“In light of China’s unfair retaliation, I have instructed the [United States Trade Representative] to consider whether $100 billion of additional tariffs would be appropriate,” the president said in a statement.
Earlier this week, the United States announced new tariffs on $50 billion worth of Chinese goods, claiming that China is stealing US intellectual property. China responded within hours by announcing $50 billion worth of tariffs on US goods.
The moves follow US tariffs that were imposed earlier this year on Chinese steel and aluminum, which also prompted retaliatory measures from China.
Trump’s announcement late Thursday that his administration could target another $100 billion of Chinese goods rattled markets and drew criticism from businesses and from within his own party.
Tariffs do nothing by wreck parts of the economy and retard the invisible hand of capitalism.