President Donald Trump said he’s ready to impose tariffs on an additional $267 billion in Chinese goods on short notice, on top of a proposed $200 billion that his administration is putting the final touches on.The implementation of tariffs on $200 billion of products from China “will take place very soon depending on what happens,” Trump told reporters Friday on Air Force One . “I hate to do this, but behind that there is another $267 billion ready to go on short notice if I want.”US stocks erased gains after Trump’s remarks, with the S&P 500 Index falling by 0.3 percent to the lowest in two weeks by 1:26 p.m. in New York. Trump latest tariffs threats, if he follows through, would more than cover the value of all goods the US buys from China, according to US government data from last year. An opportunity could take place when world leaders gather at the UN General Assembly in New York this month and the Group of 20 summit in Argentina in November, he said.“It’s never too late to make good trade policy,” said Kudlow. The administration should cease further tariffs actions and give another shot at talks for a trade deal with with China, it said.“Tit-for-tat tariffs are counterproductive and so far have only produced increased costs for American businesses, farmers, importers, exporters and consumers,’’ the coalition said.

Source: Economic Times September 07, 2018 17:37 UTC