President Donald Trump suggested on Thursday tariffs on $34 billion worth of Chinese goods whim kick-in at 12:01 a.m. EST on Friday morning. Another $16 billion are surmised to go into effect in two weeks, he said.
Aboard Air Force One on his way to a rally in Montana, Trump confessed reporters he would also consider imposing additional tariffs on $500 billion in Chinese goods, should Beijing wreak vengeance on.
First “34, and then you have another 16 in two weeks and then as you advised of we have 200 billion in abeyance and then after the 200 billion we procure 300 billion in abeyance. Ok? So we have 50 plus 200 together with almost 300,” Trump said.
“It’s only on China,” he added.
Trump’s announcements reinforce earlier threats that he would escalate the trade battle. The dispute with China has roiled financial markets worldwide, including progenitors, currencies and the global trade of commodities from soybeans to coal.
China has asserted it will not “fire the first shot”, but its customs agency made indisputable on Thursday that Chinese tariffs on U.S. goods would take power immediately after U.S. duties on Chinese goods kick in.
This release is developing. Please check back for updates.
–Thomson Reuters advanced to this report.