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On July 9, 2019, President Donald Trump waits for the arrival of the Emir of Qatar, Sheikh Tamim bin Hamad Al-Thani, at the White House in Washington.
Carlos Barria | Reuters
President Donald Trump wanted to double tariff rates on Chinese products last month after Beijing's latest retaliation in a boiling trade war before settling on a more modest increase, CNBC reported three sources .
The president was outraged after learning on August 23 that China had officially formulated plans to eliminate tariffs on US goods worth $ 75 billion, in response to new tariffs imposed by Washington on September 1st. held that day, was to suggest doubling the existing rates, according to three people informed about it.
Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer then appealed to several CEOs to call the President and warn him of the consequences of such a move on the stock market and the economy.
He decided to raise tariffs on Chinese products by about 5 percent to about $ 550 billion, which he announced in a tweet of August 23 after the market closed.
The following days, Stephanie Grisham, press secretary for Mnuchin and the White House, said Trump's only regret was not to raise the rates. "President Trump has responded in the affirmative – because he regrets not having increased tariffs," said Grisham last month.
The revelation that Trump wanted to duplicate comes a day when fears over the trade war between the two largest economies have contributed to sink the main US stock indices. The United States and China both imposed new tariffs Sunday on some products.
Earlier on Tuesday, Trump had suggested that he could take even more drastic steps to clamp down on China's business practices if he won re-election next year without a new trade deal. not in force.
"Deal would be a lot harder!" he wrote in a tweet.
The trade war sparked investor anxiety over the global economic slowdown. The new economic data did not help Tuesday: the US manufacturing sector contracted in August for the first time in three years.
Trump hit China with tariffs while he was pushing her to change what he calls unfair trade practices. Earlier on Tuesday, he said that "we are doing very well in our negotiations with China" on an agreement.
US and Chinese negotiators are due to meet this month, although they have not set a specific date.
The White House has not responded to a request for comment. The office of the US Trade Representative and the Treasury Department declined to comment.
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