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