Trump seeks another $100B in tariffs against China

By Ovunc Kutlu

NEW YORK

President Donald Trump on Thursday ordered the U.S. Trade Representative (USTR) to consider imposing $100 billion in additional tariffs on Chinese products in a move likely to add fuel to an already heated trade dispute.

"In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs," Trump said in a statement issued by the White House.

China filed a complaint earlier at the World Trade Organization (WTO), claiming that the tariffs Washington plans to implement would be in excess of the U.S.' bound rates and are inconsistent with some WTO articles on trade and tariffs.

The U.S. Trade Representative announced Tuesday it is planning to impose 25 percent tariffs on 1,300 Chinese goods worth $50 billion. Beijing took retaliatory steps Wednesday and said it would impose 25 percent tariffs on 106 U.S. goods worth $50 billion.

Last month, the Trump administration imposed tariffs of 25 percent on steel and 10 percent on aluminum imports. In response, China said earlier this month it would impose tariffs of 15-25 percent on $3 billion worth of U.S. products.

Trump has long argued that trade relations with China are unfair and that Chinese trade practices are contributing to the growing U.S. trade deficit.

The U.S.' monthly trade deficit grew to $57.6 billion in February, up 1.6 percent from $56.7 billion in January, according to data released Thursday by the Commerce Department.

This marked the highest monthly trade deficit for the country since October 2008.

The U.S.' annual trade deficit grew to $566 billion in 2017 to reach its highest level since 2008. Last year, the trade deficit with China totaled $375 billion, according to the U.S. Census Bureau.