President Donald Trump has approved tariffs on Chinese goods worth about $50 billion, said a person familiar with the decision, ratcheting up a confrontation on trade with Beijing and triggering losses in the domestic stock market.
Fortune reported that the Trump administration is preparing to release a refined list of the first batch of Chinese products to be hit with tariffs today (June 15) that hones in on technologies where China wants to establish itself as a leader, according to people familiar with the matter. In April, the U.S. revealed an initial list targeting about 1,300 products worth $50 billion in Chinese imports.
The U.S. is also nearing completion of a second list of products ordered by Trump, worth $100 billion, which would be subject to the same public hearing process as the first, Reuters reported on Friday. That could bring a another wave of duties after 60 days or more, the report said.
The White House has said the first series of duties will be implemented “shortly” after the release of Friday’s list, though no date has been set.
“Implementation of the tariffs, when it occurs, could take us closer to a trade war,” said Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney. “I suspect Trump also sees these announcements as a way of pressuring China into action on trade – so more classic Art of the Deal stuff.”
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