You are here: Home » News-IANS » Business-Economy
Business Standard

Trump threatens to slap more tariffs on Chinese imports

IANS  |  Washington 

US said has that he is prepared to impose tariffs on virtually all Chinese imports to the US as the trade war between the world's two largest economies intensified.

"We have the right to do another $325 billion at 25 per cent in additional tariffs. That is a tremendous amount of money that would come into our country. I have not made that decision yet," news quoted Trump as saying to reporters while welcoming Hungarian to the on Monday.

Trump's comments came hours after increased from 10 per cent to 25 per cent the tariffs it levied last year on $60 billion worth of US imports.

was retaliating for Trump's decision last week to enact an identical increase in the US import duties applied since last year to $200 billion worth of Chinese products.

Asked about the latest move from Beijing, Trump said he wasn't concerned about the impact on the US

"I love the position we're in. There can be some retaliation, but it can't be very, very substantial, by comparison. And out of the billions of dollars that we're taking in, a small portion of that will be going to our farmers because will be retaliating, probably, to a certain extent, against our farmers," he said.

Trump said he was planning a $15 billion aid package for US farmers hurt by Chinese tariffs.

"Our farmers are great patriots and they've done a fantastic job. So our farmers are going to be very well taken care of," he said.

Chinese and US trade negotiators met last week in Washington, but they adjourned without an agreement and no further talks are scheduled.

The gloomy outlook for resolving the trade conflict spurred a steep drop Monday on the New York Stock Exchange, where the Dow Jones Industrial Average plunged 617.38 points, or 2.38 per cent.

Trump, however, said he was still hopeful about achieving a deal and revealed that he planned to meet face-to-face with Chinese at the June 28-29 summit in Osaka,

"We're dealing with them (China). We have a very good relationship. Maybe something will happen. But we're going to be meeting, as you know, at the in And that will be, I think, probably, a very fruitful meeting," he said in the Oval Office.

In 2018, the US imported nearly $540 billion worth of Chinese products, while its exports to totaled $120 billion.

Trump blamed for the impasse in the trade negotiations.

"But we had a deal with China. It was 95 perc ent there. And then, my representatives - as you know, (Treasury) (Steve) Mnuchin and - Lighthizer - they went to China and they were told the things that were fully agreed to we're not going to get anymore, they're going to un-agree to them. That's not acceptable," the US said.

The "sticking point" in the talks was Beijing's resistance to the idea of enshrining in Chinese about respecting the intellectual property of US firms operating in China, said Sunday.

--IANS

vin/

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 07:36 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU