The US President says he has not “made that decision yet” on whether to put tariffs on another $325 billion in Chinese goods after the latest round of tariffs introduced on Friday.
“We have the right to do [tariffs on] another $325 billion at 25% in additional tariffs” on Chinese goods, Trump said, while adding that he “has not made that decision yet.”
The US President also noted that the latest round of retaliatory tariffs announced by China on Monday puts the United States in a great position and represents “a very positive step” in the ongoing trade negotiations, CNBC reported.
“I love the position we’re in,” Trump said, adding, “There can be some retaliation, but it can’t be very substantial by comparison.”
The retaliatory moves by the Chinese followed the US decision to hike duties on $200 billion in Chinese goods to 25% from 10%.
Earlier during a meeting with visiting Hungarian Prime Minister Viktor Orban, Trump said that the new tariffs would bring “tens of billions of dollars” to the US Treasury Department. However, his Economic Adviser Larry Kudlow said in an interview that both sides would suffer as a result of the new trade restrictions. According to Trump, the decision to raise tariffs came after the US representatives learned that China was going to try to renegotiate key parts of the developing deal.
The economic conflict between the two states started after the US administration imposed duties on Chinese steel imports. Since then, Washington and Beijing have repeatedly slapped billions of dollars' worth of retaliatory tariffs on each other.