Trump ready to slap tariffs on US$200 billion of China imports: report
U.S. President Donald Trump is reportedly ready to impose tariffs on 200 billion dollars more in Chinese imports as soon as a public comment period on the plan ends next week.
The potential move was reported by Bloomberg on Thursday.
For more on this and other news around the world we turn to our Ro Aram…
Aram… could we see this trade conflict escalate further?
Well Mark… it is hard to tell at the moment as the Bloomberg report notes that President Trump's position is not final.
It also suggests that if any tariffs were to be imposed, they would be enacted in installments.
Any announcement on the matter is likely to come out late next week after the public-comment period.
Companies and members of the public have until next Thursday to submit comments on the proposed duties.
The report also said it's possible any tariffs imposed would take effect at a later date.
The White House is yet to comment on the report.
Markets have reacted badly to the news, with the S&P 500 hitting session lows and the U.S. dollar, Chinese yuan and U.S. Treasury yields also falling.
If the U.S. goes ahead with slapping duties on 200 billion dollars-worth of Chinese goods, it would be largest so far and could escalate what is already a tense trade war between the world's two largest economies.
The new proposed 25 percent tariffs would also affect more products, including home building supplies, bicycles and clothing.
The Trump administration has already applied tariffs to 50 billion dollars of Chinese goods, with Beijing retaliating in kind.
Talks aimed at easing trade tensions ended last week without major breakthroughs.