Trump’s new Tariff on China sparks fears of a Trade War
US President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although his action was far removed from threats that could have ignited a global trade war.
Under the terms of the memorandum, Trump will target the Chinese imports only after a consultation period, a measure that will give industry lobbyists and legislators a chance to water down a proposed target list which runs to 1,300 products.
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China will also have space to respond to Trump’s actions, reducing the risk of immediate dramatic retaliation from Beijing, and Trump struck an emollient tone as he started speaking, saying “I view them as a friend.”
“We have spoken to China and we are in the middle of negotiations,” Trump said, adding that loss of American jobs from unfair trade was one of the main reasons he had been elected in 2016.
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