Adding to recent concerns about a potential trade war, President Donald Trump has threatened China with $100 billion of additional tariffs.
Trump noted in a statement on Thursday that the U.S. Trade Representative recently announced $50 billion in proposed tariffs on imports from China over intellectual-property violations.
China retaliated by announcing plans to impose a 25 percent tariff on $50 billion worth of U.S. exports, including aircraft, cars, and soybeans, which Trump called an effort to harm U.S. farmers and manufacturers.
“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,” Trump said.
He added, “I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests.”
Responding to the threat from Trump, the Chinese Commerce Ministry declared it would “not hesitate” to retaliate to new tariffs “at any cost.”
However, Trump said the U.S. is still prepared to have discussions with China in support of its commitment to achieving free, fair, and reciprocal trade.
“Trade barriers must be taken down to enhance economic growth in America and around the world,” Trump said.
He added, “I am committed to enabling American companies and workers to compete on a level playing field around the world, and I will never allow unfair trade practices to undermine American interests.”
(Photo: Michael Vadon)