Trump moving forward with additional $200 billion in tariffs on Chinese goods: report

President TrumpDonald John TrumpGOP congressman slams Trump over report that U.S. bombed former anti-ISIS coalition headquarters US to restore 'targeted assistance' to Central American countries after migration deal Trump says lawmakers should censure Schiff MORE on Thursday told his aides to move forward with tariffs on $200 billion in Chinese goods, even as the administration seeks to restart trade talks with Beijing, according to Bloomberg News.

 

Treasury Secretary Steven MnuchinSteven Terner MnuchinSchumer seeks focus on health care amid impeachment fever The Hill's Morning Report - Trump grapples with Turkey controversy Trump hypes China trade deal as new doubts emerge MORE this week proposed another round of talks with China in an effort to ease tensions in the escalating trade war that is raising concerns on Capitol Hill and throughout the business community.

 

Trump's strong desire to narrow the expanding trade gap with China has led to tit-for-tat tariffs of $50 billion imposed by each country. He has promised tariffs of $200 billion on China's imports, a move that's been delayed while officials determine a final list of products based on recently submitted public comments.

 

Trump met Thursday with his top trade advisers, including Mnuchin, Commerce Secretary Wilbur RossWilbur Louis RossCommerce Department to develop stats on income inequality Huawei posts double-digit gain in sales despite US sanctions Democrats inch closer to issuing subpoenas for Interior, EPA records MORE and U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerOn The Money: Economy adds 164K jobs in July | Trump signs two-year budget deal, but border showdown looms | US, EU strike deal on beef exports Chinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead MORE, to discuss the China tariffs, Bloomberg News reported on Friday.

 

He expressed confidence this week that his sweeping tariffs plan will work.

 

"They are under pressure to make a deal with us," Trump tweeted on Thursday, referring to China. "Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?"

 

Trump has said he's using the tariffs as leverage to force China to change what he considers unfair trade practices, like stealing U.S. intellectual property and forcing U.S. firms to transfer their technology to China.

 

Last week, Trump threatened a third batch of tariffs on another $267 billion of Chinese imports, covering more than all Chinese exports to the U.S.