President Donald Trump instructed aides to move forward with tariffs on $200 billion worth of Chinese goods despite new trade talks with Beijing, according to Bloomberg.
Trump told reporters that tariffs were coming “soon” last week, but final details about which goods the tariffs would apply to have delayed their imposition.
Stocks fell in reaction to the report.
President Donald Trump wants to move forward with tariffs on $200 billion worth of Chinese goods despite new overtures to the Chinese from the Treasury Department.
According to Bloomberg, the president instructed aides to move forward with the tariffs despite a recent Treasury letter to Chinese officials requesting a new round of trade talks.
The final imposition of the tariffs has been delayed because the US Trade Representative has been tweaking the final details of the tariffs in response to comments from US businesses.
Trump has also threatened to impose tariffs on an additional $267 billion worth of Chinese goods, which would mean all Chinese imports to the US would be subject to duties.
So far negotiations to deescalate trade tensions between the US and China have produced little concrete progress and the details of future talks remain unclear, though both sides have expressed a desire to open up a dialogue. Part of Trump’s strategy for the trade war has been to move forward with tariffs to pressure Beijing because the president believes the measures hurt China more than the US.
“The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us. Our markets are surging, theirs are collapsing,” Trump tweeted Thursday. “We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”
In response to the report, US stocks indexes fell, with the Dow Jones industrial average falling 35 points, nearly 100 points from its high on the day.
Here’s a timeline of the US-China trade war so far:
March 1: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
March 22: Trump announces plans to impose 25% tariffs on $50 billion worth of Chinese goods. China announces tariffs in retaliation to the steel and aluminum duties and promises a response to the latest US announcement.
April 3: The US trade representative announces a list of Chinese …read more
Source:: Business Insider