World Trump says China could face more than $500 billion in US tariffs

01:50  06 july  2018
01:50  06 july  2018 Source:   cnbc.com

Largest US business group attacks Trump on tariffs

  Largest US business group attacks Trump on tariffs The U.S. Chamber of Commerce, the nation's largest business group and customarily a close ally of President Donald Trump's Republican Party, is launching a campaign on Monday to oppose Trump's trade tariff policies.With some of America's tightest trading partners imposing retaliatory measures, Trump's approach to tariffs has unsettled financial markets and strained relations between the White House and the Chamber.

President Donald Trump said on Thursday billion in tariffs will kick-in against China at 12:01 a.m. EST on Friday morning. Another billion are expected to go into effect in two weeks. First “34, and then you have another 16 in two weeks and then as you know we have 200 billion in abeyance and

China exported more than $ 500 billion in goods to the United States last year, and imposing tariffs on 0 billion worth of goods would have a major impact on the flow of a range of products. In threatening these penalties

President Trump Holds Rally In Fargo, North Dakota: President Donald Trump © Provided by CNBC President Donald Trump President Donald Trump said $34 billion in tariffs will go into effect against China Thursday evening. He also teased that in two weeks, another $16 billion would kick-in for a total of $50 billion in tariffs.

First “34, and then you have another 16 in two weeks and then as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300," Trump said.

“It’s only on China," he added.

Trump's statements reinforce earlier threats that he would escalate the trade conflict with tariffs on about $500 billion worth of Chinese goods, if China retaliates.

China has said it will not "fire the first shot", but its customs agency made clear on Thursday that Chinese tariffs on U.S. goods would take effect immediately after U.S. duties on Chinese goods kick in.

--Thomson Reuters contributed to this report.

Some MAGA hats made in China may increase in price because of tariffs .
A California-based company that sells "Make America Great Again" hats similar to the official hats sold by the Trump campaign says its prices may rise in response to trade tensions with China prompted by President Trump's tariffs.David Lassoff, who runs the company IncredibleGifts, told ABC News that prices of the hat could do uble from between $9 and $12 to at least $20 if he is forced to abandon his Chinese manufacturers and make the hats in the United States.The hat, Lassoff said, is his website's best-selling item. He claims to have sold hundreds of thousands of the hat."We usually sell the MAGA hats for around $9 to $12.

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