US preparing new tariffs on Chinese imports
WASHINGTON (AP) - President Donald Trump is directing the U.S. Trade Representative to prepare new tariffs on $200 billion in Chinese imports, as the nations move closer to a potential trade war.
Trump says the new tariffs, at a 10 percent rate, are retaliation against China should it go through with its planned tariffs on $50 billion in U.S. exports. China's tariffs came in response to similar tariffs Trump put in place on Chinese goods in a bid to lower the trade imbalance.
Trump says, "These tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced."
Trump says if China responds to these new tariffs, then he will move to counter "by pursuing additional tariffs on another $200 billion of goods."