"The $200bn we are talking about could take place very soon depending on what happens with them". Earlier speculation was that those tariffs, proposed in July, would take effect in early October, though trade associations have been gearing up for the announcement to come as early as the end of this week.
"The hope is that this (NAFTA) puts a lot of pressure on the Chinas of the world to help us negotiate better reciprocal trade deals", Kevin Hassett, chair of the White House Council of Economic Advisers, said. To a certain extent its going to be up to China, Trump said.
"That changes the equation", he added.
In a joint letter to US Trade Representative Robert Lighthizer on Thursday, 152 trade associations representing farmers and agribusinesses, retailers and others wrote: "Continuing the tit-for-tat tariff escalation with China only serves to expand the harm to more US economic interests, including farmers, families, businesses and workers". It makes many of its products for the USA market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.
Apple said the tariffs would raise the cost of its US operations and put it at a disadvantage to foreign rivals.
New wildfire rips through northern California
Hundreds of firefighters responded to the blaze, which officials have reported was human-caused , but details are not yet clear. The Delta Fire was just reported on September 5 at almost 1 p.m. near the Vollmers exit on I-5 north of Lakehead, California.
White House Economic advisor Larry Kudlow told CNBC that talks between the USA and China were ongoing.
The United States has demanded that China better protects American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.
"Risks have increased due to the negative impacts of China-U.S. trade friction". -China negotiations, saying Trump wants to push structural reform on China, not simply divert the flow of goods in bilateral trade. But 2018 imports from China through July were up almost 9% over the same period of 2017, according to US Census Bureau data. And China has vowed to hit $60bn in United States products in retaliation.
That list includes some consumer products, like cameras, luggage and tires and they'd be subject to tariffs of 10-25 percent.
If the president follows through, the threatened tariffs and those already in place would more than cover the value of all goods the U.S. buys from China, according to United States government data from a year ago. Fitness tracker maker Fitbit said it would be hit by tariffs, and chipmaker Intel Corp said the levies could slow down the adoption of 5G networks, the next generation of wireless data technology for phones and other devices. "It's just another indication we're not out of the woods yet", she said. Earlier this year, the company said that as part of tax reform it would spend $350 billion in the United States over the next five years.