WASHINGTON (Reuters) - U.S. President Donald Trump said on Monday he would announce his latest plan for China tariffs after the markets close, with expectations he would levy about $200 billion worth of Chinese imports.
Trump offered few details about his tariff announcement, which has been anticipated for several days after he directed aides to proceed with the next round of tariffs on Chinese products amid deep disagreements with Beijing over trade and intellectual property policies.
“It will be a lot of money coming into the coffers of the United States of America. A lot of money coming in,” Trump told reporters at the White House. “But you’ll be seeing what we’re doing right after close of business today - the markets’ closing.”
Trump added that he had great respect for Chinese President Xi Jinping, but the U.S. goods trade deficit with China was too large and “we can’t do that any more.”
The U.S. Trade Representative’s office had proposed tariffs of 10 percent to 25 percent on more than 6,000 Chinese products, including a wide variety of electronics products, including printed circuit boards, internet-connected devices such as routers and voice, data and image reception and transmission devices.
The $200 billion list would impose tariffs directly on consumer products for the first time, from furniture to handbags, vacuum cleaners, building products and seafood.
The U.S. Treasury last week invited Chinese officials, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for more talks to try to resolve trade differences between the world’s two largest economies. But no talks have so far been announced.
White House economic adviser Larry Kudlow said on Monday that the United States was ready to negotiate a trade deal with China if Beijing was ready for serious discussions.
“We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations toward free trade, to reduce tariffs and nontariff barriers, to open markets and allow the most competitive economy in the world — ours — to export more and more goods and services to China,” Kudlow said.
Reporting by Steve Holland and David Lawder; Writing by David Alexander; Editing by Tim Ahmann and Jonathan Oatis