President Trump on Monday afternoon teased an announcement on trade with China after stock markets close later in the day, setting expectations for the uneveiling of a new round of tariffs on $200 billion worth of Chinese goods.
“It will be a lot of money coming into the coffers of the United States of America,” Trump said of the tariffs. “A lot of money coming in, but you’ll be seeing what we’re doing right after close of business today.”
Trump made the announcement to reporters in the Roosevelt Room. The administration has repeatedly said the tariffs are needed to address China’s policies, which it claims are predatory and cannot be tolerated. “We can’t do that anymore,” Trump told reporters.
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The tariffs in the latest round will reportedly be set at 10 percent, down from the 25 percent for the initial $50 billion. The announcement will be made despite overtures from the administration to restart talks with China. Earlier this month, Treasury Secretary Steven Mnuchin sent a letter to China’s Vice Premier Liu He proposing bilateral talks. The letter did not specify the time or place. It was not know what, if any response, Beijing has made.
Earlier this month, the administration completed two weeks of public hearings on the proposed $200 billion, allowing stakeholders to request exemptions. A Bloomberg report Monday said that certain wireless products, including the Apple Watch and AirPods headphones, will be excluded.
Trump has already enacted tariffs on $50 billion of Chinese goods and has threatened tariffs on a further $200 billion-$267 billion worth of Chinese goods beyond the $200 billion expected to be hit with tariffs Monday. The administration has also placed tariffs of 25 percent on steel imports and 10 percent on aluminum, both policies directed mainly at China.
