Trump vows an additional $267B in tariffs on Chinese goods

Trump vows an additional $267B in tariffs on Chinese goods
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President TrumpDonald John TrumpTrump: I hope voters pay attention to Dem tactics amid Kavanaugh fight South Korea leader: North Korea agrees to take steps toward denuclearization Graham calls handling of Kavanaugh allegations 'a drive-by shooting' MORE said Friday that he is prepared to slap $267 billion in tariffs on Chinese products on short notice, in addition to the $200 billion he has already promised.

Imposing tariffs on $200 billion worth of Chinese products “will take place very soon depending on what happens,” Trump told reporters on Air Force One, according to a White House pool report.

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"I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want," he said.

That would mean tariffs would cover $467 billion in Chinese imports on top of the $50 billion already in place for a total of $517 billion, which covers the entire value of all products China imports into the United States.

The U.S. imported $505 billion of Chinese products in 2017, according to the U.S. Census Bureau.

China has matched the U.S. actions. After Trump's threat of $200 billion in tariffs, China said it has tariffs of $60 billion on U.S. goods. 

The administration has hinted it would impose the $200 billion after the public comment period ended Thursday.

While most business groups agree that China has benefited from unfair trade practices like stealing U.S. intellectual property, they have expressed deep concern about Trump's tariff plans saying they will erase any economic gains from the Republican tax overhaul and the cutting of regulations. 

"Imposing tariffs is more likely to harm our own manufacturers, economy and workers than China’s and, unfortunately, it already is," said Linda Dempsey, vice president of international economic affairs for the National Association of Manufacturers, in comments to the Office of the U.S. Trade Representative. 

"This is why the NAM has urged the administration to negotiate a comprehensive, enforceable rules-based trade agreement with China," Dempsey said.

"Not only is it the best way to directly, fully and permanently address the unfair and discriminatory barriers that hold our country back, but with trade talks recently resuming between the United States and China there is no better time to get the right deal done to curb these practices,” she said.

The White House is saying there is no final decision yet on the tariffs.