Published: Sat, September 08, 2018
Markets | By Otis Pena

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

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

President Trump has threatened to slap import tariffs on a further $267 billion of Chinese goods, a move that would impose levies on all imports from the country to the United States.

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".

"That totally changes the equation", Trump said.

China said it is ready to impose retaliatory tariffs on $60bn worth of U.S. goods if that happens.

The United States has demanded that China better protect American intellectual property, cut its US trade surplus, allow USA companies greater access to its markets and roll back its high-technology industrial subsidy programs.

These tariffs have not yet been applied, and White House economic adviser Larry Kudlow said that Trump will not make a final decision on implementing them until after he evaluates comments from the public. The president says he believes that narrowing the trade gap will bring jobs to the United States, even though it could spark higher inflation.

U.S. President Donald Trump speaks to the press aboard Air Force One on September 7, 2018.

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Mr Trump had shown no sign of bending the previous day at a meeting with Republican congressional leaders, saying: "We have done very well in our negotiation with China, but we are not prepared to make the deal that they would like to make". That would basically cover all the imports from China that aren't already covered. The US and European Union announced a trade truce in July, promising not to impose new tariffs on each other.

Mark Zandi, chief economist at Moody's Analytics, estimates that tariffs on $200 billion of Chinese imports, on top of previously enacted duties, would shave a quarter of a percentage point off the economy's growth over the next 12 months.

U.S. President Donald Trump waves during joint statements with China's President Xi Jinping at the Great Hall of the People in Beijing, China, November 9, 2017.

China plans to tax an additional $60 billion in United States products if the Trump administration expands its hit list by $200 billion.

The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 percent to 25 percent.

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. But David French, top lobbyist for the National Retail Federation, whose members include, BJ's Wholesale Club and Macy's, said almost every consumer good could be affected if Trump follows through on all threatened tariffs.

"We will continue to talk to China". "However, hope springs eternal".

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