Trump announces China tariff move after stock market closes
President Trump said he will announce the next mover on China tariffs Monday after the stock markets close.
The announcement follows days of anticipation of Mr. Trump slapping tariffs on $200 billion of Chinese goods, a dramatic escalation of the trade war between the world’s two largest economies.
“We’re going to be announcing something. It will be a lot of money coming into the coffers of the United States of America a lot of money coming in,” said Trump.
The stock market, which closes at 4 p.m. EDT, dropped sharply following Mr. Trump’s remarks.
The Dow Jones Industrial Average was down about 100 points or 0.4 percent a half hour before the close.
The administration previously hit China with $50 billion in tariffs, using the duties to force negotiations on ending China’s unfair trade practices and theft of American intellectual property.
Beijing vowed to fight back against more tariffs by canceling trade meetings scheduled for this week, imposing retaliatory tariffs and using other measures, including restricting exports to the U.S.
The restriction could hit U.S. companies such as Apple that operate in China, including blocking theiPhone supply chain to the U.S., according to a Wall Street Journal report.
Beijing previously responded by matching Mr. Trump’s tariffs with duties on $50 billion of U.S. goods.
Mr. Trump has threatened to follow the $200 billion in tariffs with another $267 billion in tariffs, effectively imposing duties on all Chinese goods sent to the U.S.