Trump proposes new tariffs on $200B worth of Chinese goods

President Trump on Monday proposed additional tariffs on another $200 billion worth of Chinese goods amid ongoing trade tensions between the two countries.

“I directed the United States Trade Representative to identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent,” read a statement from Trump released by The White House.

“After the legal process is complete, these tariffs will go into effect if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced.”

Trump said last week he was pushing ahead with tariffs on $50 billion of Chinese imports, prompting a quick response from Beijing, which said it would put duties on several American commodities.

The tariff dispute already had an effect on Wall Street Monday where companies such an Boeing, Intel and Caterpillar — which rely on China for some of their revenue — fell from 1 percent to 3.4 percent.

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