On Monday, the White House revealed a list of approximately $300 billion dollars in Chinese imported products which could potentially be hit with new tariffs, including clothes, shoes, food, and other items.
The move comes as part of President Trump’s efforts to secure a more beneficial trade arrangement with China.
The Trump administration and the Chinese government have continuously increased tariffs on imported goods as part of an ongoing trade war.
“We’re in a great position right now, no matter what we do,” Trump said on Monday.
From The Hill:
The White House on Monday released a list of roughly $300 billion in Chinese products that President Trump may hit with tariffs, a significant step toward subjecting all goods from China to import taxes.
The Office of the U.S. Trade Representative (USTR) on Monday afternoon identified hundreds of food items, agricultural products, articles of clothing, shoes and other consumer goods that would be subject to a 25 percent tariffs if finalized by Trump.
Trump has already imposed a 25 percent tariff on roughly $250 billion in products from China, and hiked taxes Friday on $200 billion in Chinese goods from 10 to 25 percent. China has responded by increasing tariffs on $60 billion in U.S. agricultural goods, boosting its leverage over the ailing farm sector.
The USTR list lays the groundwork for Trump to follow through with his threat to impose tariffs on all Chinese goods. Doing so would be seen as a massive escalation of the nearly year-long trade war with China, and could prompt a severe response from Beijing.
The new tariffs would cover dozens of basic goods, likely raising prices for food, clothing, household items, novelties and a vast array of products the U.S. imports from China.
Trump has repeatedly downplayed the economic pain from the tariffs, arguing most of the burden is covered in some way by China.
“We’re in a great position right now, no matter what we do,” Trump told reporters Monday.
But experts have warned that deepening trade war will hinder both the U.S. and Chinese economies, and could potentially risk a recession in the U.S.
Tariffs Hurt the Heartland, a coalition of more than 150 trade groups opposed to Trump’s trade policy, responded with a call for greater pushback from lawmakers.
“The trade war has gone on for far too long, and the costs have grown far too high,” said the coalition of tech, retail, manufacturing and agricultural groups in a statement.
“The patience of farmers, manufacturers, businesses and consumers is wearing thin. There is no excuse for patience from members of Congress either.”
The National Retail Federation (NRF), a trade group for retailers, also called the proposed tariffs “far too great a gamble for the U.S. economy.”
“Both sides will lose in a full-blown trade war, and the global economy will suffer,” said NRF President and CEO Matthew Shay.