Trump Ready to Tax an Additional $267B in Chinese Imports

Posted September 08, 2018

But he told reporters traveling with him to Fargo, North Dakota that "behind that, there's another $267 billion ready to go on short notice if I want".

The Dow Jones Industrial Average and the S&P 500 both dropped sharply after news of the president's comments, before recovering most losses by late afternoon.

The Trump administration is reportedly considering using an Obama-era executive order to slap new sanctions on Chinese entities using cyberattacks to steal US intellectual property.

Trump's threat to escalate US tariffs on Chinese imports contributed to a decline on Wall Street, with stock index futures dropping on concern that companies and workers would likely endure some financial pain.

More news: Post Malone crashes his $323k worth rolls Royce

Should the USA slap tariffs on an additional amount of Chinese goods of that scale, the total value subjected to the duties would be around that of total imports to the United States from China.

Trump's threatened tariffs, now totaling $517 billion in Chinese goods, would exceed the $505 billion in goods imported from China previous year.

White House Deputy Press Secretary Lindsay Walters said on Friday.

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found.

More news: 4 dead, 5 injured in shooting at Cincinnati bank

"To a certain extent it's going to be up to China", he said. An opportunity could take place when world leaders gather at the UN General Assembly in NY this month and the Group of 20 summit in Argentina in November, he said. Kudlow's comments indicated the U.S. is looking for a deal with China to end the trade war between the world's two biggest economies.

Lighthizer is due to meet Monday in Brussels with EU Trade Commissioner Cecilia Malmstrom to resolve the dispute ignited when Trump imposed steep duties on all steel and aluminum imports.

U.S. President Donald Trump on Friday (September 8) upped the ante on China, threatening to slap tariffs on virtually all Chinese imports coming in to the U.S.

"It's never too late to make good trade policy", Kudlow said. The public consultations ended yesterday. Fitness tracker maker Fitbit said it would be hit by tariffs, and chipmaker Intel Corp said the levies could slow down the adoption of 5G networks, the next generation of wireless data technology for phones and other devices. But David French, top lobbyist for the National Retail Federation, whose members include Amazon.com (AMZN.O), BJ's Wholesale Club (BJ.N) and Macy's (M.N), said almost every consumer good could be affected if Trump follows through on all threatened tariffs.

More news: Obama Slams Donald Trump Publicly For First Time

"Tit-for-tat tariffs are counterproductive and so far have only produced increased costs for American businesses, farmers, importers, exporters and consumers, " the coalition said.