(Bloomberg) -- President Donald Trump is threatening to slap tariffs on another $200 billion in Chinese imports as trade tensions between the world’s two largest economies reach new heights.
Trump said in a White House statement on Monday evening that he had instructed the U.S. Trade Representative’s office to identify $200 billion in imports from the Asian nation for additional tariffs of 10 percent. He said the U.S. would impose tariffs on another $200 billion after that if Beijing retaliates.
“The United States will no longer be taken advantage of on trade by China and other countries in the world,” he said in the statement. “We will continue using all available tools to create a better and fairer trading system for all Americans.”
The threat comes just three days after Trump vowed to impose tariffs on $50 billion in Chinese goods amid failed trade negotiations with Beijing. He said at the time he would impose even more duties if China retaliated, which the Asian nation immediately said it would do.
The U.S. imported $505 billion of goods from China last year and exported about $130 billion, leaving a 2017 trade deficit of $376 billion, according to U.S. government figures.
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