President Donald Trump said Friday he could move "very soon" to impose tariffs on an additional $200 billion in imports from China, threatening to escalate a trade fight with the world's second-largest economy. "And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want".
While China's response to USA demands has been unsatisfactory, Trump is still speaking to Xi, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council.
That list includes some consumer products, like cameras, luggage and tires and they'd be subject to tariffs of 10-25 percent.
The Trump administration is poised to impose 25% penalties this week on $200 billion of Chinese goods in an escalation of their fight over USA complaints that Beijing steals or pressures companies to hand over technology.
Trump's threatened tariffs, now totaling $517 billion in Chinese goods, would exceed the $505 billion in goods imported from China past year.
In June, Trump imposed 25% tariffs on $50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts, including semiconductors.
Last night Apple warned that the threatened tariffs would hit "a wide range of Apple..." But 2018 imports from China through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data.
While the White House says they are still deliberating on the details of adding US$200 billion in Chinese imports to a list of tariff targets, President Trump said Friday that there is more where that came from.
The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.
His comments, which contradicted the more diplomatic remarks earlier Friday from his top economic adviser, sent the stock market plunging amid fears of the economic damage that could result from the multi-front trade war he pursues. The public consultations ended yesterday. Comparatively few applauded the tariffs. It said in a late submission that its AirPods headphones, some of Apple's Beats headphones, and its new HomePod smart speaker would face levies, causing its shares to slip in late trading.
"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.
In short, the White House is mulling slapping tariffs on $200bn of Chinese kit imported into the States - and the Command-in-Chief is suggesting ballooning that figure to $467bn.
White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing.
The United States has demanded that China better protect American intellectual property, cut its USA trade surplus, allow US companies greater access to its markets and roll back its high-technology industrial subsidy programs. Among the equipment hit were a number of components and devices used by United States tech firms, including chips and networking gear produced in Chinese factories. Those talks will continue to go on. "However, hope springs eternal".