President Donald Trump instructed aides to move forward with tariffs on $200 billion worth of Chinese goods despite new trade talks with Beijing, according to Bloomberg.
Trump told reporters that tariffs were coming “soon” last week, but final details about which goods the tariffs would apply to have delayed their imposition.
Stocks fell in reaction to the report.
President Donald Trump wants to move forward with tariffs on $200 billion worth of Chinese goods despite new overtures to the Chinese from the Treasury Department.
According to Bloomberg, the president instructed aides to move forward with the tariffs despite a recent Treasury letter to Chinese officials requesting a new round of trade talks.
The final imposition of the tariffs has been delayed because the US Trade Representative has been tweaking the final list of goods to which the tariffs would apply.
Trump has also threatened to impose tariffs on an additional $267 billion worth of Chinese goods, which would mean all Chinese imports to the US would be subject to duties.
In response to the report, US stocks indexes fell, with the Dow Jones industrial average falling 35 points, nearly 100 points from its high on the day.
Here’s a timeline of the US-China trade war so far:
March 1: President Donald Trump announces tariffs on all imports of steel and aluminum, including metals from China.
March 22: Trump announces plans to impose 25% tariffs on $50 billion worth of Chinese goods. China announces tariffs in retaliation to the steel and aluminum duties and promises a response to the latest US announcement.
April 3: The US trade representative announces a list of Chinese goods subject to the tariffs. There is a mandatory 60-day comment period for industries to ask for exemptions from the tariffs.
April 4: China rolls out a list of more than 100 US goods worth roughly $50 billion that are subject to retaliatory tariffs.
May 21: After a meeting, the two countries announce the outline of a trade deal to avoid the tariffs.
May 29: The White House announces that the tariffs on $50 billion of Chinese goods will move forward, with the final list of goods released June 15. The move appears to wreck the nascent trade deal.
June 15: Trump rolls out the final list of goods subject to new tariffs. Chinese imports worth $34 billion would be subject to 25% tariffs as of July 6, with another $16 billion worth of imports subject to the tariffs at a later date. China retaliates with an equivalent set of tariffs.
June 18: Trump threatens 10% tariffs on another $200 billion worth of Chinese goods.
July 6: The first tranche of tariffs on $34 billion worth of Chinese goods takes effect; China responds in kind.
July 10: The US releases an initial list of an additional $200 billion worth of Chinese goods that could be subject …read more
Source:: Businessinsider – Politics