Trump eyes US$100b of additional tariffs on China: White House
President Donald Trump says the US is losing "vast amounts of money" to China, Japan and South Korea in trade. (Photo: AFP)
WASHINGTON: US President Donald Trump dramatically escalated a bubbling trade war with China on Thursday (Apr 5), vowing an additional US$100 billion in tit-for-tat tariffs.Having already asked for US$50 billion worth of Chinese goods to be punitively taxed, Trump responded to Beijing's countermeasures by doubling down."Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers," Trump said in a defiant statement."In light of China's unfair retaliation," Trump said he had instructed trade officials to "consider whether US$100 billion of additional tariffs would be appropriate."Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between the world's two biggest economies.US stock index futures fell in reaction to Trump's latest statement.
Before the latest announcement, US lawmakers had reacted with mounting concern on Thursday over the threat to the American agricultural sector from the trade confrontation with China.
Source : http://www.channelnewsasia.com/news/world/donald-trump-additional-100-billion-tariffs-china-10109702