President Donald Trump is ready to move ahead with a plan to impose tariffs on $200 billion of Chinese imports, according to six individuals briefed on the matter, CNBC reports.
According to CNBC, Trump will impose the levies next week, when the public comment period concludes. Members of the public and businesses have until September 6 to submit comments on the proposed levies, which will reportedly affect “everything from selfie sticks to semiconductors.”
While President Trump reportedly has not made his final decision yet, the tariffs will most likely be imposed, but perhaps in installments. However, Trump could also announce the levies next week but say that they will take effect at a later date, which is what the administration did after announcing tariffs on $34 billion of Chinese goods in June.
This will be the biggest tranche so far, which means Trump could further escalate the trade war he has been leading with China. Financial markets are unnerved by the decision, and U.S. stocks have already reacted to the news.
Evidently, discussions between U.S. and Chinese officials last week in Washington yielded few results.
In a quick response to the first set of tariffs imposed by President Trump, China retaliated by imposing a 25 percent tariff on 545 U.S. products; soon after Russia joined in as well, introducing extra duties on U.S. exports.
In July this year, less than a week after Trump called for a second round of tariffs, China filed a complaint against the U.S. to the World Trade Organization.