The Trump administration announced new tariffs on $200 billion in Chinese imports.
The new tariffs will take effect next Monday. They will initially be set at 10% but will climb to 25% in the new year. With Trump already having slapped 25% tariffs on about $50 billion of Chinese goods, the United States by next week will have imposed significant taxes on about half of all Chinese merchandise crossing American borders.
Trump said Monday he is ready to increase pressure if China retaliates. Beijing previously said that it would respond with counter-tariffs on an additional $60 billion of U.S. imports.
“If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports,” Trump was quoted as saying in a statement.