President Donald Trump is expected Monday evening to approve tariffs on about $200 billion in Chinese goods, the most aggressive move yet in the Trump administration’s challenge to Beijing’s predatory mercantilism.
The president told reporters on Monday afternoon that an announcement on tariffs would come “after close of business today.” He went on to say that the new measures would result in “money coming into the coffers of the United States,” an indication that tariffs would be raised.
The new tariffs would come amid efforts by U.S. officials to restart trade talks with China.
The new tariffs come on top of the tariffs on $50 billion of Chinese goods the U.S. announced this summer. China retaliated against the first round of U.S. tariffs, which were applied mostly to Chinese technology imports, with its own $50 billion of tariffs, primarily on U.S. agricultural goods.
The Global Times, a state run tabloid in China, said Sunday that Beijing was prepared to respond to further U.S. trade actions with “firm countermeasures.”
White House economic adviser Larry Kudlow said in New York Monday afternoon that the president was “not satisfied” with China’s stance in negotiations. He said he expected an announcement would come soon but declined to provide details.
Over the weekend, the Wall Street Journal reported the administration was moving ahead with a 10 percent tariff on $200 billion of Chinese goods.
Earlier on Monday, Trump praised tariffs for putting the U.S. in “a very strong bargaining position.”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
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