US President Trump wants more China tariffs and trade talks - Bloomberg
|As reported by Bloomberg citing sources in the Trump administration, Trump will be planning to seek another round of tariffs against China, while also simultaneously ordering his trade team to secure talks from China.
Key quotes
"Trump met with his top trade advisers on Thursday to discuss the China tariffs, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer, the people said. Mnuchin has led a recent overture to the Chinese to re-start trade talks.
Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China. He responded that he wasn’t, two of the people said. The public comment period for a list of tariffs on about $200 billion in Chinese goods closed last week, and Trump said the duties would be imposed “soon.” The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty.
The Chinese have retaliated with tariffs on an equivalent amount of U.S. exports, and have promised to match future rounds of U.S. duties.
Before his meeting on Thursday, which didn’t appear on his public calendar, Trump boasted on Twitter that he has the upper hand in the trade feud with Beijing and feels “no pressure” to resolve the dispute.
Trump threatened a third tranche of tariffs on another $267 billion of Chinese imports last week, which would mean levying duties on nearly everything China exports to the U.S. Trump said at the time those tariffs were “ready to go on short notice,” but the administration hasn’t yet published a list for public comment.
It has become tricky to find additional products for duties that won’t more obviously impact American consumers, according to two people. There was no decision made during Thursday’s meeting regarding when to issue the $267 billion round.
Apple said last week the $200 billion round of tariffs could hit some of its most popular goods such as the Apple Watch and AirPods headphones. Retailers such as WalMart Inc. and Target Corp. risk being swept up in an escalating trade war if further tariffs hit a broad range of consumer goods, from TVs to sneakers.
Efforts to end the trade dispute have fizzled so far. Officials from both countries have met four times for formal talks, most recently in August, when Treasury’s undersecretary for international affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen."
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