U.S. President Donald Trump has directed aides to proceed with tariffs on $200 billion of Chinese goods, despite Treasury Secretary Steven Mnuchin’s attempts to restart trade talks with China, according to official sources.
The green light for the tariffs, first reported by Bloomberg, initially dragged U.S. stocks lower, fuelled drops in the Chinese Yuan in offshore trading and gains in the dollar index.
Trump, who had already imposed 25 percent tariffs on $50 billion of Chinese goods, said that he would be adding tariffs on another $200 billion in goods.
U.S. imported from China goods worth of $505 billion during last year.
Source: Reuters
