President Donald Trump is seeking tariffs on $60 billion worth of Chinese imports, particularly technology and telecommunication products. A source speaking on the condition of anonymity told Reuters that the tariffs could be imposed on more than 100 products.
A senior Trump administration official told Reuters these steep tariffs against China are likely "in the very near future."
The possible tariffs against China follow a report from Politico, in which Trump rejected a proposal by U.S. Trade Representative Robert Lighthizer that called for tariffs on $30 billion of Chinese imports. China currently runs a $375 billion trade surplus with the U.S. and Trump asked President Xi Xinping's economic advisers how to reduce this disparity during Xinping's recent visit.
While Trump has called China "helpful" in dealing with North Korea, his 2016 campaign focused on pulling out of international trade deals that he sees as detrimental to U.S. interests. Earlier this year, Trump pulled the U.S. out of the Trans-Pacific Partnership.
Trump recently imposed steep aluminum and steel tariffs on China, while accusing the country of propping up wasteful factories. Additionally, the president criticized several European countries of engaging in unfair trade deals with the U.S.
"The European Union, wonderful countries who treat the U.S. very badly on trade, are complaining about the tariffs on Steel & Aluminum. If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours. Big Deficit. If not, we Tax Cars etc. FAIR!" he tweeted
Stocks fell sharply Tuesday afternoon on the heels of Secretary of State Rex Tillerson's sudden firing and technology tariff fears, MarketWatch reports.
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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Benjamin Fearnow is a reporter based out of Newsweek's New York City offices. He was previously at CBS and Mediaite ... Read more
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