President Trump ‘Hard Balling’ China With More Tariffs
US President Donald Trump is prepared to quickly ramp up a trade dispute with China and has told aides he is ready to impose tariffs on $200-B more in Chinese imports as soon as a public comment period on the plan ends next week it was reported Thursday.
The White House declined comment on the report.
The USD, RMB Yuan and US Treasury yields declined.
Trump has credited his electoral success to his hard line on trade, which he has argued hurts US workers and favors foreign competitors. Washington is demanding Beijing improve market access and intellectual property protections for US companies, cut industrial subsidies and slash a $375-B trade gap.
The world’s 2 largest economies have already applied tariffs to $50-B of each other’s goods in a tit-for-tat trade dispute. Talks aimed at easing tensions ended last week without major breakthroughs.
The new proposed 25% tariffs would affect consumer products including home building supplies, technology products, bicycles and apparel.
A public comment period on the proposal is set to end on 6 September and President Trump plans to impose the tariffs after that deadline.
Some sources said President Trump had not made his final decision, The Trump Administration officials have been divided over how hard to push Beijing.
President Trump, who has threatened to impose duties on virtually all of the more than $500-B of Chinese goods exported to the United States each year, told Reuters in an interview earlier this month that resolving the trade war with China would “take time” and that he had “no time frame” for ending it.
The report on President Trump’s China stance coincides with US negotiators pushing to hammer out a deal with Canadian counterparts to overhaul the North American Free Trade Agreement (NAFTA).