Premier Li Keqiang said as he arrived in Singapore on Monday for meetings with Asia-Pacific leaders that will focus on speeding up work on a major new trade pact.
Li’s remarks in an article in Singapore’s Straits Times newspaper came as Singapore’s Prime Minister Lee Hsien Loong called for more regional integration, saying multilateralism was under threat from political pressures, Reuters explained.
“China has opened its door to the world; we will never close it but open it even wider,” Li said in the article, in which he called for an “open world economy” in the face of “rising protectionism and unilateralism”. He did not directly refer to China’s bruising trade war with the United States.
Notably absent from this week’s meetings is U.S. President Donald Trump, who has said several existing multilateral trade deals are unfair, and has railed against China over intellectual property theft, entry barriers to U.S. businesses and a gaping trade deficit.