WASHINGTON—President Donald Trump said on Sept. 7 that he’s prepared to impose tariffs on an additional $267 billion in Chinese imports. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of U.S. businesses and consumers.
Those potential tariffs would come on top of tariffs Trump has said he’s poised to slap on $200 billion worth of Chinese goods—everything from handbags to bicycle tires.
It would also be in addition to tariffs his administration has already imposed on $50 billion in Chinese imports, for which Beijing has retaliated with an equal amount of import duties on U.S. goods.
“I hate to say this, but behind that there is another $267 billion ready to go on short notice if I want,” Trump told reporters on Air Force One. “That totally changes the equation.”
The trade war the president has initiated between the world’s two largest economies stems from concerns that China has deployed predatory tactics—including cyber-theft—to steal U.S. tech innovations.
Trump also wants to reduce the United States’ gaping trade imbalance with China. The president says he believes that narrowing the trade gap will bring jobs to the United States.
The president’s comments on Sept. 7 came one day after a public comment period ended on his proposed taxes of up to 25 percent on $200 billion of Chinese imports. Trump said earlier on Sept. 7 that his administration could “very soon” impose those tariffs.
If the president followed through with all of his proposed tariffs, essentially every product being imported from China would be taxed. The administration has said the tariffs would force China to trade on more favorable terms with the United States.
“To a certain extent it’s going to be up to China,” he said.