Trump could raise tariffs further on Chinese goods

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PHOTO: Chinatopix

US President Donald Trump is now considering a 25 percent tariff on $200 billion in Chinese imports, more than the 10 percent previously touted, reports said Tuesday.

The US imposed 25 percent tariffs on $34 billion of Chinese products earlier this month, with plans to add another $16 billion of imports on Tuesday.

Trump initially threatened to levy 10 percent on an additional $200 billion but that figure may now rise to 25 percent, sources told the Washington Post and Bloomberg.

It would represent a ramping up of pressure over Washington’s trade standoff with Beijing.

Markets were however steady on Tuesday, given a boost by hopes for new negotiations.

In 2017, the United States had a $376 billion trade deficit with China, which it is keen to cut.

Trump recently threatened to slap punitive tariffs on all Chinese imports, which accounted for more than $500 billion last year.