Home / Market News / Trump wanted to double tariffs against China: report

Trump wanted to double tariffs against China: report

President Donald Trump wanted to double tariffs against Chinese goods after he heard China would retaliate for the latest round of his tariff hikes against Chinese goods, CNBC reported Tuesday. CNBC said that in late August, Trump learned China would impose tariffs on $75 billion in U.S.-made goods in response to U.S. hikes going into effect Sept. 1, and was so angered that he suggested doubling existing tariffs. He was talked out of it by Treasury Secretary Steve Mnuchin and U.S. Trade Representative Robert Lighthizer, who enlisted a number of CEOs to personally warn Trump of the painful effect such a move would have on the economy and the stock market, CNBC reported. Trump eventually agreed to raise tariffs on $550 billion of Chinese goods by 5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story