Trump ready to set tariffs on all goods from China

Daniel Fowler
September 8, 2018

Trump said on Friday he's willing to slap tariffs on an additional $267 billion in Chinese goods, on top of duties of $200 billion in imports is already considering. But David French, top lobbyist for the National Retail Federation, whose members include Amazon.com, BJ's Wholesale Club and Macy's, said almost every consumer good could be affected if Trump follows through on all threatened tariffs.

Update: On the $200 billion in tariffs, Trump said they could be 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".

"That totally changes the equation", Trump said.

In June, Trump imposed 25% tariffs on $50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts, including semiconductors.

Trump is getting a last-minute earful from prominent technology companies and retailers as he considers whether to follow through with his plan to ratchet up tariffs on Chinese exports.

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White House economic adviser Larry Kudlow on Friday left open the possibility of a negotiated solution to the trade dispute, but said China must show it's open to compromise.

USA stocks slipped after Trump's comments, with the S&P 500 off 0.2%, while China's off-shore trade yuan currency fell against the dollar. The U.S. government has citied national security in imposing the measures, alleging Chinese theft of U.S. intellectual property.

China plans to tax an additional $60 billion in United States products if the Trump administration expands its hit list by $200 billion.

The deadline for public comment on the next wave of punitive taxes on $200 billion of annual imports from China expired Thursday, so Trump could impose the tariffs immediately. The U.S. Trade Representative's office received almost 6,000 comments during the public comment period on the proposed levies, which ended Thursday night.

"An escalation of the tariff war could start to sever or disrupt supply chains, bringing about diminished production efficiency, higher costs and lost competitiveness - ultimately leading to a lower potential growth rate for both countries", analysts at S&P Global Ratings wrote on Wednesday. But David French, top lobbyist for the National Retail Federation, whose members include Amazon.com (AMZN.O), BJ's Wholesale Club (BJ.N) and Macy's (M.N), said almost every consumer good could be affected if Trump follows through on all threatened tariffs. Those talks will continue to go on.

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