Trump wants tariffs on about US$200 billion more in Chinese products despite talks - Bloomberg

Trump wants tariffs on about US$200 billion more in Chinese products despite talks - Bloomberg

U.S. President Donald Trump has instructed aides to proceed with tariffs on about US$200 billion (153 billion pounds) more in Chinese products, despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China about resolving the trade war, Bloomberg reported on Friday.

FILE PHOTO: Shipping containers are seen at a port in Shanghai
FILE PHOTO: Shipping containers are seen at a port in Shanghai, China July 10, 2018. REUTERS/Aly Song/File Photo

WASHINGTON: U.S. President Donald Trump has instructed aides to proceed with tariffs on about US$200 billion (153 billion pounds) more in Chinese products, despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China about resolving the trade war, Bloomberg reported on Friday.

Reuters could not immediately verify the report, which had an immediate effect on financial markets. It led U.S. stocks to trade lower, fuelled drops in the Chinese yuan in offshore trading and gains in the dollar index, and sent the S&P 500 index negative.

The step comes exactly one week since Trump raised the possibility of duties on the US$200 billion of imports and also threatened tariffs on US$267 billion worth of goods. Trump has already levied duties on US$50 billion worth of Chinese goods.

The United States only imported US$505 billion in goods imported from China last year. But 2018 imports from China through July were up nearly 9 percent over the same period of 2017, according to U.S. Census Bureau data.

(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)

Source: Reuters

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