Trump Considering More Tariffs, Says US Can't Have 'China Take $500B a Year'




 

In an interview with Lesley Stahl on "60 Minutes" on Oct. 14, 2018, President Donald Trump said he "might" impose more tariffs on China. He has already imposed $250 billion in tariffs on products that are brought into the U.S. from China. China has retaliated against the tariffs that have already been enacted and has said it will retaliate further against any additional tariffs, as industries are already feeling the impact.

Trump said that the Chinese "want to negotiate … they want to negotiate." When asked if he would negotiate with them, he said, "I told President Xi we cannot continue to have China take $500 billion a year out of the United States in the form of trade and other things … and I said we can't do that, and we're not going to do that anymore."

Click to read about the 12 states getting hit hardest by Trump's tariffs.

Trump Plans More Tariffs to Get 'Fair Deal' From China

"So far, I put 25 percent tariffs on steel dumping," Trump said. "And aluminum dumping, 10 percent. They can retaliate, but they don't have enough ammunition to retaliate. We do $100 billion with them. They do $531 billion with us."

Trump said his intent was not to push China into an economic depression. "I don't want that," he said. "I want them to negotiate a fair deal with us. I want them to open their markets like … our markets are open."

See: Trump's Tariffs Are Killing More Than 450,000 Jobs

Multiple industries have felt the impact of this trade war - or, "skirmish" as Trump called it in the interview - and retailers are likely going to have to pass costs on to consumers to mitigate the effects of the tariffs. Not only could the tariffs affect the holiday shopping season, but The Washington Post reported that the International Monetary Fund cut its 2019 growth forecast for the U.S. economy from 2.7 percent to 2.5 percent, saying President Trump's trade policies could harm domestic and international growth.

How the US-China Trade War Has Played Out So Far

Here's a quick rundown of how the trade war and tariffs have escalated so far in 2018:

Where the trade war will go from here might depend on China's reaction to future tariffs, and Trump's satisfaction - or lack thereof - with its willingness to negotiate.

Click to see why you should watch FedEx to protect your investments during Trump's trade war.

More on Making Money and the Economy

We make money easy. Get weekly email updates, including expert advice to help you Live Richer™.

This article originally appeared on GOBankingRates.com: Trump Considering More Tariffs, Says US Can't Have 'China Take $500B a Year'

COMMENTS

More Related News

Dems clash with Trump officials on subpoenas, tax returns
Dems clash with Trump officials on subpoenas, tax returns

WASHINGTON (AP) - The struggle between House Democrats and the Trump administration over investigations intensified Tuesday as a former White House official defied a subpoena and the Treasury Department ignored a deadline for providing President Donald Trump's tax returns.

Harris joins impeachment call during Democratic town hall
Harris joins impeachment call during Democratic town hall

California Sen. Kamala Harris joined the call for President Donald Trump's impeachment on Monday as five leading Democratic presidential contenders clashed in a series of prime-time town hall meetings that exposed deep divisions in a party desperate to end the Trump presidency. Harris' unexpected

Impeach or not impeach? Dems wrestle with Mueller report
Impeach or not impeach? Dems wrestle with Mueller report

WASHINGTON (AP) - Democrats are trying to make President Donald Trump's conduct part of their 2020 election push, but they're struggling over whether to actually try and impeach him.

Trump, business organization sue Democratic House chairman
Trump, business organization sue Democratic House chairman

WASHINGTON (AP) - President Donald Trump and his business organization sued the Democratic chairman of the House oversight committee on Monday to block a subpoena that seeks years of the president's financial records.

Trump called on spy chiefs for help as Mueller probe began
Trump called on spy chiefs for help as Mueller probe began

Two months before special counsel Robert Mueller was appointed in the spring of 2017, President Donald Trump picked up the phone and called the head of the largest U.S. intelligence agency. Trump told Mike Rogers, director of the National Security Agency, that news stories alleging that Trump's

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.