Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports
08 September, 2018, 21:23
"The $200 billion we're talking about could happen very soon", Trump said. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of USA businesses and consumers.
Given the smaller amount of goods China imports from the United States on which it could slap duties, Beijing has vowed to hit back with unspecified "qualitative" and "quantitative" measures, actions perceived within the USA business community as likely to be increased customs and regulatory scrutiny.
President Trump said on Air Force One Friday that he is ready to impose tariffs on $267 billion in Chinese goods, on top of the additional $200 billion that he said will likely be hit with tariffs in a matter of days.
Mr Trump told reporters traveling with him to Fargo, North Dakota that "behind that, there's another US$267 billion ready to go on short notice if I want". "That changes the equation".
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.
The Chinese yuan also fell against the dollar. "But I will say this: the world trading system is broken".
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A truck transports a container next to stacked containers at a port in Zhangjiagang in China's eastern Jiangsu province.
He has pointed to the large US trade deficit - the gap between USA imports and exports - with the People's Republic as a sign of that imbalance.
Earlier on Friday, White House economic adviser Larry Kudlow told Bloomberg Television the administration would evaluate public comments before making decisions on the $US200 billion tariff list.
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.
Altogether, the U.S. tariffs could ultimately hit more than United States dollars 500 billion in Chinese goods.
The administration could announce the implementation timeline for the $200 billion in tariffs at any time. But David French, a top lobbyist for the National Retail Federation, whose members include Amazon.com, BJ's Wholesale Club and Macy's, said almost every consumer good could be affected if Trump follows through on all threatened tariffs. Economists caution, though, that the drag on growth would worsen the longer the tariffs were in place.
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