Trump says U.S. tariffs on Chinese goods could exceed $500 billion

[Eugene]

Source: Reuters

BUSINESS NEWS JULY 4, 2018 / 10:38 PM / UPDATED 4 MINUTES AGO

Trump says U.S. tariffs on Chinese goods could exceed $500 billion

David Lawder, Elias Glenn
6 MIN READ

WASHINGTON/BEIJING (Reuters) - President Donald Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods as the world’s two largest economies hurtled toward the start of a trade war.

Trump confirmed that the United States would begin collecting tariffs on $34 billion in Chinese goods at 12:01 a.m. (0401 GMT) on Friday and warned that subsequent rounds could exceed $500 billion - roughly the amount that the United States imported from China last year.

“You have another 16 (billion dollars) in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300,” Trump told reporters aboard Air Force One.

Trump’s comments appeared to increase the stakes for potential retaliation by China. Previously, Trump had threatened up to $400 billion in additional tariffs should China follow through on its plans to retaliate against the initial U.S. tariffs on Chinese goods including autos, computer disk drives, pump and valve parts and light-emitting diodes.

-snip-

Read more: https://www.reuters.com/article/us-usa-trade-china/trump-says-u-s-tariffs-on-chinese-goods-could-exceed-500-billion-idUSKBN1JV063

[C_U_L8R]

1. What an idiot.

No wonder he went bankrupt so many times.

[AZ8theist]

2. Go big or go home.

Might as well completely destroy the American economy and start the next major depression.

[sinkingfeeling]

3. "Trade wars are easy to win", said the A-hole.

[mahatmakanejeeves]

4. Hence the saying, "don't count your chickens before they hatch." Every first-grader knows that. NT