More trade war escalation from the dumb mercantilist.
Donald Trump has ordered his administration to draft plans for tariffs on a further $200bn in Chinese imports if Beijing does not abandon its intention to retaliate against US duties on imports announced last week, reports the Financial Times.
In a statement issued late on Monday, Trump said he had asked US trade officials to identify the further $200bn in goods from China to be subject to a 10 per cent tariff, and that he was prepared to impose tariffs on an additional $200bn beyond that.
China’s commerce ministry claimed the threat was “blackmail” and warned of “strong countermeasures”.
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