Washington sources reported that US President Donald Trump has ratcheted up the trade war rhetoric with China, saying he was considering an additional $100 billion in tariffs on the country. Meanwhile the media reported that "In light of China's unfair retaliation, he have instructed the US Trade Representative (USTR) to consider whether $100 billion of additional tariffs would be appropriate".
Reports quoted the President as saying in a statement that "Rather than remedy its misconduct, China has chosen to harm our farmers and manufacturers". Meanwhile the President added that he instructed to the USTR also to "identify the products upon which to impose" the additional tariffs. Further in response, USTR Robert Lighthizer called Trump's request "appropriate".
According to sources Dow futures fell after Trump's
announcement and were down more than 300 points, or about 1.5 per cent in
after hours of trading. Further the Chinese embassy in Washington did not
immediately issue a response to the proposed new round of tariffs. Previously
the Chinese government had said that it would respond with equal measure to any
new duties on its goods.
