Despite the changes, the new tariffs still will cover about US$200 billion worth of additional Chinese goods, as part of an intensifying trade dispute between the world's two largest economies.
Kudlow declined to specify details of the expected announcement but noted that reports indicating Trump would unveil 10 per cent duties on US$200 billion in imports as soon as Monday were "more or less correct". The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other USA industries.
In a pair of early morning tweets, Trump hailed his combative trade policy as a boon to American economic health and said the United States steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world".
"In the short term, we will have higher prices and fewer jobs than we would have had otherwise", Sohn said. Some will bring operations to the United States - one of Trump's goals.
The message will be especially poignant to Canada, with which the U.S.is now engaged in a trade stand-off, and Europe, a heavy bearer of steep steel and aluminum tariffs introduced earlier in the year by the president.
Earlier this year, the administration announced 25 percent tariffs on $50 billion in Chinese goods, prompting China to retaliate in kind. "My Administration will not remain idle when those interests are under attack", Trump said in a statement.
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If true, the news should ease the minds of tech companies, who have been anxious about getting caught in the crossfire between the Trump administration and the war on Chinese-made imports.
While the US aims to squeeze Beijing, . the Trump administration's additional tariffs could jeopardize the discussions, . and lead to fresh retaliation from China.
On Monday morning, Trump defended his tariffs against China.
"I would encourage the national governments to resolve it as quickly as possible, because it's a concern for all". "President Trump's decision to impose an additional $200 billion is reckless and will create lasting harm to communities across the country", said Dean Garfield, president of the Information Technology Industry Council, which represents major tech firms. And China has retaliated in kind, hitting American soybeans, among other goods, in a shot at the president's supporters in the U.S. farm belt.
U.S. President Donald Trump said he would announce his latest plan on Chinese commerce after markets closed. Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its United States operations.USA stock futures edged lower, Asian equities slumped and European shares fluctuated amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth. But Trump quickly backed away from the truce.