Welcome to Trumpworld where the President thinks trade is some kind of war.
According to Bloomberg, the Trump administration will propose more than doubling its planned tariffs on $200 billion in Chinese imports,
The U.S. imposed 25 percent tariffs on $34 billion of Chinese products in early July, and the review period on another $16 billion of imports ends Wednesday. Trump had threatened an additional $200 billion with levies of 10 percent, a level the administration may raise to 25 percent in a Federal Register notice in coming days, reports Bloomberg.
Trump has directed trade representative Robert Lighthizer to raise the tariff rate to 25 percent, according to the report. The change isn’t final yet and may not go forward after a public review, people close to the decision said.
-RW
UPDATE
INSANE
From the Wall Street Journal
*U.S. expected today to announce 25% tariffs on proposed $200 billion in imports from China -- industry source
*Proposed 25% tariffs is up from original plan for 10% tariffs
*White House: Announcement on China planned for 3:30 pm
We should just go "tariff nuclear" and place a trade embargo around all of the U.S. ports...go all-out "independent" [e.g. "energy independent", "food independent", "commodity independent", "minerals and ore independent", "labor independent" etc.]. THAT'LL teach 'em! [*ahem*...us, I mean].
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