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Trump wanted to double Chinese trade tariffs after recent retaliation



President Donald Trump awaits the arrival of Emir Sheikh Tamim bin Hamad Al-Thani of Qatar at the White House in Washington on July 9, 2019.

Carlos Barria | Reuters

President Donald Trump wanted to double tariffs on Chinese goods last month, after Beijing's latest retaliation in a booming trade war had agreed to a smaller increase, three sources told CNBC.

The President was indignant after learning about August. 23 that China had formulated plans to raise tariffs to $ 75 billion in US products in response to new tariffs from Washington on September 1

. His initial response, which was communicated to a White House trade call on that day to aide, was to double existing ones, according to data from three people briefed on the matter, Finance Minister Steven Mnuchin and US Commerce Representative Robert demanded Lighthizer called several CEOs to call the President and warn him of the impact of such a move on the stock market and the economy

He decided to increase tariffs by 5% to about $ 550 billion for Chinese products he announced in a tweet dated 23rd of August after market close.

Below Both Mnuchin and the White House Press Secretary, Stephanie Grisham, said Trump had only regretted not raising tariffs. "President Trump said yes – because he regrets not raising the tariffs," Grisham said last month.

The revelation that Trump was about to double tariffs comes on a day when fears of a trade war between the world's two largest economies come up to lower key US stock indices. Both the US and China have introduced new tariffs on some goods on Sunday.

On Tuesday, Trump suggested that he could take even more drastic action against China's trade practices by re-electing next year without a new trade agreement. [19659002] "Deal would be much harder!" he wrote in a tweet.

The trade war has contributed to investor concerns about a global economic slowdown. Tuesday's news did not help: US manufacturing contracted for the first time in three years in August.

Trump has imposed tariffs on China by urging China to change what it calls unfair trading practices. He claimed on Tuesday that "we are making good progress in our negotiations with China."

US. and Chinese negotiators are expected to meet this month even though they have not set a specific date.

The White House did not respond to a request for comment. The Office of the US Trade Representative and the Ministry of Finance refused to comment.


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