President Trump opened up a new front his trade war with China by announcing plans to slap tariffs on $200 billion worth of Chinese-made goods.
“It will be a lot of money coming into the coffers of the United States of America.”
The Trump Administration upping the tariff fight with China – announcing Monday it plans to slap tariffs on $200 billion worth of Chinese-made goods, a move that will drag the consumer electronics sector into the brawl.
Trump taking the steps to turn the screws on one of America’s biggest trading partners, hoping more pain will bring the Chinese back to the bargaining table.
Trump making good on a threat earlier in the day on Twitter: “If countries will not make fair deals with us, they will be Tariffed!”
White House Economic Advisor Larry Kudlow offering China an olive branch.
(SOUNDBITE)(English) WHITE HOUSE ECONOMIC ADVISER, LARRY KUDLOW, SAYING:
“I will say right here on China, we are ready to negotiate and talk with China anytime that they are ready for serious and substantive negotiations towards free trade to reduce tariffs and non-tariff barriers.”
The Chinese say they are willing to talk, but find Trump’s tariff threats nothing short of a bullying tactic – and vowed to retaliate.
(SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESMAN, GENG SHUANG, SAYING:
“We have always maintained that the only correct means to resolve the trade dispute is through dialogue and consultation on an equal basis with mutual trust and respect.”
And Beijing isn’t backing down, warning in an editorial that it’s is looking for a counter-attack… and threatened to keep “increasing the pain.”
The threat – knocking down tech stocks like Apple and chipmakers Intel and Micron – since gadget makers rely heavily on Chinese production to keep prices down.