President Donald Trump on Friday stated that he is ready to slap additional $267 billion in tariffs on Chinese products on short notice, in addition to the $200 billion he has already promised, The Hill reported.
Trump told reporters on Air Force One that the imposing of tariffs on the $200 billion worth of Chinese products will take place very soon depending on what happens.
“I hate to do this, but behind that, there is another $267 billion ready to go on short notice if I want,” he said.
This means that the new $467 billion in Chinese imports on top of the $50 billion already in place for a total of $517 billion, is, in fact, the entire value of all products China imports into the United States.
According to The Hill, most business groups agree that China has benefited from unfair trade practices like stealing U.S. intellectual property, they have expressed deep concern about Trump’s tariff plans saying they will erase any economic gains from the Republican tax overhaul and the cutting of regulations.
“Imposing tariffs is more likely to harm our own manufacturers, economy and workers than China’s and, unfortunately, it already is,” said Linda Dempsey, vice president of international economic affairs for the National Association of Manufacturers in comments to the Office of the U.S. Trade Representative.
“This is why the NAM has urged the administration to negotiate a comprehensive, enforceable rules-based trade agreement with China,” Dempsey said. “Not only is it the best way to directly, fully and permanently address the unfair and discriminatory barriers that hold our country back but with trade talks recently resuming between the United States and China there is no better time to get the right deal done to curb these practices.”
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