LAST CHANCE: Trump is readying tariffs on the final $257 billion worth of Chinese goods if talks to ease the trade war fail
- The US is preparing tariffs on all remaining Chinese imports to the US and could announce the move as soon as December, according to a new Bloomberg report.
- The tariffs could be announced in the event that talks between US President Donald Trump and Chinese President Xi Jinping at the G20 summit in late November do not help ease the US-China trade war.
- The tariffs would apply to roughly $257 billion worth of Chinese goods and likely increase prices for US businesses and consumers.
The Trump administration is preparing to take the trade war with China to a fever pitch if talks between President Donald Trump and Chinese President Xi Jinping fail to deescalate the fight, according to a new report.
Bloomberg reported Monday the Trump administration is readying tariffs on all remaining Chinese goods coming into the US and could announce the move as soon as early December. The announcement could cover an additional $257 billion worth of Chinese imports to the US, adding onto the $250 billion worth of goods already subject to additional duties.
Trump and Xi could still avoid the escalation of trade war, Bloomberg said, if talks at the G20 meeting in Argentina at the end of November are productive. If those talks fail, the final round of tariffs could go into effect in February - just in time for the Chinese Lunar New Year celebration.
When asked about the report during the press briefing Monday afternoon, White House Press Secretary Sarah Sanders declined to elaborate and only said that she hoped the meeting between Trump and Xi goes well.
The final list of goods would largely hit consumer products and capital goods, which the Trump administration has so far spared, and likely would push up prices for many US businesses and consumers.
Economists and US companies have warned that the increased costs from the tariffs could hurt the American economy.
Following the Bloomberg report, US stock indexes slipped into the red for the first time on Monday. The Dow Jones industrial average was down 185 points, or 0.75%, as of 2:03 pm ET, the tech-heavy Nasdaq was down 111 points, or just over 1.5%, and the S&P 500 was down 2.5 points, or 0.1%.