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US President Donald Trump said on Thursday that he was considering another $100 billion in tariffs on the Chinese goods.
The White House says Trump has instructed the Office of the United States Trade Representative to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify which products they should apply to.
"In light of China's unfair retaliation, I have instructed the [United States Trade Representative] to consider whether $100 billion of additional tariffs would be appropriate," Trump said in a statement.
He has also instructed his secretary of agriculture "to implement a plan to protect our farmers and agricultural interests."
Earlier this week, the United States announced new tariffs on $50 billion worth of Chinese goods. China responded within hours by announcing $50 billion worth of tariffs on US goods including soybeans and small aircraft.
The moves follow US tariffs that were imposed earlier this year on Chinese steel and aluminum, which also prompted a response from China.
The latest retaliatory tariffs from the Chinese side have left Republican lawmakers from Western and Midwestern states fearful of a big hit to US farming exporters.
Dow futures fell after Trump's announcement on Thursday and were down about 400 points in after-hours trading.
That followed a day of stock market gains as investors appeared to warm to the idea that the barbs between Washington and Beijing were all talk.
Financial markets have swung wildly over the past few days in response to fears of escalating trade tensions between Washington and Beijing.
(CHINA DAILY)
