Publish dateSaturday 15 September 2018 - 16:15
Story Code : 170800
Trump tells aides to proceed with tariffs on $200bn of Chinese goods
US President Donald Trump has reportedly instructed aides to proceed with tariffs on around $200 billion of Chinese goods, in spite of Treasury Secretary Steven Mnuchin’s attempts to resume trade talks with China.
AVA- The announcement on the new round of tariffs, however, has been delayed as the Trump administration contemplates revisions over concerns raised in public comments, Bloomberg said Friday citing four people familiar with the matter.
Trump might face significant backlash from major US companies and consumers for most of the products to be targeted by tariffs, two of the people said.
Following the report, US stocks erased gains, dropping to session lows, while the dollar strengthened versus the Chinese yuan in offshore trading by the most in two weeks.
The White House did not immediately comment on the report.
This comes after Trump met with his top trade advisers on Thursday to discuss the China tariffs.
According to the sources, Trump talked with Commerce Secretary Wilbur Ross, US Trade Representative Robert Lighthizer and Mnuchin, who has led a recent overture to the Chinese to resolve the trade war.
One question Trump had to answer during the meeting was whether he was concerned about the impact of the new tariffs on negotiations with China which he said he wasn’t, two of the people said.
The public comment period for a list of tariffs on roughly $200 billion in Chinese goods closed last week, with Trump saying the duties would be imposed “soon.”
The US has already levied a 25 percent duty on $50 billion in Chinese goods.
Prior to the meeting, Trump said on Twitter that he had the upper hand in the trade war, noting he felt “no pressure” to resolve the dispute.
The president had previously said that “the $200 billion we are talking about could take place very soon depending on what happens with them. To a certain extent it’s going to be up to China."
Post a comment
Your Name
Your Email Address