A new set of tariffs on hundreds of products from China was announced by Donald Trump on Monday. In an escalated trade dispute between the two countries, Trump ordered “10 percent tariffs on $200 billion worth of imports from China,” NPR reported.
Trump also warned that if China tried to retaliate, affecting the United States’ farm industry or any other industries, he would set additional tariffs on $267 billion worth of imports. The new tariffs will go into effect on Sept. 24 at 10 percent and remain there through the end of the year and then increase to 25 percent, a senior administration official said.
“We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations,” Larry Kudlow, White House chief economic adviser, said.
While Trump accuses Beijing of forcing “American companies doing business in China to transfer technology and intellectual property,” NPR reported, Beijing has said before that its prepared to retaliate with even higher tariffs on American imports.
“I think it’s going to work out very well with China,” Trump said. “They want to make a deal. But from our standpoint, it has to be fair. It has to take care of our workers,” Trump said.
The new tariffs apply to hundreds of products according to a list published on July 10. Some items that were excluded from the list include some electronics and safety products.