President Donald Trump said on Thursday $34 billion in tariffs will kick-in against China at 12:01 a.m. EST on Friday morning. Another $16 billion are expected to go into effect in two weeks.
First “34, and then you have another 16 in two weeks and then as you know we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. Ok? So we have 50 plus 200 plus almost 300,” Trump said.
“It’s only on China,” he added.
Trump’s statements reinforce earlier threats that he would escalate the trade conflict with tariffs on about $500 billion worth of Chinese goods, if China retaliates.
China has said it will not “fire the first shot”, but its customs agency made clear on Thursday that Chinese tariffs on U.S. goods would take effect immediately after U.S. duties on Chinese goods kick in.
This story is developing. Please check back for updates.
–Thomson Reuters contributed to this report.
